Pharmacy Salary Decrease Has Begun?

Started by Sparda29
This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
Sounds like that person did an internship with a retail company but did not get hired by that company. Most retail chains prefer to hire their own interns, so it's tough to get a job at a different retail pharmacy, especially when there is no more shortage of pharmacists. Without residency background, the chance of landing a clinical job is next to none. I wonder why that person does not do a residency but would rather work for free. Maybe he was overconfident that he would get hired by the company where he interned but miscalculated and now has no backup.
 
Sparda29 said:
http://newyork.craigslist.org/que/hea/3225013137.html

I mean what the hell? This ******* is gonna ruin it for everyone by offering to volunteer pharmacist work.
Click to expand...

Not decreasing, more like it does not keep up with inflation. The past 6 years it's been a constant 3-4% raise. This year is 0.5-1.5%.... This is the same as taking a paycut -2.5% every year. I am not going to be surprised if next year, they only increase 0-0.25% pay bump due to saturation.
 
Momus said:
Not decreasing, more like it does not keep up with inflation. The past 6 years it's been a constant 3-4% raise. This year is 0.5-1.5%.... This is the same as taking a paycut -2.5% every year. I am not going to be surprised if next year, they only increase 0-0.25% pay bump due to saturation.
Click to expand...

Yeah, but it's not like pharmacy is the only field not getting raises...
 
BrightLight said:
Sounds like that person did an internship with a retail company but did not get hired by that company. Most retail chains prefer to hire their own interns, so it's tough to get a job at a different retail pharmacy, especially when there is no more shortage of pharmacists. Without residency background, the chance of landing a clinical job is next to none. I wonder why that person does not do a residency but would rather work for free. Maybe he was overconfident that he would get hired by the company where he interned but miscalculated and now has no backup.
Click to expand...

Maybe he didn't match?

I keep getting postings for off-cycle fellowship/unaccredited residency openings. Why doesn't he do one of those? Or maybe none exist in NYC...
TBH I'd rather move to the middle of nowhere than volunteer. Maybe he/she should do the same.
 
Last edited by a moderator:
Advertisement - Members don't see this ad
BrightLight said:
Speaking of salary decrease, this job posting does offer below-the-market pharmacist salary: http://www.jobs-in-ca.org/job/ftr/1...d&utm_medium=organic&utm_campaign=SimplyHired
Click to expand...

That's a federal prison job. That salary likely doesn't include the living expenses and sustenance bonus they get...which would probably make their salary more competitive. Plus they can retire after 20 years and get a guaranteed pension of 1/2 their salary or whatever it is...plus whatever they saved with their 401k.
 
At my small, resource challenged hospital in Chicago we have been told by HR that any new grads we hire will be offered $41 / hour. That works out to around 83k for full time. HR also does not consider a residency as being experience that would qualify for a higher offer, though it would give a bump to the chances of being hired. I don't know if anyone will take it, as we have not had any openings in almost a year, but we will see. If a spot comes open and we can find a fresh out of residency pharmacist, we will be offering around 83k per year, with the mediocre benefits package we offer. A DOP friend of mine at a hospital outside the city just hired a full time (40 hours per week) staff for 80k. I am betting we will be able to get someone for what we will be offering, but for the good of the profession I hope not.
 
That salary has started to decrease is a fact. In my district, the new graduates got offered 2 dollars less than what i got when i started 2 years ago. Any way with a massive graduates coming out each year, it would be naive to think otherwise
 
I would not hire someone who would voluteer to work as a pharmacist for free (since we aren't talking about a free clinic or missionary gig.) Seriously, most pharmacists are making a very good salary, and while the coasts may be saturated, there are still jobs if someone can move. As a manager, I would question the motives of someone offering to work for free, yeah someone is going to save my payroll $80,000 - $120,000 by working for free.....as the old saying goes, if it sounds too good to be true, it probably is.
 
I know someone who got a sign on bonus recently with the company she'd been with since PD2 year. Plus around 128K. So I don't think so. Maybe in certain companies it has? Idk
 
My last raise in May was about 2% and so, we a little shy of $61/hour. This is in Milwaukee, and in general, we are paid better than our counterparts in Chicago. The cost of living is less here than in Chicago. In terms of taxes, it is a mixed bag, but at least, the Wisconsin state government is in better shape than Illinois.
 
Advertisement - Members don't see this ad
Curious about the raise issue. A preceptor told me a while back that I should plan to spend a few years at one company, and then bounce to another one at a higher salary. Do you do this once or twice until you land at the "perfect job," and kind of steady out from there?

Or maybe you never find that perfect job. It would explain the number of pharmacists who change career focus once or twice. 😉
 
pharm B said:
Curious about the raise issue. A preceptor told me a while back that I should plan to spend a few years at one company, and then bounce to another one at a higher salary. Do you do this once or twice until you land at the "perfect job," and kind of steady out from there?

Or maybe you never find that perfect job. It would explain the number of pharmacists who change career focus once or twice. 😉
Click to expand...

In pharmacy, unless you are in management, changing from one similar position to another similar position (staff to staff) does not give you real significant bump in pay like in other professions (lawyer, engineer, programmer, executive). Real salary increase is determined by how desirable a location is and increasing responsibility (Staff -> manager -> DOP).
 
Allegedly the VA near my alma mater is advertising a pharmacy intern position for P3 students with a starting salary of $8.81 an hour. Pretty wild considering where I'm at now P3s are making nearly double that at Walgreens and CVS.
 
BenJammin said:
Allegedly the VA near my alma mater is advertising a pharmacy intern position for P3 students with a starting salary of $8.81 an hour. Pretty wild considering where I'm at now P3s are making nearly double that at Walgreens and CVS.
Click to expand...

I doubt it. I worked for the VA for four years and salaries (which are set by law) were much higher than that. Also, my VA did not have a separate category for "intern pay." I was paid as a fee basis (part time) technician and my hourly rate was $15 per hour.
 
ahhhhhhh...the ups and downs of owning a business....audits suck, chargebacks suck, but the end result is not worrying about raises. Either we didnt make profit and we dont get raises, or we rocked it for the year and it's time to go splurge. Either 0% or a hefty %. So far, we have been profitable. Life is good most days.
 
Doctor M said:
ahhhhhhh...the ups and downs of owning a business....audits suck, chargebacks suck, but the end result is not worrying about raises. Either we didnt make profit and we dont get raises, or we rocked it for the year and it's time to go splurge. Either 0% or a hefty %. So far, we have been profitable. Life is good most days.
Click to expand...

I kind of like that part of owning my own business. I get paid on production, so if I work a lot, I make a lot. Same deal with those who work for me. Work hard, get paid a lot. Don't work? Don't get paid. It seems to be working so far. I think my current student is probably the highest paid (if you calculated an hourly rate) pharmacy intern in the country, so he better not be asking for a raise. :meanie:
 
All4MyDaughter said:
I kind of like that part of owning my own business. I get paid on production, so if I work a lot, I make a lot. Same deal with those who work for me. Work hard, get paid a lot. Don't work? Don't get paid. It seems to be working so far. I think my current student is probably the highest paid (if you calculated an hourly rate) pharmacy intern in the country, so he better not be asking for a raise. :meanie:
Click to expand...

My business partner and I live our lives like most people dont today, so that tomorrow we may live our lives like most people cannot. I got that from an online quote. But it is true. We havent had real vacations. We work all the time, we work long hours. But we know that one day, we will have our day.
 
Doctor M said:
My business partner and I live our lives like most people dont today, so that tomorrow we may live our lives like most people cannot. I got that from an online quote. But it is true. We havent had real vacations. We work all the time, we work long hours. But we know that one day, we will have our day.
Click to expand...

I have been working nonstop since I finished residency. Especially the last month or so, because I'm trying to make as much money as possible before the new baby comes in November. I only pay myself the equivalent of what I made as a resident, because that's what we were used to in our monthly budget. We stayed in our small house and while I did buy a hot minivan, it's three years old. The rest of the money I've made, I've just been saving, saving, saving. I fully funded my Roth and will be writing a check to finish out my husband's for the year. 🙂 Oh, and I also just paid off 10K in student loans and hope to do that a time or two more before the end of the year. But I also want to have quite a bit of money in the bank in case I can't work for a while after the baby comes or something else drastic happens.
 
All4MyDaughter said:
I have been working nonstop since I finished residency. Especially the last month or so, because I'm trying to make as much money as possible before the new baby comes in November. I only pay myself the equivalent of what I made as a resident, because that's what we were used to in our monthly budget. We stayed in our small house and while I did buy a hot minivan, it's three years old. The rest of the money I've made, I've just been saving, saving, saving. I fully funded my Roth and will be writing a check to finish out my husband's for the year. 🙂 Oh, and I also just paid off 10K in student loans and hope to do that a time or two more before the end of the year. But I also want to have quite a bit of money in the bank in case I can't work for a while after the baby comes or something else drastic happens.
Click to expand...

👍👍👍👍👍👍👍👍👍
 
Advertisement - Members don't see this ad
All4MyDaughter said:
Some of the purchases I see my former classmates making are just INSANE. Some of them seem to be on vacation every other week. New houses, expensive cars... they must be spending every penny they make and then some.
Click to expand...

They are probably in a different stage in life than some of us. I would love to splurge, but all of it goes toward savings. I wanna be done soon 🙂 🙂
 
All4MyDaughter said:
Some of the purchases I see my former classmates making are just INSANE. Some of them seem to be on vacation every other week. New houses, expensive cars... they must be spending every penny they make and then some.
Click to expand...

This is partially the price of going all out straight out of HS. You get out of Pharm. School and you are 24/25, yet have not really had time to enjoy your youth. Thus they try to make up for that as soon as they get out and get a job.

Also not to mention the many of them that have not had to truly work to get by. I am sure many have had their bills paid by mommy, daddy, and loans, thus they do not understand the true value of money. (see $1000 Victoria secret buying spree months before realizing that living off a few thousand for 6 months is not easy)
 
All4MyDaughter said:
Some of the purchases I see my former classmates making are just INSANE. Some of them seem to be on vacation every other week. New houses, expensive cars... they must be spending every penny they make and then some.
Click to expand...

I never understood this...

I mean, sure, maybe you want to splurge a little with that first check...go to a fancy celebratory dinner, maybe a mini vacation to San Diego (mini vaca for us Arizonans)... But a house + car + lavish vacations?? That just seems ******ed. Especially in a market where most people are replaceable.
 
All4MyDaughter said:
Some of the purchases I see my former classmates making are just INSANE. Some of them seem to be on vacation every other week. New houses, expensive cars... they must be spending every penny they make and then some.
Click to expand...

Newly grads blowing it on lavish vacations does seem insane. But in fairness, building a family can cause expenses to shoot up.

After our on was born, first my wife needed a small SUV to transport the baby, then it's a house to for us and my mother-in-law, and of course need to buy stuff for the new house... yadayada. On top of it all are the baby expenses, student loan payments. The two of us used to live on $2k a month during school, now the family burns up $7k. What the heck! Grrrr...
 
xiphoid2010 said:
Newly grads blowing it on lavish vacations does seem insane. But in fairness, building a family can cause expenses to shoot up.

After our on was born, first my wife needed a small SUV to transport the baby, then it's a house to for us and my mother-in-law, and of course need to buy stuff for the new house... yadayada. On top of it all are the baby expenses, student loan payments. The two of us used to live on $2k a month during school, now the family burns up $7k. What the heck! Grrrr...
Click to expand...

Yes, I know kids cost money. I'm currently pregnant with our third. But there is "need" and there is NEED. No one needs an SUV. Babies are small and fit nicely in midsized sedans. I finally got the minivan this year, but it was as much an issue of wanting it as it was needing it. We needed a bigger car for after the new baby comes, but I wanted the fancier Honda Odyssey with extra space and bells and whistles...

Maybe it's because my husband and I are older and already had a house and stuff. But we are living on the same amount of money we brought home while I was a resident and saving/using the rest for debt payment. We definitely haven't lived on 2k/month for a LONG time (we had our first kid 9 years ago) but we aren't spending 7k/month either.
 
rxlea said:
I never understood this...

I mean, sure, maybe you want to splurge a little with that first check...go to a fancy celebratory dinner, maybe a mini vacation to San Diego (mini vaca for us Arizonans)... But a house + car + lavish vacations?? That just seems ******ed. Especially in a market where most people are replaceable.
Click to expand...

Yep. I have seen 400k homes (that buys a mansion here), and 50k cars. Cruises, trips all over the place, etc. I don't know how people do it, but I think it's insane.
 
All4MyDaughter said:
Yes, I know kids cost money. I'm currently pregnant with our third. But there is "need" and there is NEED. No one needs an SUV. Babies are small and fit nicely in midsized sedans. I finally got the minivan this year, but it was as much an issue of wanting it as it was needing it. We needed a bigger car for after the new baby comes, but I wanted the fancier Honda Odyssey with extra space and bells and whistles...

Maybe it's because my husband and I are older and already had a house and stuff. But we are living on the same amount of money we brought home while I was a resident and saving/using the rest for debt payment. We definitely haven't lived on 2k/month for a LONG time (we had our first kid 9 years ago) but we aren't spending 7k/month either.
Click to expand...

The SUV was a bit of a need. She was driving a 99 Honda civic DX and just didn't feel safe towing the baby around town in it. I have a 2000 Accord, and we used that for a bit but still didnt have the room for stroller and groceries. So a 3 yr used CRV made sense.

But the biggest item in monthly cost was student loans. That's 1/3 of the $7k. It's so sad in almost funny kind of way to realize its more than our mortgage + property tax + home insurance + utilities + HOA combined. 😱 oh, and not a penny of that 6.8% interest is tax deductible. Kind of gives you a warm and fuzzy feeling, don't it?
 
xiphoid2010 said:
The SUV was a bit of a need. She was driving a 99 Honda civic DX and just didn't feel safe towing the baby around town in it. I have a 2000 Accord, and we used that for a bit but still didnt have the room for stroller and groceries. So a 3 yr used CRV made sense.

But the biggest item in monthly cost was student loans. That's 1/3 of the $7k. It's so sad in almost funny kind of way to realize its more than our mortgage + property tax + home insurance + utilities + HOA combined. 😱 oh, and not a penny of that 6.8% interest is tax deductible. Kind of gives you a warm and fuzzy feeling, don't it?
Click to expand...

LOL my brother-in-law and his wife have two kids and drive a Civic. I am sure it's tight. I don't like small cars. What the hell kind of stroller do you have that you can't fit an infant plus stroller plus groceries in an Accord? I drove a Sonata (similar size) for years and could get three kids (daughter plus nieces) in the backseat with no issues. The kids were older and not in infant seats, though. Stroller and whatever else in the trunk. There is no way an infant plus stroller plus even two weeks' worth of groceries doesn't fit, unless you are carrying around a lot of unnecessary crap in your car.

I don't get upset about student loans. I knew what I was doing when I borrowed them. I signed the notes. It is what it is.
 
My mother in law moved in with us, remember? She and baby take up the back seat, so the stroller has to go into the trunk.

This is our stroller, not exactly a compact one, but it's good. All the baby purchase are wife driven, based more on emotional rather than rational values. I learned that I can't win here, especially when outnumbered 2 to 1. So I pretty much butt out.. Lol.
http://www.chiccousa.com/gear/strollers/cortina/cortina-fuego.aspx

Yeah, you're right about the student loans. It looks like a lot when paying, but not too bad for 2 working pharmacists. But to think some of the students in here will owe more than that by themself, ouch.
 
Last edited:
All4MyDaughter said:
Some of the purchases I see my former classmates making are just INSANE. Some of them seem to be on vacation every other week. New houses, expensive cars... they must be spending every penny they make and then some.
Click to expand...
I see the same thing with some of my classmates, but some of them had their loans paid off by their parents or they graduated without debt because their family just paid for their for them to go to school... must be nice. It's a generation thing where my generation believes in spending money upfront and enjoying it without thinking of emergencies that might happen in the future. Not to mention, if you graduate with any loans at 24 or 25 and you don't have kids, you're what I'd call rich. Imagine bringing in 6K a month without any debt, I mean what else do you do with all that money?
 
Advertisement - Members don't see this ad
browneyes021 said:
I see the same thing with some of my classmates, but some of them had their loans paid off by their parents or they graduated without debt because their family just paid for their for them to go to school... must be nice. It's a generation thing where my generation believes in spending money upfront and enjoying it without thinking of emergencies that might happen in the future. Not to mention, if you graduate with any loans at 24 or 25 and you don't have kids, you're what I'd call rich. Imagine bringing in 6K a month without any debt, I mean what else do you do with all that money?
Click to expand...

-Invest.

-dump as much as possible into your 401K.

it's just dumb to not think about the future.
 
browneyes021 said:
I see the same thing with some of my classmates, but some of them had their loans paid off by their parents or they graduated without debt because their family just paid for their for them to go to school... must be nice. It's a generation thing where my generation believes in spending money upfront and enjoying it without thinking of emergencies that might happen in the future. Not to mention, if you graduate with any loans at 24 or 25 and you don't have kids, you're what I'd call rich. Imagine bringing in 6K a month without any debt, I mean what else do you do with all that money?
Click to expand...


Or those Indian folks whose tribes pay for their education...

I personally hide my money between my mattresses.
 
rxlea said:
-Invest.

-dump as much as possible into your 401K.

it's just dumb to not think about the future.
Click to expand...

Of course it's dumb to not think about it to people like us, but for someone who has their parents to fall back on, I'm sure it's different.
 
xiphoid2010 said:
My mother in law moved in with us, remember? She and baby take up the back seat, so the stroller has to go into the trunk.
Click to expand...

Dude, we were talking about going to the grocery, right? If you have live in child care, why is your wife even taking the baby to the store with her? Doesn't the baby stay home with the mother in law? And why is Granny in the back seat? Why not ride up front? Unless the grocery trip requires you, your wife, Granny AND the baby? 😕

This is our stroller, not exactly a compact one, but it's good. All the baby purchase are wife driven, based more on emotional rather than rational values. I learned that I can't win here, especially when outnumbered 2 to 1. So I pretty much butt out.. Lol.
http://www.chiccousa.com/gear/strollers/cortina/cortina-fuego.aspx
Click to expand...

That's a good stroller. I have the same one in a different print. Cheap strollers are crappy. You get what you pay for. And, that stroller is quite compact when you compare it to other fullsize strollers.
 
xiphoid2010 said:
Newly grads blowing it on lavish vacations does seem insane. But in fairness, building a family can cause expenses to shoot up.

After our on was born, first my wife needed a small SUV to transport the baby, then it's a house to for us and my mother-in-law, and of course need to buy stuff for the new house... yadayada. On top of it all are the baby expenses, student loan payments. The two of us used to live on $2k a month during school, now the family burns up $7k. What the heck! Grrrr...
Click to expand...

Assuming you bring in $250k+ and spending $7k/mo, saving ~5k/mo is still very respectable. Yep, best time to save is when you have no kids or right after they leave the house. To raise a kid from 0-17 years, it has been estimated to cost around $300k.

At the very minimum, everyone should at least max their 401k/403b/tsp account. For pharmacists, that is saving 15% of your gross income to max 401k invested in low cost index fund. This action alone will give you a good chance of having ~$5M after 40 years.

browneyes021 said:
Of course it's dumb to not think about it to people like us, but for someone who has their parents to fall back on, I'm sure it's different.
Click to expand...

I always have my parents backing me up... If I quit working, I'd probably be set because my parents will support me and give me a house and help me start a business, etc... Yet, it does not stop me to be independent and save ~50% of my gross income for retirement. I guess I am the exception.
 
Now that I'm the age where everyone around me is married and starting to crap out children...I'm SOOOOO glad I wasn't stupid enough to have them. All that damned money...for what...pffft.

Bad news, I work with two newlyweds who I foresee making my life a living hell within the next few years when both of them inevitably breed. 3 months of floaters...."yay." I'm fine with the idea of other people having children...I just hate that it affects me in any conceivable fashion.
 
Advertisement - Members don't see this ad
You must log in or register to reply here.

Similar threads

B
Pharmacy managers: First day at a long-term care pharmacy
Replies
0
Views
2K
bigpilllilpill
B
N
Any resource recommendations for Texas pharmacy law?
Replies
2
Views
550
baronzb
B
I
Career Change to Pharmacy
Replies
9
Views
4K
lord999
lord999
WildWing
[Announcement] 2025 Walmart Community Pharmacy Scholarship
Replies
0
Views
3K
WildWing
WildWing
R
Thinking of leaving pharmacy school
Replies
7
Views
5K
gracefuldoc
G