Resident salary rise in 2008

The American Association of Medical Colleges (AAMC) released survey results on what Medical residents across the US were paid for the 2008-2009 academic year and here are the mean figures:

* 1st Year (PGY1 / Intern ): $46,000

* 2nd Year (PGY2): $48,000

* 3rd Year (PGY3): $50,000

* 4th Year (PGY4): $52,000/-

* 5th Year (PGY5): $54,100/-

* 6th Year (PGY6): $56,500/-


Which roughly imply about a 3% increase over the last year.

Full salary survery report can be downlooaded from here:

Physician Salary - Primary Care Vs Specialists:

Physician Salary - Primary Care Vs Specialists:

• Last year was a good one for Primary Care Physicians. Their salary(read compensation) increased more than subspecialists for the first time in the last 5 years.
  

• The median salary for Primary Care Physicians for 2004 was 161,000 and the median salary for Sub-Specialists(all sub-specialties put together) was 298,000.

• For the year 2004, Primary Care Physicians saw an increase in their salary (compensation) of more than 3% compared to subspecialists whose compensation remained the same (No significant increase)
  

Resident decisions on pursuing a Fellowship is partly based on the increase in compensation yearly. The craze for Fellowship Vs. Primary Care also changes in Cycles of 5-7 years. Does this new data mean more number of Residents will opt for Primary Care? Only time will tell...

Physician salaries

While no one recommends selecting a specialty based on salary, it is one piece of data that medical students typically ask about. As seen below, physicians are paid quite well no matter what their field. However, specialists tend to make more than primary care physicians on average (specialists generally also require many more years of residency training than primary care physicians). It is important to note, though, that there are many cases of primary care physicians in ideal locations with excellent business practices earning significantly more than many specialists.

Bottom line: Specialize in a field that you find interesting and enjoyable. Don't worry about how much you'll be making; you'll be fine no matter what you choose.