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Like the title asks, what do you guys think? Any pre-pharm/pharm students or actual pharmacists have any say? I'd love to hear it!
Like the title asks, what do you guys think? Any pre-pharm/pharm students or actual pharmacists have any say? I'd love to hear it!
I think so. I'm about to graduate and have had the time of my life in pharmacy school, and the job market has been good to me as well. I think if you really see yourself as a pharmacist and really enjoy working in a pharmacy, go for it.
I am about to start my dream job for my dream employer, making more money than I dreamed possible in college. I do have ~320k of loan debt, but looking back, I would do It all over again in a heartbeat.
If you go for it, do so with open eyes. Get an angle on a job before P1 and stick carefully to your desired career track/goals. Have backup plans, work hard. It isn't all gravy, as you can see on these forums. Jobs are hard to get and you won't likely be able to begin your career in a city.
Long story short: pharmacy is still viable as an amazing career, but definitely think twice about whether it is a good fit for you. The days of headhunters and sign on bonuses are over.
Hth
I really don't understand all the depressing comments. Is the job market hard? Yes but so is every other job in America. If you're going into a profession for the sole reason that you'll be guaranteed a job then you're probably someone I would avoid trying to hire.
I really don't understand all the depressing comments. Is the job market hard? Yes but so is every other job in America. If you're going into a profession for the sole reason that you'll be guaranteed a job then you're probably someone I would avoid trying to hire.
I think so. I'm about to graduate and have had the time of my life in pharmacy school, and the job market has been good to me as well. I think if you really see yourself as a pharmacist and really enjoy working in a pharmacy, go for it.
I am about to start my dream job for my dream employer, making more money than I dreamed possible in college. I do have ~320k of loan debt, but looking back, I would do It all over again in a heartbeat.
If you go for it, do so with open eyes. Get an angle on a job before P1 and stick carefully to your desired career track/goals. Have backup plans, work hard. It isn't all gravy, as you can see on these forums. Jobs are hard to get and you won't likely be able to begin your career in a city.
Long story short: pharmacy is still viable as an amazing career, but definitely think twice about whether it is a good fit for you. The days of headhunters and sign on bonuses are over.
Hth
Thing is, the few jobs there are, you don't have a choice usually who your boss is or what type of pharmacy you want to practice. I spent 2 years in retail thousands of miles away from home, was only job I could get. Only to be cut sometime later for bullsht reasons, probably because they could get new grads for cheaper.any pharmacists here that like their jobs?
I tell people not to go. Things are only going to get worse, lower starting salaries. Those new pharmacy schools should hire us for all the damage they've done to the job market.
I plugged in the 320K into this calculator: http://mappingyourfuture.org/paying/standardcalculator.htm Besides the 3682/mo it says the minimum annual salary to handle these payments is....drumroll....$552,385. Holy crap! The one thing I can tell you about my 16 year odyssey in the field is that things change fast. The independent pharmacy gets bought out, new management cuts to the bone, and all of a sudden your dream situation has turned into a sh*tstorm. But your 3600 monthly nut still has to be cracked. Ten years ago you could just say "see ya" and get another gig with a signing bonus to boot. Not anymore. Now you're trapped.
Good for you that your dreams came true. Not everyone's dreams can come true. I lost my house, relationship, and now my credit over being a pharmacist. Haven't paid my student loans in over a year. I don't know if I will ever be able to repay them.Starting salaries have increased in many areas. Where were the mid to upper $60s offers 5 years ago?
And my dream job ? Working retail pharmacy outside of the big 3 in the city I dreamed of moving to 6 years ago, full time > $60/hr
Grumps, you of all people should realize that these kinds of student loans are meaningless. I plan to pay around 100k NPV total on those notes.
Yes, but most other jobs don't require seven years of schooling at hugely inflated prices, two years of residency and an internship before starting. The PharmD is just a tool for the schools to make money. All this clinical baloney the schools feed you is a bunch of crap too, if you want a clinical role become an MD. 7 years+ to basically count tablets sucks balls. Stay clear of pharmacy. You obviously have been living in a cave for the last 5 years if you haven't seen the rise in number of pharmacy schools and the decrease in salary as a consequence abided about these boards.
TBH newly qualifieds are pretty much in demand at the mo as the multiples are trying to fire all the >45y/o's and replace them with cheaper, no benefits newly qualifieds. Experience does not count in this god forsaken career, who ever is prepared to undercut the most will be the ones in demand and that is the newly qualified. This will only last a few years though until a class action by fired pharmacists gets upheld in the courts against the large multiples citing age discrimination. The large chains will then not be able to fire the oldies and the zombie army of new recruits trudging out of the pharmacy schools will have nowhere to go adding to the saturation.
my mind was officially blown when i saw 320k. I just graduated with 41k and am crapping a brick over it.
That is super aggressive. I'm throwing $1k per paycheck right now. After taxes, 401k, health insurance, etc my paycheck is around $2500 biweekly. I'm also trying to save for a house, so I'm putting another $500/paycheck toward that. After rent/car payment/gas/food there really isn't much left over for extra loan payments. I don't even have a smartphone or cable tv.Lol. I paid over 41k in my loans last year. If you want to be aggressive you can wipe out that loan real quick.
That is super aggressive. I'm throwing $1k per paycheck right now. After taxes, 401k, health insurance, etc my paycheck is around $2500 biweekly. I'm also trying to save for a house, so I'm putting another $500/paycheck toward that. After rent/car payment/gas/food there really isn't much left over for extra loan payments. I don't even have a smartphone or cable tv.
I think so. I'm about to graduate and have had the time of my life in pharmacy school, and the job market has been good to me as well. I think if you really see yourself as a pharmacist and really enjoy working in a pharmacy, go for it.
I am about to start my dream job for my dream employer, making more money than I dreamed possible in college. I do have ~320k of loan debt, but looking back, I would do It all over again in a heartbeat.
If you go for it, do so with open eyes. Get an angle on a job before P1 and stick carefully to your desired career track/goals. Have backup plans, work hard. It isn't all gravy, as you can see on these forums. Jobs are hard to get and you won't likely be able to begin your career in a city.
Long story short: pharmacy is still viable as an amazing career, but definitely think twice about whether it is a good fit for you. The days of headhunters and sign on bonuses are over.
Hth
We don't know how loans will be handled post-dollar revaluation. There have been historical cases where debt instruments were revalued to compensate for the currency reset. Yeah, the adage of paying back in cheaper dollars may not pan out if old debts are pegged to gold. It's best not to be a creditor nor a debtor in a debt deflation. There is a huge discontinuity coming before the end of the decade, so NPV calculations can have very large error bars.
Your 3600 monthly nut still has to be cracked. Ten years ago you could just say "see ya" and get another gig with a signing bonus to boot. Not anymore. Now you're trapped.
Did you forget about forbearance, income based repayment, and loan forgiveness?
When I exit the pharmacy profession, I will probably have around $500k in outstanding student debt. After filing an ibr income adjustment form my monthly payments will be $0 (or $50 I forget) for as long as I remain retired.
If you quit your job, for petes sake why would you keep paying your loans?
Another thing:
While on my APPE rotations, I noticed loan repayment programs are virtually limitless for nurses, PAs, physicians. Pharmacist loan repayment programs are a handful.
That is super aggressive. I'm throwing $1k per paycheck right now. After taxes, 401k, health insurance, etc my paycheck is around $2500 biweekly. I'm also trying to save for a house, so I'm putting another $500/paycheck toward that. After rent/car payment/gas/food there really isn't much left over for extra loan payments. I don't even have a smartphone or cable tv.
I hope for everybody's sake that this latest generation does get loan forgiveness. It's only a trillion. What the hell throw it on the debt deflation bonfire. Otherwise we will lose consumer demand from an entire generation unable to start a household. But as tax observer since the 90's, one thing I can tell you: the rules will always change. You can't count on the current rules being in place five, ten, twenty years from now. Especially with annual trillion dollar deficits, government will be desperate for revenue. You will want to have as little exposure to govt as possible--out of tax deferred accounts and no federal subsidized/backstopped loans.
The expat door is being closed. It will become impossible to leave the country w/o an exit tax. Noticed how European banks are closing out American accounts? The new IRS regulations regarding foreign assets is too much a headache. Nobody wants to deal with us.
Is it still worth it to become a pharmacist? The answer is no.
Like other posters have mentioned, it's the crushing weight of student loans and rapidly disappearing job prospects that will make students think twice about pharmacy school.
Since it's 2013 and pharmacy school takes anywhere from 4-6 years to complete, any prospective students should seek study elsewhere.
Current students - either switch majors or do a dual degree. If you come from a pharmacist family or have stellar connections, then by all means continue on.
Current pharmacists - network as if your life depended on it. If you can find pharmacy-related jobs that don't require licensing (less than 1%), aim for those as those are "unicorn land" jobs. Also, there are fields that the pharmacy degree can get you noticed that really have nothing to do with pharmacy (pay maybe lower but room for advancement is almost limitless). If all else fails, you may have to sign that promissory note again and go back to school.
There are already exit taxes. Why pay them if you are fleeing uncle sam in the first place though?
Foreign assets regs target american citizens who owe us taxes. Also while they have hit Swiss banks heavily so far, carribbean remains a safer option. But again, if you are trying to disappear from us gov , avoiding any bank whatsoever is probably a better bet.
There were no such thing as residency requirement or pharm D ..
Oh, I meant there was no such requirement ie residency or pharm D for a regular pharmacist job that time..And many years ago, jobs were plenty for those with only Bs degree with license.The Pharm.D. degree has existed since the 1930s, but when I graduated in 1994, most schools granted the B.Sc.Pharm. degree and then you had to go to school for 2 extra years to get a Pharm.D. 10% or so did this at the time. Several schools were Pharm.D. only, and started converting in big numbers in the late 1990s.
It's not the profession it was even 5 years ago. 🙁
I don't do starbucks either. Stains your teeth and burns the wallet. But I certainly don't plan on buying too quickly, no idea where in the world I will be in the next few years, so certainly can't have a house tie me down to one spot. But I figure it will take a while to save toward it, so might as well start now. When there is more in that savings account, maybe I'll consider getting a financial guy. Don't think anything outside of a casino can turn a mere $1000 into a house.Glorious! I see your smartphone and cable TV and raise you health insurance, and Christmas tree x 5 years. The two things I wont do with out is financial expertise and my electronic toothbrush. If you are using a saving account to accumulate a down payment you need to fork out for the expertise because you are severely lacking it inherently. Give up the starbucks and get yourself a good finance man. I have one and he has made me more than I have through the glut.
I live in one of the top 5 best cities in the country mainly because my I too bought a house (that is currently worth a quarter of what I owe for it.). The last time I could even call a big box recruiting manager, which btw used to be customary, was September 2008. She had nothing for me except a 12 hour tag team in the arm pit of the dessert. It is 2013 and it certainly hasn't gotten better. Suffice to say that I am neck deep in "the situation." The fact that you are working right now has more to do with your lack of experience than anything. You are loosing worth every day. You can get pissed or ignore me and keep on believing it is because you are quick and special. But if you think there is even a chance I am right you might want to wait until after November 2016 to start picking out curtains. Come November 2016 if you are still with any big box and your are actually checking the prescriptions that you bag and every where you look you see a unicorn in 3/4 length lab coat the coast is clear. Get a nice g d house. You deserve not to have to wait but consider it
I don't do starbucks either. Stains your teeth and burns the wallet. But I certainly don't plan on buying too quickly, no idea where in the world I will be in the next few years, so certainly can't have a house tie me down to one spot. But I figure it will take a while to save toward it, so might as well start now. When there is more in that savings account, maybe I'll consider getting a financial guy. Don't think anything outside of a casino can turn a mere $1000 into a house.
No one really needs a financial adviser. You need to just grab a couple of good books, then set up automatic saving/investing, paying daily expenses, and enjoy life.
What are the kinds of jobs where you don't need a license? I'm talking about the "unicorn" jobs? Why would anyone go to pharmacy school NOT to practice pharmacy? Seems very backwards to me!!