Residency or Work

[WalnutBread]

I gradudated 2018 and have been working retail since then. I applied to four residency programs and interviewed with one. I have some inside knowledge that my chances of being accepted are 95%. My issue is the pay is substantially less than I currently make and I'll have fixed costs such as student loans, rent and utilities that will eat up 80% of my monthly income. After I factor in food and other miscellanous expenses I'll essentially be living paycheck to paycheck with no emergency funds.

I've recently been offered a 40hr EOW hospital job that goes along with a 40hr EOW independent pharmacy job since they are a husband/wife duo who both want me. I've been told that within a year the hospital job will transition to full time due to retirements that are upcoming. Between the hospital/independent the pay is still less than I currently make, but much better than residency.

My ultimate issue is what will the job market look like in a year after I complete a PGY1? After a PGY2 should I go that route? There are no guarantees in life, but I'm looking for a little perspective on pros and cons to help in my decision.

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[Rockinacoustic]

What's your goal with residency? Unless you want to specialize or be in academia the hospital job sounds like you already have your foot in the door.

 

[WalnutBread]

What's your goal with residency? Unless you want to specialize or be in academia the hospital job sounds like you already have your foot in the door.

I just enjoy learning and having been out of school for 3 years now I've got that itch to scratch in terms of structued learning again. I'm sort of in agreement with you regarding having my foot in the door. There is always that anxiety and trepidation of the new and unknown.

 

[Hels2007]

I know the feeling and two years after graduating from pharmacy school I went for a master's in a totally unrelated field. I don't think a residency is 'academic' enough if what you miss is the look and feel of being in school and knowing exactly what you need to do to get a good grade. I would suggest a master's or a certificate vs. a residency unless you are very sure that what you want to be is a clinical specialist and nothing else sounds remotely interesting.

 

[TranslationalRPh]

I just enjoy learning and having been out of school for 3 years now I've got that itch to scratch in terms of structued learning again. I'm sort of in agreement with you regarding having my foot in the door. There is always that anxiety and trepidation of the new and unknown.

This is a real laudable goal. I'm a big fan of additional education, provided that it serves an end. If you don't plan to become a clinical specialist or academic, doing a residency does sound quite expensive. I do get it though. I went to graduate school post-pharmacy school. That did open up several doors for me. One thing that you may consider is sitting for your BCPS. You likely would learn a lot, it is way cheaper than the lost income that you would incur doing a residency, and you can even do formal or self-study learning programs. That way, you don't have to quit your job, take a huge pay cut, only to re-enter the job market without a clear path to employment.

If you want to be a clinical pharmacist or academic, I would definitely do the residency or graduate school, but if you are just looking to learn something else, I think you have plenty of more economic options both related to pharmacy and not related to pharmacy.

 

[WalnutBread]

Thanks for the replies. This has helped me reframe how I view residency and why I even took the time and money to apply. I don't believe residency is the right fit for me and how it would fit in my life and goals. You guys saved me a year or two and about $140k in opportunity costs. I need to let my RPD know I'll be dropping from the match and hope he isn't too disappointed.