Competitive Salary

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Since a lot of pharmacists are looking for jobs this year, it would be really interesting to see what "competitive" salary means for this year new grads. It is very tacky to ask about benefits and salary during interview. We pharmacists basically don't really have any power to negotiate, especially in today market. So to all the new grads or pharmacists who got new job offer this year,please let us know your location (city, state), your salary (hourly or salary), benefits, and where you work.

For starter:

Walgreens
Knoxville, TN
$56/hr or (~94K with 32hrs/wk)

Harris Teeter
Charlotte, NC
$104,000 salary based on 40hrs/wk

So about $100k and give or take $10k...

How is this going to help anyone....not like any one of us can pick and choose our locale to seek out the highest salary.

Originally Posted by shoppe

It is very tacky to ask about benefits and salary during interview. We pharmacists basically don't really have any power to negotiate, especially in today market.

Is it? Most of the interview I've been on....actually, excepting my summer jobs when I was going to school, I think of the interviews I've been on, the employer was upfront during the interview about the benefits & at least a salary range. I always felt free to ask for clarification. Most employers don't want to waste time on people who aren't going to be interested in the job due to its compensation, so they really don't have reason to hide benefits/salary information.

There is no such thing as a competitive salary in a job surplus.

From some of my fellow new grads whom I have asked, I've heard from $52 (hospital) to $63 (hard to staff retail) hourly. This is in AZ. From what I've heard, it seems that pretty much everyone in my class was able to find a job if they were willing to work retail. Some of my classmates don't have anything lined up because they are, for lack of a better word, being picky.

Originally Posted by pion

From some of my fellow new grads whom I have asked, I've heard from $52 (hospital) to $63 (hard to staff retail) hourly. This is in AZ. From what I've heard, it seems that pretty much everyone in my class was able to find a job if they were willing to work retail. Some of my classmates don't have anything lined up because they are, for lack of a better word, being picky.

Thank you! Finally someone answered the darn question, instead of judging the question itself.

I'm getting $47/hour (salaried) for a critical access hospital in the midwest. They said this is actually above entry level pay for them. I don't feel like looking up all of the benefits right now, but they seemed pretty good to me (finally an employer who still gives a 401k match, hooah!).

I signed on with CVS in Boston,Ma @ $52/hr. I heard WAG was paying $55/hr but that's only if you're the one lucky person who was hired by them.

Here in Texas, depends on location, WAG's salary varies from $51-$60/hour. The higher paid means the more distant to civilizations . I heard WAG can only guarantee 32 hours/week now. Other retails pay good too, most in lower range $50s/hour.

I got a job offer at a medium-sized hospital in Central Texas as a staff pharmacist which allows me to do some clinical work as well. My salary will start off quite low at $45/hour but gradually increase after the first 3 years. The experienced pharmacists make about $50/hour and the clinical pharmacists who have BCPS and also do clinical management work make around $55/hour.

Originally Posted by all4rx

Here in Texas, depends on location, WAG's salary varies from $51-$60/hour. The higher paid means the more distant to civilizations . I heard WAG can only guarantee 32 hours/week now. Other retails pay good too, most in lower range $50s/hour.

I got a job offer at a medium-sized hospital in Central Texas as a staff pharmacist which allows me to do some clinical work as well. My salary will start off quite low at $45/hour but gradually increase after the first 3 years. The experienced pharmacists make about $50/hour and the clinical pharmacists who have BCPS and also do clinical management work make around $55/hour.

Sounds like hospital pay is still below retail pay, at least for new grads (no shift differential here). I think it will be worth it though!

CVS is pretty good with raises...my salary has gone up like $7,000 in a year and a half.

Originally Posted by WVUPharm2007

CVS is pretty good with raises...my salary has gone up like $7,000 in a year and a half.

I make too much and might not get a raise this year. I heard raises were anywhere from 0-2 percent =_=..

I got an offer from WAG in the Houston area for $4400 biweekly ( I'm assuming they are guaranteeing me 40 hrs/wk @ $55/ hr. don't know if that's competitive or not.

Originally Posted by Estrace

I got an offer from WAG in the Houston area for $4400 biweekly ( I'm assuming they are guaranteeing me 40 hrs/wk @ $55/ hr. don't know if that's competitive or not.

Where did you graduate from? I figured Houston would be extremely saturated with A&M, UT, UH, and UIW right there.

I'm glad this thread got more responses. I really appreciate those of you who don't mind sharing. The reason I asked is i've had offers from Walgreens and Harris Teeter. I have also had an interview offer from CVS. I tried to negotiate with Harris Teeter on salary but the offer is firm. Harris Teeter however said it will give u a guaranteed $5000 bonus every year, which total to $109,000 a year. Insurance benefits seem to be better but 401k matching is about the same with walgreens, I don't know about CVS but I've heard it may be similar to walgreens. I like Harris Teeter because I heard it's similar to publix. However the rate seems too low especially for retail. Which one should I choose?

Originally Posted by Aznfarmerboi

I make too much and might not get a raise this year. I heard raises were anywhere from 0-2 percent =_=..

How much is too much?

Originally Posted by all4rx

Here in Texas, depends on location, WAG's salary varies from $51-$60/hour. The higher paid means the more distant to civilizations . I heard WAG can only guarantee 32 hours/week now. Other retails pay good too, most in lower range $50s/hour.

I got a job offer at a medium-sized hospital in Central Texas as a staff pharmacist which allows me to do some clinical work as well. My salary will start off quite low at $45/hour but gradually increase after the first 3 years. The experienced pharmacists make about $50/hour and the clinical pharmacists who have BCPS and also do clinical management work make around $55/hour.

Are you near civilization in Central Texas? $45/hr (and $50/hr for experienced pharmacists, wtf?) sounds pretty ****ty unless your benefits include cases of liquor and Handjob Thursdays.

Originally Posted by StevePerry

Are you near civilization in Central Texas? $45/hr (and $50/hr for experienced pharmacists, wtf?) sounds pretty ****ty unless your benefits include cases of liquor and Handjob Thursdays.

I don't know that it's that unusual. I've heard the $45/hr rate quoted a lot around here by hospitals. I don't have enough experience to know if that's below what was historically paid in the past, but it seems like lots of new grads want to do residency/hospital nowadays...it only makes sense that hospitals can pay less if they want to.

Originally Posted by StevePerry

Are you near civilization in Central Texas? $45/hr (and $50/hr for experienced pharmacists, wtf?) sounds pretty ****ty unless your benefits include cases of liquor and Handjob Thursdays.

So what you think would be a reasonable salary for new grad hospital pharmacists with no residency or prior experience? Btw, I'm just starting and eventually will get raised with years of experience. Obviously, pharmacists in hospital make less than the ones in retail. But job satisfaction is great and I can always work my way up doing either clinical or management and still avoid dealing with mean customers or insurance nuisance.

Originally Posted by Sparda29

How much is too much?

Prolly over $140k or there about.

Originally Posted by StevePerry

Are you near civilization in Central Texas? $45/hr (and $50/hr for experienced pharmacists, wtf?) sounds pretty ****ty unless your benefits include cases of liquor and Handjob Thursdays.

Do you have handjob Thursday where you work? Awesome!

Ive heard from a couple of hospital pharmacists, that they pay is lower then retail but almost all of say that its worth the pay cut instead of working on retail where you get paid a bit more for your problems. Pharmacists at the hospital I volunteer makes around $51 an hour compared to $60 in retail.

You have to evaluate the total compensation package including benefits, vacation, pension, 401K matching, life/disability insurance, and differentials. Not just the base hourly salary.

What good is $60 per hour if you're only guaranteed 32 hours per week.

Originally Posted by Its Z

What good is $60 per hour if you're only guaranteed 32 hours per week.

An extra day off a week?

Originally Posted by WVUPharm2007

An extra day off a week?

You can do that with 4 x 10 hour shifts. Which many hospitals have.

It can vary widely from hospital, so it has to be the overall compensation package and the environment.

One hospital pays a hourly rate of $41.25 an hour,
The other pays a hourly rate of $53.25 an hour.

I happened to be at one of the hospitals when they were in the process of hiring additional pharmacists so I was privy to some of the salary information on this particular hospital and comparisons to others in the area.

in this job market...your not going to be able to negotiate...especially as a new grad...i'm from chicago and my first job out of school was with the VA for about $56/hr with possibly the best benefits out there>>

Originally Posted by WVUPharm2007

CVS is pretty good with raises...my salary has gone up like $7,000 in a year and a half.

He's the exception to the rule. Most CVS pharmacists have gotten small or no raises for the last 3 years.

Originally Posted by MountainPharmD

Do you have handjob Thursday where you work? Awesome!

Are you kidding me? I pioneered Handjob Thursdays!

Originally Posted by StevePerry

Are you kidding me? I pioneered Handjob Thursdays!

Way to move the profession forward! I'm tired of political impotence!

.

Originally Posted by rxlea

Way to move the profession forward! I'm tired of political impotence!

My preceptor at CVS makes $60 an hr and he has been working retail for 30 years. He came to CVS 3 months ago.
The grad interns in my district get $28 an hr and once they are licensed they will get $56.

Can I press a bit here and ask what someone is netting instead of grossing? I'm curious because I'd like to work up a mock budget at some point post-school. (Yes I understand all kinds of things can change between now and then)

Originally Posted by sisson329

Can I press a bit here and ask what someone is netting instead of grossing?

Everybody's net income is going to be different.

From your gross income, a few deductions will be mandatory:
- Social Security tax: 4.2%, for incomes up to $110.1K; those numbers are for 2012; in the future, the % may go back up to 6.2%, and the ceiling may also be raised;
- Medicare tax: 1.45%, no upper limit (if you earn $10M, you still have to pay 1.45% of that amount);
- Pension plan, if your company offers one; this is becoming a rarity, except for some state jobs.

Optional deductions are numerous:
- 401k plan;
- Health insurance, life insurance, LTC insurance (if you choose to pay for these);
- Federal income tax: the amount withheld depends on how many exemptions you claim. You can choose not to have any federal tax withheld during the year, but be prepared to write a big check and pay a stiff penalty when you file your taxes;
- State tax: depends on the state.

So the net income depends on so many individual factors that it would not be comparable from person to person.

(I moonlight as a tax preparer).

I understand the variety, there's also obviously going to be a huge variety in pay pending on where you are, company, etc also. I just wanted to be getting ballparks. I did find a couple of calculators online to estimate some stuff, but would still like to hear what others might have calculated.

Originally Posted by sisson329

I understand the variety, there's also obviously going to be a huge variety in pay pending on where you are, company, etc also. I just wanted to be getting ballparks. I did find a couple of calculators online to estimate some stuff, but would still like to hear what others might have calculated.

Give me your State and what you are going to put into you 401k and I'll estimate it for you per the online Net Pay Calculator.

Originally Posted by awval999

Give me your State and what you are going to put into you 401k and I'll estimate it for you per the online Net Pay Calculator.

Let's see NY and $17k (max contribution). Hell, add in Roth to make $22 altogether.

About $67,000 take home pay. Give or take $5000

Originally Posted by Pharmacy Kid

About $67,000 take home pay. Give or take $5000

Is that with claiming only 1 exemption on federal and state taxes?

Yes, pretty accurate with max 401k. About 5600/month.

I'm single with no kids, and I took home $88k last year after maxing out 401k and contributing $2k towards my HSA. My gross was $135k.

net about 70k...grossing about 116k...maxing out my tsp at 17k....

Last year, gross 121k, net 87k. FL no state income tax. But only 4,700 in 401(k). Maxing it out is not for everyone.

Originally Posted by Ackj

Let's see NY and $17k (max contribution). Hell, add in Roth to make $22 altogether.

Per http://www.paycheckcity.com/cokronos...CalcResult.asp
$110K gross - Federal - FICA (only 4.2% this year, will be 6.2% next) - NY State taxes (not NYC) - $17000 (federal tax free) - $5000 (post-taxes) - $ 600 (health insurance federal tax free) = $59,273.

So for 2013 (if we extend the Bush/Obama Tax Cuts) your net after maxing 401k, Roth, $50/month for health insurance = $57,273. Subtract more for NYC of course.

Mind you that is excessive (imo) retirement savings. If we back the 401k to 10% and zero out the Roth we're at $68,275 for 2012 and ~$66,275 for 2013.

Note for this exercise I used "2" for Federal exemptions and "1" for State.

Sucks huh?

Originally Posted by awval999

Mind you that is excessive (imo) retirement savings. If we back the 401k to 10% and zero out the Roth we're at $68,275 for 2012 and ~$66,275 for 2013.

Not if you're planning to retire early or don't think social security will be there. I'm maxed out as well.

Originally Posted by awval999

Mind you that is excessive (imo) retirement savings.

I don't believe such a thing exists...

I know a lot of you will disagree but I'm actually against the common advice to max out a 401(k). Doing so is not for everyone. There are a few disadvantages:
- Just in case some people don't realize, you don't pay tax when you contribute but you do pay full income tax when you make withdrawals. A 401(k) is not tax free.
- Some people max out their 401(k) because they have completely written off Social Security. SS is in trouble so benefits might be reduced, but I doubt it will be eliminated altogether. At our income level we contribute the max to SS, so we should get a fairly significant benefit, I'm guessing around $2k/month (today's dollars).
- If you have too much taxable income in retirement (which includes 401(k) withdrawals), more than $32k for couples, your SS benefit gets taxed, so you are reducing it even further.
- You have to take required minimum distributions from a 401(k) after age 70.5.
- So if you max out contributions, you'll probably have more than you need, but you'll still have to take big withdrawals which will put you in a high tax bracket, negating the benefit of the 401(k) which is betting that you'll be in a lower tax bracket when you retire.

Originally Posted by awval999

Mind you that is excessive (imo) retirement savings.

Assuming average 7% return, I think people need to save at least 20% of their gross to be financially independent, 10% is not going to cut it nowadays. My goal is financial independent. Thus, I am saving much more ~50% of my gross.

I am maxing out 401k and ROTH because I need tax advantaged account to hold roughly around 20% of bond, and 10% REITS. I still do not have enough tax advantaged account to hold these tax inefficient assets. My tax advantaged account is the size of Illinois ($90k) compare to Texas (taxable account $355k).

"If your goal is to become financially secure, you will likely attain it, but if your motive is to make money to spend on the good life, you are never gonna make it." - Millionaire Next Door

A 7% return is way too optimistic, IMO.