How much do medical graduates earn?

6 November 2024

What will you be paid during your postgraduate residency years? It’s a question that many medical students have.

doctors
Are you interested in studying at an Australian medical school?

Does it vary within the same country based on state or province? Does it make a difference what year of postgraduate training you’re in? Does one specialization pay more than another?

The answer depends on if you choose to stay in Australia, return to Canada to become a licensed doctor, or move to the United States.

Residency in Australia

If you’re going to make Australia your home for postgraduate training, your salary will be dependent upon three factors: the region in which you live, what year of training you’re in, and your specialization.

As of 2023, starting annual salaries for Australian postgraduate medical interns averaged between $73, 850 to $87, 517 AUD, with variation by state. Keep in mind, these salaries were for full-time positions without the additional overtime hours that many residents choose to take on.

Australian State 2023 PGY-1 Intern Annual Starting Salary

($AUD per annum)

New South Wales $73, 086
Australian Capital Territory $77, 898
Tasmania $87, 000
Northern Territory $84, 975
Queensland $87, 517
South Australia $81, 814
Victoria $83, 331
Western Australia $82, 893

 

It may not sound like a lot right now, but you won’t be a newbie forever. Salaries increase consistently based on experience and specialization.

Residency in Canada

In Canada, resident salaries are determined by the year of residency and the province in which you live.

Starting out, gross annual salary for first year residents in 2023 averaged $49,258 (Quebec) to $69,876 CAD (Nova Scotia, New Brunswick, and Prince Edward Island).

Canadian Province 2023 PGY-1 Residency Annual Starting Salary

($CAD per annum)

Quebec $49, 258
British Columbia $65, 332
Alberta $58, 934
Saskatchewan $61, 635
Ontario $67, 044
Manitoba $62, 663
Newfoundland and Labrador $69, 175
Nova Scotia, New Brunswick, Prince Edward Island $69, 876

 

Additional benefits like call premiums, vacation, sick leave, and health insurance also vary by province. CaRMS provides a full breakdown of Canadian residency salaries and benefits.

Residency in the United States

If you’re considering doing your residency in the United States, salaries also vary by the year of your postgraduate training, your state, and your specialization.

According to Medscape’s 2023 Resident Salary and Debt Report, the average salary for a medical resident in 2023 was $67,400 per year, which is a 5% increase from 2022.

While the average salaries increased by $13,000 from Year 1 to Years 6-8 of residency, the biggest difference in salary was due to specialization, as per the chart below.

Specialty Salary
Plastic Surgery $69,500
Specialized Surgery $69,500
Pathology $66,500
Orthopaedics $64,800
Radiology $64,600
Neurology $64,600
Urology $64,600
Otolaryngology $64,600
Anesthesiology $63,300
Dermatology $63,300
Pediatrics $63,300
Physical Medicine and Rehabilitation $63,300
Psychiatry $61,500
OB/GYN $61,500
General Surgery $61,500
Ophthalmology $61,500
Internal Medicine $61,500
Emergency Medicine $61,500
Family Medicine $58,500

 

Questions About Residency?

So, there you have it. Like so many things, the answer to “how much will I make” may not be as straight forward as you initially thought, but if you keep location, experience, and specialization in mind, you can get a good idea of what your salary may be after you graduate.

Of course, money isn’t everything and there are other factors that you should keep in mind as you navigate your own pathway to becoming a doctor.

To learn more about the medical licensing and postgraduate residency pathways and processes, we can help! Keep an eye on our events for our medical residency webinars in which we explore various pathways, chat with alumni, and review the latest statistics and information.

This article was updated November 6, 2024.

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Do you need help with your medical school application? Please contact OzTREKK’s Medicine Team at medicine@oztrekk.com.

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