Does anyone know what the average resident salary is? I imagine that it's in the 30-40K range, but I was just curious. Also, are you able to defer your loans during residency like med students can?

Thanks!

Does anyone know what the average resident salary is? I imagine that it's in the 30-40K range, but I was just curious. Also, are you able to defer your loans during residency like med students can?

Thanks!
you're right about the salary..
i have no idea about the loans

it may also depend on the residency as some of them offer a degree to go with it so you would still be a full time student

Yes, your loans are deferred.

Does anyone know what the average resident salary is? I imagine that it's in the 30-40K range, but I was just curious. Also, are you able to defer your loans during residency like med students can?

Thanks!

Yep, the price range is typically 30-40k/yr w/ most programs trying to get closer to 40k/yr and with many in ranging from 40-45k/yr.

The residency search engines typically list the resident salary (or list the website for program where you can find out more about the program) within the description of the program. May want to check out:

http://www.accp.com/resandfel/

(actually I think ACCP lists stipends, some of the data may be out of date. In particularly, I think VA residents may still be listed as making 33k/yr but have since been pushed up to 38k/yr so I'd check websites if possible)

http://www.ashp.com/directories/residency/

(actually I think ACCP lists stipends, some of the data may be out of date. In particularly, I think VA residents may still be listed as making 33k/yr but have since been pushed up to 38k/yr so I'd check websites if possible)

http://www.ashp.com/directories/residency/

I'm getting $35,000 per annum. This was up from $30,000 at the beginning of the year. I was told that this amount was set nationally by the Department of Veterans Affairs in Washington, DC, but I'm not exactly sure about that.

A link to this thread has been placed in the FAQ :)

Yep, the price range is typically 30-40k/yr w/ most programs trying to get closer to 40k/yr and with many in ranging from 40-45k/yr.

The residency search engines typically list the resident salary (or list the website for program where you can find out more about the program) within the description of the program. May want to check out:

http://www.accp.com/resandfel/

(actually I think ACCP lists stipends, some of the data may be out of date. In particularly, I think VA residents may still be listed as making 33k/yr but have since been pushed up to 38k/yr so I'd check websites if possible)

http://www.ashp.com/directories/residency/

It is hard to believe cause my brother was getting around 30000 while he was doing medical residency. Although that was like 5-6 years ago...

Thanks everyone! Choosing to pursue a residency is a ways off for me, but I was curious.

Here's another question - what are the hours like for a residency? I've heard horror stories about med residents working 60-80 hours/week, but the clinicians and residents (PharmDs, not MDs) at the VA that I've shadowed definitely don't work that much.

I was checking the residencies in the Tampa Bay area online yesterday. I found one that paid 50K, but most were about 35K.

Does anyone know what the average resident salary is? I imagine that it's in the 30-40K range, but I was just curious. Also, are you able to defer your loans during residency like med students can?

Thanks!

Yes, the salaries are around that range, there are some lower (in the upper 20s) and some higher 40-45s).

Deferring your loans are differnet compared to med students. because a residnecy is needed to practice as a MD, you can defer your loans, no matter how much you have. SInce pharmacy residency's are not needed to practice as a RPh, you can only defer your loans using the economic hardship defermant. WHich means if you only have 40, 000 or so in loans, you will have to make payments during your residency. Basically youwill have to prove your monthly payment is more than 1/2 of your monthy salary ( or right around there, i don't remember the exact % anymore).

About the hourse, yeah, some weeks you will be putting in 60+ hours, especially when its project time. It's all about time managemnt, some poeple are going to put in less hours/week becuase they are very efficient while others doing the exact same residency will only put in 40 hours. And no, you don't get overtime for the extra hours.

Hope this helps!!

Thanks everyone! Choosing to pursue a residency is a ways off for me, but I was curious.

Here's another question - what are the hours like for a residency? I've heard horror stories about med residents working 60-80 hours/week, but the clinicians and residents (PharmDs, not MDs) at the VA that I've shadowed definitely don't work that much.

Gotta understand that residency for pharmacy is not even close to intensity to medical residency. Some places are more intense than others however. Also which rotation you are on depends on how tough the hours are. What may put more hours on for you, in all kinds of projects that you have to do. You have one for and end of year conference/project presentation, plus however many little journal clubs, case presentations or whatever. But you will be putting in I'd say a solid 50 hours more or less per week on avg. Depending on how dedicated you are and how much you want to impress your preceptors will depend how much you spend there, also depends on where you are doing your residency. As far as Kristakoch saying about efficiency, I dont' agree, b/c if you are consistently leaving too early, say 40hrs, either residency is way too easy, or they will find extra projects for you to do to make up. You are more or less cheap labor that can do extra projects when needed and you will be utilized to your full potential at most places. Expect anywhere from 50 to 60 hrs, maybe more if you are ultra hyped. But also remember that as part of residency they usually use you to work either every other or every 3rd or fourth weekend just staffing. So it won't be fun time by any means. But it's probably more like a derm residency and not a surgical residency.

Biggest time consumer is not neccessarily the time at the hospital but its more the projects that you have to do.

I'll concur with what tupac_don just said. Critical care has been my toughest rotation yet, but I get in real early, and get done with my patients by lunch time. The rest of my day is filled with working on other extra-rotation projects, like the residency research project, and even worse, the CE class I have to teach next month. Unlike other residencies, you are loaded with projects. I didn't even mention the regular journal clubs, preparing agendas for and taking minutes at P&T meetings (some places make you present drug monograps), and staffing.

Well, Moxxie, I must admit that the staffing requirement at my residency is, ummm, less restrictive than at other institutions. I work in the outpatient pharmacy 4 hours/week, on Tuesday afternoons. This usually involves me working in a small office, counseling patients and verifying/finalizing physician entered rx's. This is nothing compared to my colleagues across the street at the U of U. ;) I do run a continuity of care clinic on Fridays, where I see 3 or 4 patients for medication management. That's my other longitudinal responsibility.

I was thinking about pursuing a residency but its hard not to go straight for the job and the money. Perhaps some of you could answer a few questions for me....

Do the residents get any tax breaks? (I was wondering if the government gave tax breaks to residents in the same way that students get them).
So if you were getting a $40K stipend, what would the monthly take home pay be after tax, social security etc? (I know that this varies state to state, so just looking for a ball park fig.)

Thanks.

I was thinking about pursuing a residency but its hard not to go straight for the job and the money. Perhaps some of you could answer a few questions for me....

Do the residents get any tax breaks? (I was wondering if the government gave tax breaks to residents in the same way that students get them).
So if you were getting a $40K stipend, what would the monthly take home pay be after tax, social security etc? (I know that this varies state to state, so just looking for a ball park fig.)

Thanks.

None that I can think of. I guess taxes account for anywhere from 20-30% of your take home depending on state. Main financial benefit is having loans deferred (i.e. economic hardship so interest doesn't accrue, this was explained in a previous post). Easiest way to get around financial barriers of residency training is to pursue training in a program (typically the VA and/or managed care system) that is primarily </=50hrs/wk and moonlight to supplement salary. If finance is an issue I'd stay away from those programs that make you sign a contract limiting or prohibiting moonlighting activity. For example avg VA residency is 0800 or 0700 to 4:30pm and typically every 3rd wknd staffing or possibly no wknd staffing at all depending on facility so that gives ample time to have a life outside of work and or moonlight to pay the bills or support family so you can start to enjoy things a little more. Please don't let the financial issues be your reason for not doing a residency as you may regret it down the road. In all honesty the outcomes of pharmacy residency training are variable; however, completing residency training simply provides more options and room for career advancement on the avg, especially if you are a "go-getter". Also the money will always be there.