I'll be in my 3rd year as well in the fall.
Yes, you get to choose co-ops. Most of the city jobs are set up for you already, you just need to go out & interview, it's really not difficult. If you want to set up a job on your own outside town, you can do that as well. Yes, the jobs are specific to the profession. You would work as a pharm intern for 4 month periods.
Most of the professors are excellent, I can't say 'all' but most prof's are excellent!
I've only been in this class for the past year, everyone already has their group of friends set, but I made my way into a small group & everyone seems to be helpful & we do seem to work together for our own good.
The co-op program for pharm majors is not optional since you need a certain number of hours as an intern in order to graduate and in order to take your board exams. Otherwise, you'd spend over a year working as an intern post-college before you could take your board exams.
I do work part time at a local hospital, and for the past year, I had a second on-campus job at the same time. It depends on the courseload & your abilities as a student (another good thing about co-op, you are paid full time during those 4 month sessions).