I felt I should offer some perspective on the "Should I do a residency?" issue as I am one of the small minority of pharmacists that left retail to switch to hospital pharmacy and do a residency after 5 years of working.
I worked in retail for about 3 years and then decided to switch to an outpatient pharmacy at a major academic teaching institution. I was able to get involved with a number of clinical activities offered there as a part of my work experience. But, (and this is a big BUT), the only clinical activities I could be involved with were opportunities that did not require a residency, (or "equivalent training/work experience") in the job description. I was able to do a "residency only" job only once and that was only to cover an extended leave for one of our pharmacists (6 months). It was great experience but not in an area of clinical interest to me. I took the opportunity because it was better than dispensing and I learned a great deal. But I ultimately became frustrated by the lack of opportunities available to ambitious, motivated people WITHOUT A RESIDENCY!
So my point is this - if you are currently work or aspire to work at a major teaching institution, you will need a residency in this day and age. No matter how smart you are, there are 10 other residency trained pharmacists applying for the same positions that you are. Most these days are doing 2 residencies...it used to be only critical care and ambulatory care required 2 years but now we have internal medicine/cardiology residencies, Infectious Disease residencies, drug-info residencies/fellowships. If you choose not to do these residencies, you have to be prepared that someone else (YOUR competitor) is choosing to do them. Who would you pick if you were the employer looking for a candidate?
Now that I am a general resident, I feel I am learning a great deal. They say a year of residency is worth 5 years of work experience. Would I have learned this through work experience at my hospital? Definitely not - for 2 reasons:
1) While working you are exposed to a limited clinical area...in residency you get to rotate through a number of different areas.
2) While working, you are getting paid big bucks to do a job - not facilitate your own learning curve!!! And preceptors (or your co-workers in that case) are not required to sit down with you for teaching time. A residency allows you time to learn while you are working and if you choose a good program, allows your preceptors to share skills/experience/knowledge built from years of hard work.
Just 2 cents from a poor pharmacy practice resident. Good luck with your decision making. 😉