If you’re hoping to become a doctor, residency is one of the many steps you’ll take on the path toward your goal. Thankfully, at this point, you’ll have graduated from school, and you will start making money rather than having to pay for tuition. The question is, how much will you make as a resident, what factors influence your pay, and how can you cover your bills on a resident’s salary?
What Is a Medical Residency?
Medical residency is a stage of a physician’s education. It comes after a doctor completes medical school and earns their medical degree. Residencies offer in-depth training in the doctor’s chosen specialty.
Many residencies occur at clinics and teaching hospitals and last for 3-7 years, depending on the specialty chosen.
How Much Do Residents Make on Average?
Though they’ve earned a medical degree, residents are very much still in training. They work closely with more experienced physicians to learn the key aspects of their chosen specialty.
That means that residents can’t expect to earn the high salaries that most doctors earn. According to data from Medscape, the average salary for a medical resident in 2025 was $75,000. Amounts vary based on many factors, including where you work and the specialty you choose.
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Medical Resident Salary by Specialty
One thing that has a major impact on a physician’s earnings is their specialty. The same is true for residents, with in-demand specialties offering higher pay to residents.
According to data from Healthgrades, the top-paying specialties for residents include allergy and immunology, hematology, plastic surgery, rheumatology, and specialized surgery. The bottom-paying specialties include family medicine, public health and preventative medicine, and psychiatry.
Residency Salary by Year
In general, earnings increase as someone gains experience in their chosen field. Residents will also see their pay rise over time. While the typical first-year resident gets paid about $68,000, a resident can expect to earn $79,000 or more by their fourth year.
US vs. Canada Medical Resident Salary
Canadian physicians go through a similar process as Americans, becoming residents after completing their medical degrees. However, pay is more standardized in Canada, with your salary depending on the province you live in and how many years you’ve worked after graduating.
For example, those who are working in Ontario one year after graduating would earn $73,367. Six years post-graduation would see that pay rise to $104,167. However, if you moved to Manitoba instead, your pay would be $63,663 and $91,586, respectively.
Keep in mind that these numbers are in Canadian dollars rather than US dollars. At the time of writing, the conversion rate was 1 US dollar = 0.71 Canadian dollar. That means that $73,367 CAD would be worth $52,090 USD, well below what American residents earn.
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US vs. Europe Medical Resident Salary
Resident pay also varies widely in Europe. Where you live and your level of experience play a role.
In the UK, for example, residents make £25,396 ($33,999) on average at the entry level, but they can earn up to £38,819 ($51,969) after gaining some experience. Meanwhile, those in Spain earn between €17,703 ($20,604) and €31,345 ($36,482).
In general, resident pay in Europe falls below resident pay in the US.
What Other Benefits Do Medical Residents Receive?
Salary is just one portion of a physician's or a resident’s compensation. It’s very important, but other benefits can make or break an overall compensation package.
Some of the most common benefits that residents receive, according to Medscape, include:
- Health insurance (90% of residents can access this benefit)
- Paid time off (87%)
- Dental insurance (78%)
- Retirement plans (71%)
- Vision insurance (71%)
On the other end of the spectrum, the least common benefits for residents include:
- Childcare (3%)
- Housing allowances (9%)
- Commuter assistance (21%)
- Exam and licensing fee reimbursement (39%)
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How Much a Medical Resident Makes FAQs
Do Residency Programs Pay for Moving?
No, medical residency programs generally do not pay for moving expenses. A very small percentage of residents, about 9%, report getting a housing allowance, but few programs will help cover the cost of moving to your residency’s location.
How Do You Manage Student Loan Debt on a Resident’s Salary?
It’s no secret that physicians tend to carry a huge amount of student loan debt. Among those who graduate with loans, a plurality of residents have more than $300,000 in student debt, and a majority have more than $200,000.
One good option for handling your student debt is signing up for any income-based repayment plans that are available. Because your pay will be relatively low, you can keep your payments low. You might also consider asking for forbearance or other ways to delay making payments until you complete your residency and start earning more.
Do You Have Tips for Managing Finances as a Resident?
As a new graduate with high student debt and relatively low pay compared to physicians who have completed their residency, making ends meet can be difficult for many residents.
The most important thing you can do to manage your finances effectively is to build a budget and try to stick to it. Think about how much you make each month and what you need to spend money on (housing, food, debt payments). Set spending limits that fit within your income.
A common rule of thumb is the 50-30-20 rule, which says to put 50% of your pay toward needs, 30% toward wants, and 20% toward saving and debt payments. Keeping debt payments to 20% of your pay can be tricky if you have a lot of debt, so look for options to reduce your student loan payments, such as signing up for income-based repayment plans.
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