Was in process of going back to apply to pharmacy school - currently in another career. Received an unexpected raise in that other job.....at what salary do you think it doesn't make sense to switch to pharmacy (assuming 120K in loans need to be taken for pharm school).
Career Change?
- Thread starter Lsprout
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That's completely up to you. Financially if the student loans and expected salary for a pharmacist are not higher than what you are making now it wouldn't make much financial sense to go to pharmacy school. However, if you want to practice pharmacy you can't really put a price on something like that, it's completely up to you and no one else can really answer for you.
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I had to make a similar decision once about pharmacy school in 2005. I decided on a 10 year break even time frame. Basically if I can't make more money with a pharmD degree by 2016 the it wouldn't be good enough of a financial incentive.
I was making almost just over $60k back then times 10 years, vs $120k+ times 6 years minus student loans which I had estimated at $80k. It was a close call, but pharmD's lack of glass ceiling tilted in its favor.
Run the numbers, use different break even periods. I personally wouldn't go beyond 15-20 years since you are giving up something you have now for something that's a possibility. I also recommend using the three pronged, optimistic,realistic, pessimistic scenario analysis. If one or more scenario would be unacceptably catastrophic, I wouldn't chance it.
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Four years in pharmacy school is a long, long time. Your friends in that career you left are moving on in their lives, while yours is moving backwards.
I did the move, and I don't regret it. But I was really, really unhappy in my other career, and it likely never would have paid much. More importantly, I knew I liked pharmacy and could be happy in it. I still like being in several areas of pharmacy, even if I'm nervous about the job prospects and not really wanting to study for the NAPLEX.
I did the move, and I don't regret it. But I was really, really unhappy in my other career, and it likely never would have paid much. More importantly, I knew I liked pharmacy and could be happy in it. I still like being in several areas of pharmacy, even if I'm nervous about the job prospects and not really wanting to study for the NAPLEX.
If you switch careers to pharmacy, you have to take into account not only the overall salary/debt difference but the risk of going from a career which you seem pretty well established to one which with rapidly declining employment prospects and that is completely new to you. Unless if you absolutely hate your current job and absolutely love pharmacy, can earn MUCH more on a pharmacist's salary compared to what you currently earn, and/or are willing to take a lot of risk, I would say stick with your career.
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Law is in higher demand?
The thing is, even if the OP doesn't chose pharmacy there will be someone else to fill the seat in a school that would have been his had be pursued it and gotten accepted. There are more applicants than there are seats and I don't think that will change.
Law school enrollment has appeared to decrease at some schools. Too bad this hasn't happened in pharmacy yet.
http://www.abc15.com/dpp/news/regio...aw-school-cutting-tuition-as-enrollment-drops
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I think it doesn't make sense to switch to pharmacy in the 60-75 K range because that's where pharmacy will be in a few years anyway with all the graduates coming out. If you are at least half-heartedly satisfied with your job and you are able to pay your bills and save some for retirement, then I'd say stick with it. The grass always seem greener somewhere else, but usually it's not.
