Surgical Resident Salary: How much do residents make?

As a surgical resident, you are likely interested in knowing what you can expect to earn while you are completing your training. The salary for a surgical resident in America can vary depending on several factors, including the individual’s training program, location, and specialty. In this blog post, we’ll take a closer look at the average salary for surgical residents in America and the factors that can impact your earning potential. Understanding the salary landscape can help you plan for your financial future and make informed decisions about your career path. We’ll also discuss some strategies you can use to maximize your earning potential as a surgical resident.

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Average Salary

If you are a surgical resident in America, you can expect to earn a salary while you are completing your training. The average salary for a surgical resident in America can vary depending on many factors, including the individual’s training program, location, and specialty. In this blog post, we’ll take a closer look at the average salary for surgical residents in America, using data from three leading salary providers.

According to the Resident Salary and Benefits Report from the Association of American Medical Colleges (AAMC), the average salary for a first-year surgical resident in America is $61,200. This amount increases to an average of $65,600 for second-year residents, $70,200 for third-year residents, and $75,500 for fourth-year residents.

Another leading salary provider, Glassdoor, reports that surgical residents in America make and average of $61,050 per year. This amount is based on data from more than 30 salary reports submitted anonymously to the website by surgical residents.

Conclusively, the website Payscale reports that the average salary for a surgical resident in America is $61,933 per year. This amount is based on data from more than 1,000 salary reports submitted to the website by surgical residents.

Factors That Can Affect Your Salary

As a surgical resident in America, your salary can be affected by some factors. Here are some of the most common and impactful.

Training Program

One factor that can affect your salary as a surgical resident is the training program you choose. Different programs may offer different levels of compensation, with some programs paying higher salaries than others. It’s important to research the salary and benefits offered by different training programs before making a decision.

Location

Your location can also impact your salary as a surgical resident. Surgical residents in some locations may earn higher salaries than those in other locations due to a variety of factors, including the cost of living and the demand for surgeons in the area.

Specialty

The specialty and subspecialty you choose as a surgical resident can also affect your salary. Some specialties, such as neurosurgery and cardiothoracic surgery, tend to pay higher salaries than others. It’s crucial to research the earning potential of different specialties before deciding on your career path.

Gender Wage Gap

One question that many surgical residents may have is whether there is a gender wage gap in the field. Unfortunately, the answer is yes. According to the Resident Salary and Benefits Report from the AAMC, male surgical residents earn an average of $65,000 per year, while female surgical residents earn an average of $61,000 per year. This represents a gender wage gap of approximately 6%.

While the gender wage gap in surgical residency is smaller than in some other fields, it is still a significant issue that needs to be addressed. It’s important for surgical residents of all genders to be aware of the wage gap and to advocate for equal pay.

Of course, there are some factors that can affect the salary of a surgical resident in America. By understanding these factors and taking steps to maximize your earning potential, you can make informed decisions about your career path and plan for your financial future.

Salary for Subspecialties

Neurosurgery: Neurosurgery is a specialized field that focuses on the treatment of conditions that affect the nervous system, including the brain, spine, and peripheral nerves. According to the Resident Salary and Benefits Report from the AAMC, the average salary for a neurosurgery resident in America is $70,200 per year.

Cardiothoracic Surgery: Cardiothoracic surgery is a specialized field that focuses on the treatment of conditions that affect the heart, lungs, and other organs in the chest. The average salary for a cardiothoracic surgery resident in America is again $70,200 per year.

Orthopedic Surgery: Orthopedic surgeons focus on the treatment of conditions that affect the musculoskeletal system. This includes bones, joints, muscles, and ligaments. The average salary for an orthopedic surgery resident in America is $65,600 per year.

Plastic Surgery: Plastic surgery is a specialized field that focuses on the reconstruction, repair, and restoration of the body. The average salary for a plastic surgery resident in America is $65,600 per year.

Urology: This specialized field focuses on the treatment of conditions that affect the urinary tract and reproductive system. The average salary for a urology resident in America is also $65,600 per year.

Average Student Loan Debt

When progressing through your studies, you most likely will be taking on student loans to pay for your education and training. The amount of debt you accumulate can have a significant impact on your financial well-being., This can affect you both during your training and in the years after you become a fully-fledged surgeon. The average debt for a surgical resident in America is $197,000. This figure includes both educational debt and other types of debt, such as credit card debt and personal loans.

It’s worth noting that this average debt figure includes all surgical residents, regardless of their level of training. Some surgical residents may have higher debt levels than others, depending on their circumstances. For example, surgical residents who attended more expensive medical schools or who took on additional loans to cover living expenses may have higher debt levels than those who did not.

As you advance in your career and move from one training program to another, your debt levels may change. However, it’s difficult to say for certain whether the average debt level for surgical residents goes up or down as you progress through your training. Factors such as the cost of living, the availability of scholarships or grants, and the individual’s financial habits can all impact their debt levels.

Managing Your Student Loan Debt

Managing this debt can be challenging, but there are several strategies you can use to pay off your loans as efficiently as possible.

Forgiveness

One option for managing your student loan debt is to apply for loan forgiveness. There are several programs available that offer loan forgiveness for medical professionals, including the Public Service Loan Forgiveness (PSLF) program and the National Health Service Corps (NHSC) Loan Repayment Program. These programs can provide partial or full forgiveness of your student loans in exchange for working in certain underserved areas or for certain organizations.

Refinancing

Another option for managing your student loan debt is to refinance your loans. Refinancing involves taking out a new loan to pay off your existing loans. By refinancing, you can potentially secure a lower interest rate. This can save you money over the life of the loan.

Physicians Thrive, a financial wellness platform for medical professionals, offers discounted student loan refinancing rates to its members. By refinancing through Physicians Thrive, you may be able to secure a lower interest rate and save money on your student loans.

Repayment

If forgiveness or refinancing are not options for you, there are still steps you can take to manage your student loan debt. One strategy is to explore different repayment plans that may suit your needs better. For example, you may be able to qualify for an income-driven repayment plan. This can lower your monthly payments based on your income.

It’s necessary to mention that each of these strategies has its own set of rules and requirements, and it’s critical to carefully research and compare your options before making a decision. By understanding your options and developing a plan to manage your student loan debt, you can take control of your finances and make progress toward paying off your loans.

Building Your Retirement

As a surgical resident, it’s never too early to start thinking about your retirement. Building your savings now can help ensure a secure financial future when you are ready to stop working. Here are a few steps you can take to build your retirement:

Contribute to a retirement account. One of the most effective ways to save for retirement is to contribute to a retirement account. Common options include a 401(k) or an individual retirement account (IRA). Many employers offer 401(k) plans, which allow you to contribute a portion of your salary on a pre-tax basis. If your employer doesn’t offer a 401(k), you can open an IRA with the expertise of the Physicians Thrive team.
Take advantage of employer matching. If your employer offers a 401(k) plan, you may be eligible for employer matching. This means that your employer will match a certain percentage of your contributions, effectively increasing your retirement savings. It’s critical to take advantage of employer matching if it is available, as it can significantly boost your retirement savings.
Start saving early. The earlier you start saving for retirement, the more time your money has to grow. By starting to save for retirement early in your career, you can potentially accumulate a larger retirement fund over time.
Stay informed. Keep up to date on the latest retirement savings strategies and consider seeking the advice of a financial advisor if you have questions or concerns.

Keep Reading: The Complete Guide to Physician Retirement Planning

The Importance of Malpractice Insurance

Malpractice insurance is an important form of insurance for surgeons and other medical professionals. It helps protect you against financial losses that may result from medical malpractice lawsuits. Malpractice lawsuits can be expensive and time-consuming, and even if you win your case, the legal fees can be substantial. Insurance specifically for malpractice can help cover the costs of defending yourself in a lawsuit. It can also help cover any damages or settlements that may be awarded.

Malpractice insurance is especially important for surgeons and other medical professionals who are at high risk of malpractice lawsuits. This includes surgeons who perform high-risk procedures or who work in high-liability specialties, such as neurosurgery.

In addition to protecting your financial well-being, malpractice insurance can also protect your reputation and your ability to continue practicing medicine. Even if you are confident in your abilities and have never made a mistake, you could still be sued for malpractice. Malpractice insurance can help you defend yourself against unfounded allegations and maintain your reputation in the medical community. Read our comprehensive guide on malpractice insurance, including claims vs. occurrences and why tail insurance is vital.

Wrapping it Up

As a surgical resident, it’s essential to think about your salary and how you can maximize your earning potential. One way to do this is to negotiate your salary when you are offered a job or a promotion. Negotiating your salary can help you secure a higher income and better benefits. This can have a significant impact on your financial well-being.

There are several reasons why it’s important to negotiate your salary. Your salary is a key component of your overall compensation package. By negotiating for a higher salary, you can potentially increase your overall income and improve your financial security. Second, negotiating your salary can help you get a better deal and ensure that you are being paid fairly for your work. Finally, negotiating your salary can give you a sense of control and autonomy over your career, which can be empowering and help you feel more confident in your job.

Review Your Surgical Resident Salary

A contract review through Physicians Thrive should include a thorough examination of all terms and conditions of your contract, including salary, benefits, and terms of employment. It’s necessary to carefully review and understand all aspects of your contract before signing, as it will likely have a significant impact on your financial well-being and career.

In addition to negotiating your salary, it’s important to protect your income with disability insurance. Disability insurance can help you maintain your income if you are unable to work due to a debilitating condition. While your employer may offer group disability insurance as part of your benefits package, it’s noteworthy that these policies may not provide sufficient coverage.

There are several differences between group and individual disability insurance policies, and individual policies are generally considered to be a better option for many medical professionals. Contact Physicians Thrive for a full review of your current earning potential and how to better prepare for the future.