Offers, pay

neopharma · Mar 25, 2012

Any upcoming grads given job offers, is the pay more, about the same, less, or SIGNIFICANTLY less than you expected to be offered?

Please note if your response applies to retail or hospital, and if possible, what region of the country you are in.

awval999 · Mar 25, 2012

neopharma said:
Any upcoming grads given job offers, is the pay more, about the same, less, or SIGNIFICANTLY less than you expected to be offered?

Please note if your response applies to retail or hospital, and if possible, what region of the country you are in.

Just wait for the tax man hit.

http://www.paycheckcity.com/cokronos/netpaycalculator.asp

Are you asking because you have an offer SIGNIFICANTLY less than you expected?

I will tell you new hospital pharmacists are starting at $100-101K at my hospital.

Sparda29 · Mar 25, 2012

awval999 said:
Just wait for the tax man hit.

http://www.paycheckcity.com/cokronos/netpaycalculator.asp

Are you asking because you have an offer SIGNIFICANTLY less than you expected?

I will tell you new hospital pharmacists are starting at $100-101K at my hospital.

My uncle just showed me this website. It put a serious damper on my plans of getting an apartment in Gramercy (Manhattan) with a beautiful view of the NYC skyline. Rent was about $3000/month for a studio in a posh complex where Julia Roberts lives on the Penthouse floor. Ya, not gonna happen now. My friend who's an investment banker at Deutsche bank was saying it would be great. I forgot investment bankers who make investments for Arab sheikhs and princes make a lot more than pharmacists. 🙁

That website for me = "Welcome to the Republican Party."

Patrickthetiger · Mar 25, 2012

Don't have any first-hand information to share, but a close friend is graduating in May and signed on with a major chain in Birmingham, AL for $112,230/yr ($54/hr).

psychoandy · Mar 25, 2012

i got the short end of the stick as a new grad last year, but it doesn't bother me considering my lack of residency/experience. i can prove my worth and get a raise, but i can't say that about many of my peers.

Sparda29 said:
My uncle just showed me this website. It put a serious damper on my plans of getting an apartment in Gramercy (Manhattan) with a beautiful view of the NYC skyline. Rent was about $3000/month for a studio in a posh complex where Julia Roberts lives on the Penthouse floor. Ya, not gonna happen now. My friend who's an investment banker at Deutsche bank was saying it would be great. I forgot investment bankers who make investments for Arab sheikhs and princes make a lot more than pharmacists. 🙁

That website for me = "Welcome to the Republican Party."

Taxes are the price you pay for civilized society.

That being said, I would not take a job in the city unless it payed at the very least 150, which IMO is the minimum livable salary to live in Manhattan at average yuppie level due to city/state/federal tax and imho excessive sales tax. As much as I like halal carts and shake shack and 3rd wave coffee shops and bodegas, I got loans to pay...so i guess i'm never moving to new york.

even as a junior ibanker 150 is nothing considering lifestyle of popping bottles, car service, etc...then again they also work 80hrs/week and probably have very limited time to spend it.

WVUPharm2007 · Mar 25, 2012

Sparda29 said:
My uncle just showed me this website. It put a serious damper on my plans of getting an apartment in Gramercy (Manhattan) with a beautiful view of the NYC skyline. Rent was about $3000/month for a studio in a posh complex where Julia Roberts lives on the Penthouse floor. Ya, not gonna happen now. My friend who's an investment banker at Deutsche bank was saying it would be great. I forgot investment bankers who make investments for Arab sheikhs and princes make a lot more than pharmacists. 🙁

That website for me = "Welcome to the Republican Party."

So you're complaining because rent would take half of your monthly paycheck to live in a desirable apartment complex is the most ungodly expensive place on the East Coast?

Just move to Newark and buy a mansion for half the rate in mortgage payments. Sure, you might get shot, but the NJ Transit train goes right to Penn Station for really cheap.

Hell, buy a house. I just bought a freaking 2700 sq foot house in the Philly Burbs...my mortgage with taxes is only like $1600 or so a month. Just imagine what you might get in North Jersey along the Northeast Corridor.

Rx MPLS · Mar 25, 2012

Sparda29 said:
My uncle just showed me this website. It put a serious damper on my plans of getting an apartment in Gramercy (Manhattan) with a beautiful view of the NYC skyline. Rent was about $3000/month for a studio in a posh complex where Julia Roberts lives on the Penthouse floor. Ya, not gonna happen now. My friend who's an investment banker at Deutsche bank was saying it would be great. I forgot investment bankers who make investments for Arab sheikhs and princes make a lot more than pharmacists. 🙁

That website for me = "Welcome to the Republican Party."

Whatever.

Plug in the same info for a $40k per year job (what many other people could expect to make) and see how you like it. It's not like pharmacists are the only ones paying taxes. It's a big bite of everybody's income, but that's because we're civilized and don't throw Grandma out on the street when all her relatives pass away and she can't afford her doctor's visits. We band together and help pay for her. Socialism? Maybe, but it's also the right thing to do.

Ackj · Mar 25, 2012

Rx MPLS said:
Whatever.

Plug in the same info for a $40k per year job (what many other people could expect to make) and see how you like it. It's not like pharmacists are the only ones paying taxes. It's a big bite of everybody's income, but that's because we're civilized and don't throw Grandma out on the street when all her relatives pass away and she can't afford her doctor's visits. We band together and help pay for her. Socialism? Maybe, but it's also the right thing to do.

The interesting thing is that higher incomes have a higher %. If it's a flat rate, higher earners still contribute more, but aren't punished. With the current system you could end up getting a raise and bringing home less money due to the income brackets.

As our population's average age continues to rise, I have a feeling that we'll eventually put Grandma out to pasture. Maybe social security/medicare will be in effect for 65 up until you hit 85, and then you're cut off. It's completely unsustainable for people to draw infinite resources after only contributing such a minor share. You worked from 1950-1980? Considering the adjustments in COL, you probably contributed less than 5 years worth of what you're currently consuming. But that's the benefit of jumping into a pyramid scheme early, you end up getting paid while the suckers at the bottom lose out.

PumpkinSmasher · Mar 25, 2012

neopharma said:
Any upcoming grads given job offers, is the pay more, about the same, less, or SIGNIFICANTLY less than you expected to be offered?

Please note if your response applies to retail or hospital, and if possible, what region of the country you are in.

115k/yr starting at my hospital. I was expecting 100k starting, so I was very happy with this salary.

Rx MPLS · Mar 25, 2012

Ackj said:
The interesting thing is that higher incomes have a higher %. If it's a flat rate, higher earners still contribute more, but aren't punished. With the current system you could end up getting a raise and bringing home less money due to the income brackets.

This is a very common misunderstanding of our tax code.

We're taxed in "layers" of income. There is a base level, which is taxed at one rate. Your next layer up is taxed at a different rate, and then you might have even more layers on top, with higher rates. You cannot make more money and actually bring home less overall due to an income bracket. Read the layer cake analogy at the bottom:
http://www.marketplace.org/topics/elections/gop-contenders/week-review-romneys-159-tax-rate

Ackj · Mar 25, 2012

Rx MPLS said:
This is a very common misunderstanding of our tax code.

We're taxed in "layers" of income. There is a base level, which is taxed at one rate. Your next layer up is taxed at a different rate, and then you might have even more layers on top, with higher rates. You cannot make more money and actually bring home less overall due to an income bracket. Read the layer cake analogy at the bottom:
http://www.marketplace.org/topics/elections/gop-contenders/week-review-romneys-159-tax-rate

So when pharmacists say they're in the 35% bracket, their 100k isn't reduced to ~65k? I was not aware of that.

http://www.moneychimp.com/features/tax_brackets.htm
Gives a very nice example. So on 100k, the effective tax rate is roughly 22%. Very interesting.

Rx MPLS · Mar 25, 2012

Ackj said:
So when pharmacists say they're in the 35% bracket, their 100k isn't reduced to ~65k? I was not aware of that.

http://www.moneychimp.com/features/tax_brackets.htm
Gives a very nice example. So on 100k, the effective tax rate is roughly 22%. Very interesting.

Yes! Great find on that site. I like it!

owlegrad · Mar 26, 2012

It's amazing what you can learn on SDN. 👍

Rx MPLS said:
This is a very common misunderstanding of our tax code.

We're taxed in "layers" of income. There is a base level, which is taxed at one rate. Your next layer up is taxed at a different rate, and then you might have even more layers on top, with higher rates. You cannot make more money and actually bring home less overall due to an income bracket. Read the layer cake analogy at the bottom:
http://www.marketplace.org/topics/elections/gop-contenders/week-review-romneys-159-tax-rate

awval999 · Mar 26, 2012

Ackj said:
So when pharmacists say they're in the 35% bracket, their 100k isn't reduced to ~65k? I was not aware of that.

http://www.moneychimp.com/features/tax_brackets.htm
Gives a very nice example. So on 100k, the effective tax rate is roughly 22%. Very interesting.

Yes.

But you are only accounting for Federal Income Tax, not FICA/Medicare, State Income Tax and/or Local Income Taxes. My TOTAL effective taxation burden last year was ~31,000 on ~$112,000 gross, which is approx ~28%.

Add in my 15% 403b deferral (pre-tax, maximum allowed by law = $17K) and a couple bucks a month for health insurance (pre-tax)...

Net pay is about ~57% of my gross pay, so about $65K a year cashola. I'm not starving but not rich either. #Firstworldproblems

Rx MPLS · Mar 26, 2012

It's not fair to count your tax deferred accounts as reducing your income. This is income you are choosing to defer until later, much like if you chose to put it in a savings account, except this is a savings account your employer likely matches, at least partially.

awval999 · Mar 26, 2012

Rx MPLS said:
It's not fair to count your tax deferred accounts as reducing your income. This is income you are choosing to defer until later, much like if you chose to put it in a savings account, except this is a savings account your employer likely matches, at least partially.

It definitely reduces "cashola".

Yes it is defered income and reduces taxes and is matched by my employer. That's why I do it! 🙂

Also have to subtract student loans from "cashola." In my case, $100K over 10 years = ~$1200/month.

Yikes, only $50,000 in cashola.

Still gotta eat too. 🙁

JamesL1585 · Mar 26, 2012

awval999 said:
It definitely reduces "cashola".

Yes it is defered income and reduces taxes and is matched by my employer. That's why I do it! 🙂

Also have to subtract student loans from "cashola." In my case, $100K over 10 years = ~$1200/month.

Yikes, only $50,000 in cashola.

Still gotta eat too. 🙁

Lol! Maybe if you patent the phrase "cashola" then you'll be eatin lobster and steak dinners every night on demand :xf:

taloddar2002 · Mar 27, 2012

I'm currently a PGY1 resident and I accepted a job that pays in the low 90s. The salary is a little less than I was expecting, especially considering that I have greater than 130k debt looming over me. However, the job offers many other perks to compensate for the salary (no holidays or weekends, 100% clinical with a rounding service, no staffing required, etc).

UofK · Mar 27, 2012

Rx MPLS said:
This is a very common misunderstanding of our tax code.

We're taxed in "layers" of income. There is a base level, which is taxed at one rate. Your next layer up is taxed at a different rate, and then you might have even more layers on top, with higher rates. You cannot make more money and actually bring home less overall due to an income bracket. Read the layer cake analogy at the bottom:
http://www.marketplace.org/topics/elections/gop-contenders/week-review-romneys-159-tax-rate

Took the words out of my mouth (or keybord).

There is a significant difference between the "tax bracket" that an induvidual falls under versus the effective tax rate that person pays. Most pharmacists fall under the 28% tax bracket. They aren't paying 28% in federal income taxes.

Sorry to get off topic.

awval999 · Mar 28, 2012

UofK said:
Took the words out of my mouth (or keybord).

There is a significant difference between the "tax bracket" that an induvidual falls under versus the effective tax rate that person pays. Most pharmacists fall under the 28% tax bracket. They aren't paying 28% in federal income taxes.

Sorry to get off topic.

I agree. But there is also Social Security/Medicare Taxes, State Income taxes and some municipalites also levy an income tax. It is a fair argument to say that total taxation is in the effective 25-30% ballpark; because I pay ~28% in total taxation.

Rx MPLS · Mar 28, 2012

awval999 said:
I agree. But there is also Social Security/Medicare Taxes, State Income taxes and some municipalites also levy an income tax. It is a fair argument to say that total taxation is in the effective 25-30% ballpark; because I pay ~28% in total taxation.

Of course. I don't know that anybody has denied that there are in fact taxes and fees one pays in addition to federal income tax.

Then again, doesn't every job work this way? Taxes aren't somehow special for pharmacists compared to everyone else in the States.

TonyRx · Mar 28, 2012

awval999 said:
I agree. But there is also Social Security/Medicare Taxes, State Income taxes and some municipalites also levy an income tax. It is a fair argument to say that total taxation is in the effective 25-30% ballpark; because I pay ~28% in total taxation.

That's the case for the majority of states, luckily here in Florida we don't have state/local income taxes so low 20's% taxation is the norm for practicing Pharmacists. Heck, my Pharmacy Manager was talking freely about his taxes and he said he paid about 19% last year, don't know the details though.

sfwusc · Mar 30, 2012

Ackj said:
So when pharmacists say they're in the 35% bracket, their 100k isn't reduced to ~65k? I was not aware of that.

http://www.moneychimp.com/features/tax_brackets.htm
Gives a very nice example. So on 100k, the effective tax rate is roughly 22%. Very interesting.

No...their marginal rate would be 35%. Their effective rate would be lower.

You can shield a lot of income from taxes legally, if you know what you are doing. Then again....my first career was accounting.

sfwusc · Mar 30, 2012

TonyRx said:
That's the case for the majority of states, luckily here in Florida we don't have state/local income taxes so low 20's% taxation is the norm for practicing Pharmacists. Heck, my Pharmacy Manager was talking freely about his taxes and he said he paid about 19% last year, don't know the details though.

Well that depends on what you consider taxation. Does SS and medicare count? If so then that is 5.35% right there plus the federal rate which I believe was effective 19%.

You can do your 401k that is sheltered from income taxes, but not FICA for starters. You and do an traditional IRA. You can do a HSA (if you have a high deductible plan). You can invest in college saving plans for your kids. You can invest in rental property which almost always loses money tax-wise even though it might be cash flow positive. The list goes on, but it really depends on what you are willing to do and your goals.

This is just an example. It isn't tax advice as you need to talk to your tax accountant for your personal situation.

Avelox · Mar 30, 2012

Rx MPLS said:
This is a very common misunderstanding of our tax code.

We're taxed in "layers" of income. There is a base level, which is taxed at one rate. Your next layer up is taxed at a different rate, and then you might have even more layers on top, with higher rates. You cannot make more money and actually bring home less overall due to an income bracket. Read the layer cake analogy at the bottom:
http://www.marketplace.org/topics/elections/gop-contenders/week-review-romneys-159-tax-rate

Please stop being brilliant sir!

Angryrooster · Mar 30, 2012

I bring home about 55% after insurance, 401k, FSA. Remember I have to pay student loan on that leftover (~1500/month)

Angryrooster · Mar 30, 2012

Angryrooster said:
You can shield a lot of income from taxes legally, if you know what you are doing. Then again....my first career was accounting.

Accounting to pharmacist...why? mind if I ask? 😕

StevePerry · Mar 30, 2012

taloddar2002 said:
I'm currently a PGY1 resident and I accepted a job that pays in the low 90s. The salary is a little less than I was expecting, especially considering that I have greater than 130k debt looming over me. However, the job offers many other perks to compensate for the salary (no holidays or weekends, 100% clinical with a rounding service, no staffing required, etc).

Woah, this is really bad... wtf? And PGY-1? What geographical region are you? Are you full time? "Brand Name" Hospital of the area? What's the hourly rate?

The M-F / no-staffing part is boob, but for that salary you should do your time and be looking to apply elsewhere broheim...

type b pharmD · Mar 30, 2012

StevePerry said:
Woah, this is really bad... wtf? And PGY-1? What geographical region are you? Are you full time? "Brand Name" Hospital of the area? What's the hourly rate?

The M-F / no-staffing part is boob, but for that salary you should do your time and be looking to apply elsewhere broheim...

I agree. This seems significantly lower than what Ive heard from PGY trained people around my school and area. (sample size is only a handful but I havent heard anything below 105k on the very low end). On the other hand, I have heard of at least a couple hospitals paying 85k for staffing with variable shifts, but that usually seemed to be bumped up at least 15k due to shift differentials.

At least you can be thankful you dont have >250k of debt like some of us.

taloddar2002 · Mar 30, 2012

StevePerry said:
Woah, this is really bad... wtf? And PGY-1? What geographical region are you? Are you full time? "Brand Name" Hospital of the area? What's the hourly rate?

The M-F / no-staffing part is boob, but for that salary you should do your time and be looking to apply elsewhere broheim...

Southeast region of the United States, full time, and I'm salaried. It was a tough choice, but in the end it was the job that best fit my future career goals. The job is in the cardiovascular ICU at an academic teaching institution with a formal rounding service. Even though it might not pay as high as others, it probably has the best opportunity for professional growth out of all of the other offers I had. I also felt like it was the type of job that I would never be offered again without a PGY-2 speciality residency in cardiology. I was afraid I would regret not trying it for at least a year despite the lower salary.

awval999 · Mar 31, 2012

StevePerry said:
Woah, this is really bad... wtf? And PGY-1? What geographical region are you? Are you full time? "Brand Name" Hospital of the area? What's the hourly rate?

The M-F / no-staffing part is boob, but for that salary you should do your time and be looking to apply elsewhere broheim...

type b pharmD said:
I agree. This seems significantly lower than what Ive heard from PGY trained people around my school and area. (sample size is only a handful but I havent heard anything below 105k on the very low end). On the other hand, I have heard of at least a couple hospitals paying 85k for staffing with variable shifts, but that usually seemed to be bumped up at least 15k due to shift differentials.

At least you can be thankful you dont have >250k of debt like some of us.

I don't know why you guys seem surprised. This seems about right. We are starting new staff pharmacists at a large teaching hospital in the midwest at $99K and only hiring PGY1s. I just continue to count my blessings and hope I can keep my job for one more year so I can sit for the BCPS examination.

Farmercyst · Mar 31, 2012

Rural Northern CA
Wags $63.??
CVS~$64
Rx Mgr $67
Community hospital $55
Per Diem $63
Local Indie $60

All are hourly and I've either been on payroll for or was quoted by HR/DM.

awval999 · Mar 31, 2012

Farmercyst said:
Rural Northern CA
Wags $63.??
CVS~$64
Rx Mgr $67
Community hospital $55
Per Diem $63
Local Indie $60

All are hourly and I've either been on payroll for or was quoted by HR/DM.

Yep. Rural gets the bucks. I define rural as >2 hours from a large metropolitan area.

homeslice · Mar 31, 2012

awval999 said:
Yep. Rural gets the bucks. I define rural as >2 hours from a large metropolitan area.

I always enjoy seeing what other people define as rural. The talk of only being able to get a job in a rural area used to get to me on occassion, until I learned that "rural" seems to mean any city less than a few hundred thousand people.

Rural is cows and cornfields 😛

Its Z · Mar 31, 2012

homeslice said:
I always enjoy seeing what other people define as rural. The talk of only being able to get a job in a rural area used to get to me on occassion, until I learned that "rural" seems to mean any city less than a few hundred thousand people.

Rural is cows and cornfields 😛

Trust me....farmercyst is in rural area

StevePerry · Mar 31, 2012

Its Z said:
Trust me....farmercyst is in rural area

LOL --> one of those "rural" areas where you NEVER ask the locals what they do for a living...

Its Z · Mar 31, 2012

StevePerry said:
LOL --> one of those "rural" areas where you NEVER ask the locals what they do for a living...

They farm yo.

Rx MPLS · Mar 31, 2012

Its Z said:
They farm yo.

Quick guess...Humboldt County? :laugh:

I've heard stories.

Its Z · Mar 31, 2012

Rx MPLS said:
Quick guess...Humboldt County?

I've heard stories.

Humboldt gets a bad rap. That's not the only area....

schamj01 · Mar 31, 2012

lol. My pharmacy school is also known for agricultural science (obviously, from my location) My apartment street is bordered on two sides by corn fields; my wife's father is a farmer. My parents live in a town of 3,000. My high school graduating class was 35. My church even rented out some of their land for a farmer to grow soybeans on. I love rural.

Farmercyst · Apr 1, 2012

Rx MPLS said:
Quick guess...Humboldt County?

I've heard stories.

Where the men are men and the sheep are scared.

pharmgirl2322 · Apr 1, 2012

Angryrooster said:
Accounting to pharmacist...why? mind if I ask? 😕

Me too 🙂

StevePerry · Apr 1, 2012

Farmercyst said:
Where the men are men and the sheep are scared.

Prepharm1214 · Apr 4, 2012

Ohio -

CVS - $55/hr
Rite Aid - $55/hr
Rural hospital - $47/hr
Second rural hospital - $48/hr

Also wanted to note that in my interview with Rite Aid he stated that all newly hired pharmacist salaries were down 5% from the previous year.

Prepharm1214 · Apr 4, 2012

Was looking at jobs in Hawaii and stumbled across this - $42k/yr for a a hospital pharmacy job....interesting. BTW they are offering $50 less a month for a cook.

Pharmacist -
http://www.hhsc.org/recruit/jobannc/GRADUATE PHARMACIST HMC 74-12 4-2-12.pdf

Cook -
http://www.hhsc.org/recruit/jobannc/COOK II HMC 45-12 2-27-12.pdf

This is the same city that opened a pharmacy school 5 years ago, citing they were meeting the 'demands of the area'.

Ackj · Apr 4, 2012

Prepharm1214 said:
Was looking at jobs in Hawaii and stumbled across this - $42k/yr for a a hospital pharmacy job....interesting. BTW they are offering $50 less a month for a cook.

Pharmacist -
http://www.hhsc.org/recruit/jobannc/GRADUATE PHARMACIST HMC 74-12 4-2-12.pdf

Cook -
http://www.hhsc.org/recruit/jobannc/COOK II HMC 45-12 2-27-12.pdf

This is the same city that opened a pharmacy school 5 years ago, citing they were meeting the 'demands of the area'.

"Graduate pharmacist" is an odd title for a regular rph job. I'm thinking it might be a resident. If so, that's a reasonable salary.

Rph888 · Apr 4, 2012

Prepharm1214 said:
Was looking at jobs in Hawaii and stumbled across this - $42k/yr for a a hospital pharmacy job....interesting. BTW they are offering $50 less a month for a cook.

Those cooks need a raise 👍

Jackie B · Apr 4, 2012

LOL guys a "graduate pharmacist" is someone who has graduated from pharmacy school but hasn't taken their licensing exams yet...it's like in between an intern and a licenses pharmacist

everyone who saw that was probably freaking out thinking salaries are slashed in half :laugh:

Prepharm1214 · Apr 4, 2012

Jackie B said:
LOL guys a "graduate pharmacist" is someone who has graduated from pharmacy school but hasn't taken their licensing exams yet...it's like in between an intern and a licenses pharmacist

everyone who saw that was probably freaking out thinking salaries are slashed in half

LICENSURE: A valid license with the State of Hawaii as a Pharmacist at the time of appointment.

Lisochka · Apr 4, 2012

$120,000 in California is it too low? My friend says Cali pays 150K, is that true, guys?
I have a job offer for 120, and the location is not great...
(retail chain store)

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