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Salaries ????
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Pharmacy residents in general make about the same as medical residents (30-45K). I dont think there is much of a salary difference between 1st and 2nd year programs.
sorry for the confusion. I ment after residency NOT during.
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From what I've been hearing, if you go by salary alone, taking a reduced residency salary ($30k-$45k) is not worth the bump in pay vs. had you gone into retail work. The primary benefits of getting a residency are as follows:
1) Ability to work in a hospital setting which, you could argue, is less stressful than a retail chain store.
2) A more respected job description/position -- to physicians, you aren't the dispensing pharmacist down the street, you are providing cognitive services for direct patient care.
3) Ability to work in state/federal hospitals with applicable benefits. I can't think of very many "residency free" positions outside of the private sector.
4) Job security when the inevitable pharmacist surplus occurs (what, you think we'll be shorthanded forever? My friend, you need to take economics over). The first to struggle will be younger pharmacists without residencies or other substantial experience.
I think if you absolutely need to be making $$$$ right after graduation, then avoid doing a residency. But...given that most of us will be a) single and no kids or b) married fresh with no kids, AND c) still accustomed to a cheap standard of living, the years immediately following graduation will be the best time to pursue a residency.
Of course...your personal situation and opinion will affect what's best for you.
1) Ability to work in a hospital setting which, you could argue, is less stressful than a retail chain store.
2) A more respected job description/position -- to physicians, you aren't the dispensing pharmacist down the street, you are providing cognitive services for direct patient care.
3) Ability to work in state/federal hospitals with applicable benefits. I can't think of very many "residency free" positions outside of the private sector.
4) Job security when the inevitable pharmacist surplus occurs (what, you think we'll be shorthanded forever? My friend, you need to take economics over). The first to struggle will be younger pharmacists without residencies or other substantial experience.
I think if you absolutely need to be making $$$$ right after graduation, then avoid doing a residency. But...given that most of us will be a) single and no kids or b) married fresh with no kids, AND c) still accustomed to a cheap standard of living, the years immediately following graduation will be the best time to pursue a residency.
Of course...your personal situation and opinion will affect what's best for you.
That is debatable, especially when I see clinical specialists/coordinators/etc making upwards of $100-120K/year. What's even better, you have the option of selling your soul to a drug company for $150K/year as a Medical Science Liaison. A 2 year administrative/management residency makes even more financial sense. If you're good, you'll land an Assistant Director position right after worth $130-$150K/year, with the potential to be promoted to Director.
The way I see it, that initial salary cut is a down payment on your future.
The financial suckers out there are faculty members 🙁
