After graduating from medical school, many students work as residents at teaching hospitals. The residency is considered a part of the process of becoming a doctor. The first year of residency is often abbreviated PGY1, the second year of residency as PGY2 and that naming pattern continues for the duration of the residency. PGY1 is also called the year of internship.
After medical school, many graduates become residents at teaching hospitals nationwide. "Internship" is the term used to refer to the first year of residency. A doctor may work as a resident for as many as eight years. Most residents do not work in their specialty until the second year of residency. The internship year is spent rotating through different specialties. An intern who wishes to be a surgeon will focus on his area of specialty PGY2.
Interns tend to make more money each consecutive year. First year surgical residents, or interns, at the Oregon Health and Science University make about $48,000 for the first year, and by the eighth year they can expect to be earning about $66,500. During the first year, the intern's benefits include two weeks paid vacation and health insurance for himself, his spouse and his children.
Salaries for surgical interns and residents will vary by location. Some areas of the country have higher costs of living as well as higher wages and salaries. According to Simply Hired, the average salary of a medical intern is $43,000. Of course, in some areas, such as New York City, that number will be higher, but in rural areas it will most likely be lower.
The University of Maryland has a generous benefits package for medical residents. The package includes deals on automobile and homeowner's insurance, life insurance and a tax-sheltered annuity program. This is in addition to the expected benefits for full-time work such as sick leave and vacation time.