Salary After PGY-2

[TheFlowerGuy]

Hello,

What would be the salary (average) for someone who completed a 2-year residency program? I am interested in pursuing a residency in critical care and would like to know what the current numbers are? Any specific field that pays more than others post pgy-2?

Thank you!

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[KARM12]

This is dependent on where you want to live.

 

[TheFlowerGuy]

This is dependent on where you want to live.

I'm in NY but can move if a good offer comes by. I think Onc/Pulm/ID..are saturated here in NY but CC seems fine, so far!

 

[gwarm01]

Like at least $200k

 

[strp]

Like at least $200k

That seems a little low.

 

[gwarm01]

That seems a little low.

You make sacrifices to do what you love. That's why we are pharmacists. Passion.

 

[TheFlowerGuy]

Like at least $200k

How did you come up with that figure? Is there something online that I can glance over? Thanks!

 

[Rouelle]

How did you come up with that figure? Is there something online that I can glance over? Thanks!

I think that figure was given with a hint of sarcasm.

 

[strp]

You make sacrifices to do what you love. That's why we are pharmacists. Passion.

You make great point. I almost feel guilty making what I make without a pgy2. A PGY2 pharmacist that makes under $250,000 is a Samaritan.

 

[steveysmith54]

need a pgy4-5 1/2 nowadays.

 

[gwarm01]

How did you come up with that figure? Is there something online that I can glance over? Thanks!

See the following..

I think that figure was given with a hint of sarcasm.

I hate to tell you, but you won't make much if anything more by completing a PGY2. It's just a fast track to a specific skill set. The most money is still in retail unless you live in California.

By the way, you mentioned pulm being saturated in NYC. I can imagine a good reason for that. What the hell does a pulmonology pharmacist even do all day? There can't be more than two of them nationwide, tops.

 

[TheFlowerGuy]

See the following..



I hate to tell you, but you won't make much if anything more by completing a PGY2. It's just a fast track to a specific skill set. The most money is still in retail unless you live in California.

By the way, you mentioned pulm being saturated in NYC. I can imagine a good reason for that. What the hell does a pulmonology pharmacist even do all day? There can't be more than two of them nationwide, tops.

lol, yeah their job can be pretty chilled, overall. But, it also depends on the hospital they are in. In a busy trauma center, in a city, it can be can stressful.
I understand that in retail you can make a good income (as in 150K+), but I also know that this where you have no life outside of work. I mean someone here posted that they go through over 600 scripts a day. More power to them but I would hate to live that way.

But, if after a two-year residency, the salary is more or less the same as a regular PharmD, then I guess there is no point wasting those 2 years.

Would you know, if there is something to similar to what the MD/DO have (MGMA) to see their yearly compensation (in every specialty), to the Pharmacy Field?

 

[Apples2Oranges]

You will make the same amount as a pharmacist retail or not. The only reason why people do residencies and work at the hospital are for better standards of living...for the most part. Or at least slightly better hours and treatment. Sucks, doesn't it? 2 years of your life on $45-50k only to come out being paid less than your retail counterparts?

That said, I'd still do hospital if you can. Even if it was $90k FT. Don't be jealous of those $125k retail people unless you racked up $200k in loans and kicking yourself.

 

[Charcoales]

80-100k if ur lucky and get 40 hours

 

[Chem Blade]

One of my PGY2 trained preceptors told me that she makes less than her husband who works at a hospital with no residency. PGY1 nor PGY2 get you more money...that's noticeable anyways.

 

[Lnsean]

Like at least $200k

What about the 50k sign on bonus?

 

[TheFlowerGuy]

80-100k if ur lucky and get 40 hours

Does that include any incentives?

 

[TheFlowerGuy]

Any truth to this:

Clinical Pharmacist Salaries in New York, NY by education, experience, Location and more - Salary.com

 

[Chem Blade]

If you want to make money, open your own independent, infusion pharmacy, specialty pharmacy or compounding pharmacy. That's where the pharmacy dough is.

 

[Lnsean]

If you want to make money, open your own independent, infusion pharmacy, specialty pharmacy or compounding pharmacy. That's where the pharmacy dough is.

this isn't 2009...the insurances know all the gimmicks of compounding pharmacies.

 

[awval999]

Go to salary.com
Use "Clinical Pharmacist" and put in a city. It will give you a reasonable ballpark range.

In hospital pharmacist, it's mostly more money with age (experience).
The 60 year old drone in the basement that needs to retire is going to get paid more than the 26 year old PGY2 in critical care.
I'm just coming to terms with it. It's not pretty.

 

[Chem Blade]

this isn't 2009...the insurances know all the gimmicks of compounding pharmacies.

Well I know a compounding pharmacist and several independent owners and they make bank.

 

[Apples2Oranges]

No one needs to go to school if you can run a business. People make bank doing a trade.

 

[Dred Pirate]

What about the 50k sign on bonus?

highest I saw was 45k -

 

[Nguyen2017]

See the following..



I hate to tell you, but you won't make much if anything more by completing a PGY2. It's just a fast track to a specific skill set. The most money is still in retail unless you live in California.

.

How does CA differ from other states?

 

[Dred Pirate]

Do answer the question of the OP - getting additional PGY's rarely increases your salary. Retail Rph's will continue to make the most money is most cases unless you go down the road of mgmt or industry. At most hospitals clinical specs (which is what I assume you want to do with a pgy-2) only make marginally more than staff rph's - I saw this being a clin spec with a pgy-0 - but have over a decade experience. The gpy-2 MAY open some doors for you depending on what you do it in, but I can tell you at my hospital we have several pgy-2's that are doing the same job as people with pgy-1 and pgy-0.

You don't do it for the $$ you do it for hopefully more job satisfaction. Salary depends on supply vs demand and varies quite a bit - a new grad in BFE may make 130k while somebody with pgy-2 and 10 years experience may be lucky to make 100k in NYC in a saturated hospital market.

 

[TheFlowerGuy]

Do answer the question of the OP - getting additional PGY's rarely increases your salary. Retail Rph's will continue to make the most money is most cases unless you go down the road of mgmt or industry. At most hospitals clinical specs (which is what I assume you want to do with a pgy-2) only make marginally more than staff rph's - I saw this being a clin spec with a pgy-0 - but have over a decade experience. The gpy-2 MAY open some doors for you depending on what you do it in, but I can tell you at my hospital we have several pgy-2's that are doing the same job as people with pgy-1 and pgy-0.

You don't do it for the $$ you do it for hopefully more job satisfaction. Salary depends on supply vs demand and varies quite a bit - a new grad in BFE may make 130k while somebody with pgy-2 and 10 years experience may be lucky to make 100k in NYC in a saturated hospital market.

Thank you. I think I got the answer I was looking for.

 

[gwarm01]

How does CA differ from other states?

It's not uncommon for hospital pharmacists to make more than retail there, probably in large part due to the union.

 

[Digsbe]

It's not uncommon for hospital pharmacists to make more than retail there, probably in large part due to the union.

Makes you wonder why more haven't unionized yet.

 

[Dred Pirate]

Makes you wonder why more haven't unionized yet.

walgreens and Osco used to be unionized in Chicago - I know they busted the wags union when they went on strike - enough people didn't want to give up their paycheck long enough

 

[Leper Messiah]

I've heard of Oncology specialists making considerably more than retail. I imagine that number to be ~140k, but I don't know how long even onc specialists can hold out with the saturation.

The bottom line is, if you're doing a residency to make more money, you're taking a serious gamble. You need to consider that each year of residency COSTS you about $80,000 in lost earning potential. You also won't be making loan payments with only a $45,000 stipend, so count on 2 years of compounded interest from your Stafford loans plus the $160,000 you'll forgo should you choose to complete a PGY-2.

 

[ExpressMaiL]

A sheet I just made. No, it doesn't fit every possible scenario.
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 GROSS WAGES
Retail Pharmacist $125,000 $128,750 $131,969 $135,268 $138,650 $142,116 $145,669 $149,311 $153,043 $156,869 $1,406,644
Hospital, No PGY $110,000 $113,300 $116,699 $120,200 $123,806 $127,520 $131,346 $135,286 $139,345 $143,525 $1,261,027
PGY 1 $40,000 $0 $130,000 $133,900 $137,917 $142,055 $146,316 $150,706 $155,227 $159,884 $1,196,004
PGY 2 $40,000 $60,000 $0 $135,000 $139,050 $143,222 $147,518 $151,944 $156,502 $161,197 $1,134,432
Key Average raise "annually" across all categories
Year 1 begins 3 months after graduation

This didn't paste correctly.

 

[TheFlowerGuy]

I've heard of Oncology specialists making considerably more than retail. I imagine that number to be ~140k, but I don't know how long even onc specialists can hold out with the saturation.

The bottom line is, if you're doing a residency to make more money, you're taking a serious gamble. You need to consider that each year of residency COSTS you about $80,000 in lost earning potential. You also won't be making loan payments with only a $45,000 stipend, so count on 2 years of compounded interest from your Stafford loans plus the $160,000 you'll forgo should you choose to complete a PGY-2.

Great points. 140K for a hospital job does sound good, but I guess it will take several years/sacrifices to reach there.

 

[rl123]

non-"clinical specialist" positions, ie shift work- you can make significantly more due to overtime (as needed and allowed by management) and evening/overnight shift differential

 

[awval999]

A sheet I just made. No, it doesn't fit every possible scenario.
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 GROSS WAGES
Retail Pharmacist $125,000 $128,750 $131,969 $135,268 $138,650 $142,116 $145,669 $149,311 $153,043 $156,869 $1,406,644
Hospital, No PGY $110,000 $113,300 $116,699 $120,200 $123,806 $127,520 $131,346 $135,286 $139,345 $143,525 $1,261,027
PGY 1 $40,000 $0 $130,000 $133,900 $137,917 $142,055 $146,316 $150,706 $155,227 $159,884 $1,196,004
PGY 2 $40,000 $60,000 $0 $135,000 $139,050 $143,222 $147,518 $151,944 $156,502 $161,197 $1,134,432
Key Average raise "annually" across all categories
Year 1 begins 3 months after graduation

This didn't paste correctly.

Yeah, this needs to be taken with a *California grain of salt.

Your math is also off, you have a big fat $0 in year 2 and year 3 for the PGY1 and PGY2 (respectively) graduates.

Anyway, PGY-1's do not start at $130k anywhere east of the California state line. That is laughable. At my facility in Ohio, no one, besides the Pharmacy Manager and Director make >$130k, let alone a ****ing PGY-1 decentralized RPh.

The money is, and will always be, in retail (California excepted).

 

[gwarm01]

Yeah, this needs to be taken with a *California grain of salt.

Yeah, you need to consider your location for sure. I worked for a large health system in South Florida and we started clinical pharmacists at ~$46/hr fresh out of school and not much higher if they had a residency. The highest paid person with that job title was making about $60/hr when I was there. I don't know exactly how much the clinical specialists made, but it wasn't very much more. Maybe 5% higher.

 

[spacecowgirl]

While I will agree that you don't do a residency because of a pay increase, I will disagree that wages are <130K outside of CA.

 

[Rouelle]

While I will agree that you don't do a residency because of a pay increase, I will disagree that wages are <130K outside of CA.

Quite true. In school we looked up some of our faculty members' salaries online. Some of the mid to late career folks were beating the 130K mark significantly. And this has been a few years ago now. Of course, early career academic folks seemed to be getting low-balled.

 

[ExpressMaiL]

Yeah, this needs to be taken with a *California grain of salt.

Your math is also off, you have a big fat $0 in year 2 and year 3 for the PGY1 and PGY2 (respectively) graduates.

Anyway, PGY-1's do not start at $130k anywhere east of the California state line. That is laughable. At my facility in Ohio, no one, besides the Pharmacy Manager and Director make >$130k, let alone a ****ing PGY-1 decentralized RPh.

The money is, and will always be, in retail (California excepted).

It's a California table, that's for sure. As such, $0 is my interpretation that most residency graduates, regardless if -1 or -2, will not land a job for at least 6 months. If a position is offered, it might be less-than-ideal and the applicant may continue to search for something closer to home, better area, etc.

Of course the math is off, it's open to interpretation and took 5 minutes to create =p My friends at Cedars are making a very different amount than what's listed on the table.

 

[Lnsean]

Yeah, this needs to be taken with a *California grain of salt.

Your math is also off, you have a big fat $0 in year 2 and year 3 for the PGY1 and PGY2 (respectively) graduates.

Anyway, PGY-1's do not start at $130k anywhere east of the California state line. That is laughable. At my facility in Ohio, no one, besides the Pharmacy Manager and Director make >$130k, let alone a ****ing PGY-1 decentralized RPh.

The money is, and will always be, in retail (California excepted).

Bro why you coming in here and ruining lives and dreams with your facts and stuff...

 

[lord999]

Quite true. In school we looked up some of our faculty members' salaries online. Some of the mid to late career folks were beating the 130K mark significantly. And this has been a few years ago now. Of course, early career academic folks seemed to be getting low-balled.

Yes, but how much of that is state paid? I can say for a fact that there is no non-administrative pharmacy professor in the public school (so that excludes pharmacy faculty who teach in Northwestern's programs as they are not subject to report) Big 10 paid by the state is over $140k from state funds, you have to make up the rest through sponsored projects and administrative duty on top of the salary. It's been brought up that state support has even fallen since them. The junior faculty aren't necessarily low-balled compared with the senior faculty, they just haven't gotten their side business (sponsored projects or consulting) in business yet and they are ineligible pre-tenure for most of the administrative duty. The difference between a state supported junior faculty and senior faculty, the junior faculty actually get MORE money from the state than the senior faculty. The senior faculty better offset themselves with sidejobs or lose their jobs in post-tenure review.

This is a good example to show what real academic salaries are like as it shows both salary and state support:
University of Arizona salary database | The Daily Wildcat

Multiply the actual salary by the state support percentage, and that's actually what the professor actually gets paid as a state civil servant. The rest is whatever the professor makes from their side business which may have something to do with the university, but not really. If you are wondering the difference between academia and government, academia pays far less than government and provides far less in terms of benefits and even guarantees, but allows one to shoot for the moon in terms of the side businesses in what you keep. And then you become an administrator, where you levy a tax (or more crudely take the bribe) on all your subject professor's labor in exchange for laundering the money through the university. In government, you start much higher, but you cannot have those side jobs and the conflict of interest rules are stricter, but you get whatever you want in the government in terms of resources and personnel if you are so inclined.

But currently, if you are over $130k, it is likely that one or more of the following factors apply to you:
1. You live in some hard-to-recruit area (CA, AK, and TX South come to mind geographically) or some health system that has a problem recruiting or retaining (Yuma Regional)
2. You work more than 40 hours a week
3. You are an administrator or supervisor of some sort
4. You have a capital investment (owner or partner) in the place you work at
5. You are long-tenured (>10 years) in your current position
6. You are in the consulting business through academia or some other trend
7. You work in industry or nuclear practice where entry is a true barrier

For a new grad with two years of residency, you want a higher salary, you can get it. But, like graduate school, there rarely is a major salary band difference and you just gave up more years of salary that you could have used to make a late career difference. It's generally a money losing proposition to risk for a better choice for jobs.