Starting a job straight high school vs Pharmd (Salary comparison)

[jasonkido]

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I was wanting to do a comparison with having a pharmd vs getting a job straight from high school. Of course it would be highly variable but I decided to do one out of boredom. It took me a about 10 minutes with some internet searches on average salary of high school grads and average pharmd salary. I also put 2% raises just for the heck of it with 2k raises for the pharm d starting with the average pharm d salary of 113k. The tuition costs are estimated. I didn't get that from any source. Take it for what its worth but high school grads earning 25k a year out of school are doing pretty well. Pharmds eventually catch up after a few years of work and salary maybe higher or lower depending on may factors. Of course there are many problems with this comparison but feel free the criticize or change the chart.

Basically Median salary (Out of HS 2009 with 2% raises) Pharm D
year 1 25,000 -5000
year 2 25,500 -10,000
year 3 26,000 -24,000
year 4 26,500 -40,000
year 5 27,000 -58,000
year 6 27,500 -80,000
year 7 28,000 +113 +33,000
year 8 28,500 +115 +148,000
year 9 29,000 +117 +265,000
year 10 29,500 +120 +385,000

272,500 for high school grad after 10 years and 385,000 for pharmd after 10 years.

 

[awval999]

Loans too low. Not accounting for taxes (which will lower the PharmD salary in relation to the high school grad salary)

Try it again with $100K in loans over 7 years (average between 6-8 year PharmD, or 6 year + 2 residency). Lower PharmD salary to $75K after taxes and $20K for high school grad.

 

[xiphoid2010]

But don't forget that pharmacy student usually do work part-time, which may be 1/2 of that the high school grad earns if working 20 hrs/week.

 

[jasonkido]

Loans too low. Not accounting for taxes (which will lower the PharmD salary in relation to the high school grad salary)

Try it again with $100K in loans over 7 years (average between 6-8 year PharmD, or 6 year + 2 residency). Lower PharmD salary to $75K after taxes and $20K for high school grad.

Good point. Interest also accumulates so I need to add that as well and I didn't account for tax.

year 1 20000 -5000
year 2 20500 -10,000
year 3 21,000 -24,000
year 4 21,500 -40,000
year 5 22,000 -58,000
year 6 22,500 -100,000
year 7 23,000 +75 -25,000
year 8 23,500 +75 +50,000
year 9 24,000 +75+125,000
year 10 24,500 +75 +200,000

222500 vs 200,000

This is without residency keep in mind.

 

[jasonkido]

But don't forget that pharmacy student usually do work part-time, which may be 1/2 of that the high school grad earns if working 20 hrs/week.

lol good point. Actually its a requirement for licensure to get 1,000 hours in my state of pharmacy experience which rotation accounts for 500 and the other 500 being part-time. Account for consistent 20 hours a week for say 2 years would be at 12$ an hour estimated would be 23k earned before taxes. Most of the people I know start work during beginning of p2 year so its variable that people work say 3-4 years during school. Account for part-time work I would say at a 10 year comparison it would be even but this is without residency.

 

[Pharmizzle]

Most people aren't going to just work for 10 years, so I'm not sure what the point of this is. That sounds rude, and I don't mean it that way; I'm genuinely wondering. Taking these numbers out to about 40 years seems like it would be a more useful comparison.

 

[jasonkido]

Most people aren't going to just work for 10 years, so I'm not sure what the point of this is. That sounds rude, and I don't mean it that way; I'm genuinely wondering. Taking these numbers out to about 40 years seems like it would be a more useful comparison.

I agree with you but I did a 10 year because its relevant to a lot of people coming out of pharm school who think they are now the king of the work with 6 figures. I've been working for only over a year as a pharmacist and people think I have unlimited wealth. This is not the case. It will take 4-5 years of working to really see the fruits of your labor. All situations are different. I have been fortunate to say I have no debt at all and am living in an apartment but for many people that have families, cars, house notes, and other responsibilities and investments they should be spending conservatively.

People coming out of high school also have the potential of earning more of course and can do just as well as a Pharmacist in rare cases. I have no idea how accurate my numbers are for high school grads coming STRAIGHT out of school. Its highly variable but it is interesting to see what people have to say. You are right though. 40 year comparison would be better but it would be HIGHLY variable. 10 years may be more realistic.

 

[WVUPharm2007]

If you plan on becoming a meth addict and dying at age 28, this is an excellent financial calculation.

 

[owlegrad]

I cannot figure out how to read your table. 😕

For example, what does 23,000 +75 -25,000 mean?

 

[lorain]

if you plan on becoming a meth addict and dying at age 28, this is an excellent financial calculation.

rofl

 

[jasonkido]

I cannot figure out how to read your table. 😕

For example, what does 23,000 +75 -25,000 mean?

Sorry my chart skills are terrible 🙁. Thats 23,000 for the high school grad vs negative 25,000 for the pharm d after getting a 75k after tax salary

 

[confettiflyer]

this assumes you can even find a job as a high school grad...isn't the unemployment rate hovering around 25%? hell, my BS/BA friends are having trouble finding jobs.

MS/MA = the new bachelor's degree

 

[owlegrad]

this assumes you can even find a job as a high school grad...isn't the unemployment rate hovering around 25%? hell, my BS/BA friends are having trouble finding jobs.

MS/MA = the new bachelor's degree

😱

Not sense the great depression. It is hovering around 10%. Actually less than that. Perhaps I am missing a joke.

 

[R2pharmD2]

😱

Not sense the great depression. It is hovering around 10%. Actually less than that. Perhaps I am missing a joke.

I think he's referring to the fact that the unemployment rate among recent high school grads is dramatically higher than the general population (although I don't know what the actual number is).

 

[Aznfarmerboi]

I was wanting to do a comparison with having a pharmd vs getting a job straight from high school. Of course it would be highly variable but I decided to do one out of boredom. It took me a about 10 minutes with some internet searches on average salary of high school grads and average pharmd salary. I also put 2% raises just for the heck of it with 2k raises for the pharm d starting with the average pharm d salary of 113k. The tuition costs are estimated. I didn't get that from any source. Take it for what its worth but high school grads earning 25k a year out of school are doing pretty well. Pharmds eventually catch up after a few years of work and salary maybe higher or lower depending on may factors. Of course there are many problems with this comparison but feel free the criticize or change the chart.

Basically Median salary (Out of HS 2009 with 2% raises) Pharm D
year 1 25,000 -5000
year 2 25,500 -10,000
year 3 26,000 -24,000
year 4 26,500 -40,000
year 5 27,000 -58,000
year 6 27,500 -80,000
year 7 28,000 +113 +33,000
year 8 28,500 +115 +148,000
year 9 29,000 +117 +265,000
year 10 29,500 +120 +385,000

272,500 for high school grad after 10 years and 385,000 for pharmd after 10 years.

... I know college grads making 25k. Somebody out of high school will have a hard time finding a job paying them 25k unless they work in construction or drive a truck. If that is the case, you have to factor in health costs.

How much does a unionized automobile line worker in Detroit make now? They are the gold standard.

 

[Hope1974]

😱

Not sense the great depression. It is hovering around 10%. Actually less than that. Perhaps I am missing a joke.

The unemployment rate only takes in consideration the people on unemployment. After your unemployment runs out and you still can't find a job you are no longer part of that statistic. Therefore, the unemployment rate is actually higher than what is reported.

 

[owlegrad]

The unemployment rate only takes in consideration the people on unemployment. After your unemployment runs out and you still can't find a job you are no longer part of that statistic. Therefore, the unemployment rate is actually higher than what is reported.

No, that is not how unemployment is calculated.

You are partially correct though, once you have been unemployed for so long, you are no longer considered in that statistic and it is generally agreed that the true unemployment rate is higher than the reported rate.

 

[PumpkinSmasher]

No, that is not how unemployment is calculated.

You are partially correct though, once you have been unemployed for so long, you are no longer considered in that statistic and it is generally agreed that the true unemployment rate is higher than the reported rate.

Under employed folks are not used in those statistics either.

 

[confettiflyer]

Yeah I'm referring to the unemployment rate for people with no college. I think the overall unemployment rate is ~7% for those with BS/BA degrees.

There's a trickle down effect in those with BS/BA degrees taking jobs that are traditionally held by those without degrees or high school students... ie) starbucks baristas, menial retail clerks, etc...

 

[All4MyDaughter]

What jobs are people taking right out of high school that pay 25K? 😕

Minimum wage is what...$7/hour now? We start our pharmacy clerks at $10/hour and don't guarantee a 40 hour work week. We require HS diploma or GED + some kind of experience, too.

 

[confettiflyer]

What jobs are people taking right out of high school that pay 25K? 😕

prostitution?

oh oh oh...you make a ton stripping as long as you've got the goods, and you get paid in cash!

there are many robust and firm ways to make money out of HS 👍

 

[xtsukiyox]

What jobs are people taking right out of high school that pay 25K? 😕

Inbound call center paid me something like $20k at 18, plus sales bonuses - I thought $500 a quarter was hot stuff! (Pretax.)

Re: Unemployment rate: I like the NPR discussion because it puts the numbers into perspective. BLM numbers are a better (primary) source, tho.

Relative Rates of Unemployment by Education Level
[http://www.npr.org/2010/11/24/131575...-college-grads]

Overall: 9.6%
Highschool Dropouts: 15% - Great Depression level.
Finished College: 4.7%
Advanced Degrees: < 3% - While this has doubled, it is nearer the level of overall unemployment during a boom.

BLM Chart of Unemployment Rates vs Education Level:
[http://www.bls.gov/emp/ep_chart_001.htm]

2010 annual averages
Overall: 8.2%
Less than High School: 14.9%
High School: 10.3%
Some College: 9.2%
Associates: 7.0%
Bachelors: 5.4%
Masters: 4.0%
Professional Degree: 2.4%
Doctoral: 1.9%

 

[SHC1984]

What jobs are people taking right out of high school that pay 25K? 😕

Minimum wage is what...$7/hour now? We start our pharmacy clerks at $10/hour and don't guarantee a 40 hour work week. We require HS diploma or GED + some kind of experience, too.

Waitressing at upscale restaurants pay a lot of money. I made 30K+ one year working part time when I was in high school. 🙂 People leave good tips! 😀

 

[flip33]

Waitressing at upscale restaurants pay a lot of money. I made 30K+ one year working part time when I was in high school. 🙂 People leave good tips! 😀

Maybe if you have red sparkling lips. 🙂

 

[confettiflyer]

Waitressing at upscale restaurants pay a lot of money. I made 30K+ one year working part time when I was in high school. 🙂 People leave good tips! 😀

dang you got hosed, my friend worked private parties at D&B part-time and made $65k.

 

[SHC1984]

dang you got hosed, my friend worked private parties at D&B part-time and made $65k.

Dang, 65K is great!!! I'll look into this if pharmacy really fails! hahaha....I worked at my family's restaurant which I preferred b/c I get to leave and come into work whenever I please. If I work for anyone else I wouldn't have that luxury.