What is a Resident Physician?
A Resident Physician is a medical doctor who has completed medical school and is undergoing specialized training in a hospital or clinical setting.
Residency programs typically last between three and seven years, depending on the specialty.
Residents work under the supervision of attending physicians while gaining hands-on experience in diagnosing and treating patients.
Key indicators of a resident physician include:
- Residents often work long hours, sometimes exceeding 80 hours per week, which can lead to burnout and stress.
- They are required to pass board certification exams to become licensed specialists in their chosen field.
- Many residents carry significant student loan debt from medical school, making financial literacy and loan repayment strategies essential.
- Some states and hospitals offer loan forgiveness or repayment assistance programs to residents working in underserved areas.
Why It Matters
Residency is a critical phase in a physician’s career, as it provides the practical skills and specialized knowledge necessary for independent medical practice.
It also plays a significant role in shaping future career opportunities, compensation potential, and financial planning.
Residents earn a salary, but it is considerably lower than that of attending physicians, making financial management—such as budgeting, student loan repayment, and retirement planning—an important consideration during this stage.
Example in Practice
Dr. Smith, a third-year internal medicine resident, works long shifts at a teaching hospital, sometimes exceeding 80 hours per week.
She earns approximately $65,000 per year—significantly lower than attending physicians—but carefully budgets to manage expenses.
To address her substantial medical school debt, she has enrolled in an income-driven repayment plan and is considering Public Service Loan Forgiveness (PSLF) as a long-term strategy.
Aware of the risks of burnout, she prioritizes wellness while exploring moonlighting opportunities to supplement her income and gain additional experience in emergency medicine.
As she nears the end of residency, she is also preparing for her board certification exams to secure her future as an independent physician.
She is weighing her post-residency options, deciding between hospital employment and a fellowship in cardiology, considering factors such as long-term earning potential, work-life balance, and professional fulfillment.
