U.S. resident physicians saw their salaries or stipends increase this year. However, in a new Medscape report, many argued they are not paid enough for their work and needs.
Medscape released "Long Frustration Trumps Recent Pay Gains: Medscape Resident Salary & Debt Report 2024" on Sept. 11, based on a survey of 592 U.S. practicing residents who participated in an online survey between March 25 and June 4.
Overall, residents reported a 27% earnings increase over nine years, from $55,000 annually in 2015 to $70,000 in 2024. Growth has exceeded 4% in each of the last two annual surveys.
Here are seven more findings from the report:
1. The difference in average compensation between residents in their first and second years of training and those in their fifth to eighth years approached 20%, compared with about 16% in Medscape’s 2023 survey.
2. Only 10% of survey respondents described the pay as adequate for residents' work and needs. The remaining 90% told Medscape residents deserve a bigger salary or stipend.
3. When asked about their own individual salary and benefits, a smaller share (69%) told Medscape they are not fairly paid.
4. When asked to identify reasons why they felt they individually are undercompensated, 80% said compensation doesn't reflect hours worked. Eighty percent also said compensation is not comparable to other medical staff such as physician assistants and nurses.
5. One in 10 residents said they deserve at least double the pay in their current residency year to be fairly compensated.
6. When asked how influential potential future earnings were in their choice of specialty, 45% of survey respondents chose "somewhat influential." Twenty-seven percent chose "extremely" or "very influential."
7. More than half of survey respondents have at least $150,000 in medical school debt.
View the survey in full here.