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Value of the PharmD?

Discussion in 'Pharmacy' started by mustang sally, May 7, 2007.

  1. mustang sally

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    I would really like to go to pharmacy school. However, I estimate that I will have a total of $150,000 in loans by the time I'm done. If I make $80,000 a year, will this be a worthwhile venture? $80,000 seems like a good salary to me, but I worry about being able to make my loan payments and still live comfortably. Thanks for any advice.:)
     
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  3. Ross434

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    My calculations said: yes a pharmacy degree is worth a good amount of money.

    I had calculated that after i took out all my loans, (45k/yr) and added interest, it would come to about $220,000, not including my undergrad loans. At 8.5% , i could repay them in 7 years at $3,700 a month, which would be doable since you can probably reasonably expect a 115-120k salary (which would work out to about 6500 a month after taxes), depending on how long you have left. (I have 6 years).
     
  4. sdn1977

    sdn1977 Senior Member

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    Wait until you make the decision to have kids!

    There is no way to rationalize how it makes any financial sense at all.

    Its all emotional......:D
     
  5. ZpackSux

    ZpackSux Retired
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    True Dat..
     
  6. davidgayz

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    As appose to doing what? Plus your numbers are a little on the unfavorable side. You don't necessarily have to take out 150,000 to go to pharmacy school and you can make a hell of a lot more than 80,000/yr in this field and a significant amount more if your willing to pick up a little over time.
     
  7. mustang sally

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    I am just trying to be realistic in my numbers. Right now I have $26,000 in loans from undergrad + masters. I would probably need to borrow about $30,000 a year for school (if not more). I know many pharmacists make more than $80,000, but I have heard of people in hospitals and other institutions making around this amount. I have an MS in molecular biology, which is not exactly a hot degree. If I were lucky enough to get a federal job, I could get into the $40,000-$50,000 range, tops.
     
  8. DrugDealer

    DrugDealer Senior Member

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    To consider the degree's true value, I think you also have to factor in how much you will enjoy the job that this degree will get you. Will you love going to work everyday once you are a registered pharmacist? If yes, then it's very hard to place a monetary value on it. If you will hate going to work everyday, then you need to figure out how much you will hate it and calculate some sort of "hate per dollar earned" value. It becomes a risk vs. benefit study of all your other options.

    Bottom line: I think this is a silly way to approach a career.
     
  9. sdn1977

    sdn1977 Senior Member

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    Seriously, I have to agree with Drug Dealer.

    You go into a career differently than you take a job. You choose it based upon all the other non monetary benefits you receive.

    You can make a whole lot more money in other careers & other circumstances. Sometimes, you just have to be in the right place at the right time for great monetary things to happen.

    Sometimes, you just have to have a great idea at the right time with great marketing skills to have things happen.

    But, if pharmacy is what you want..... or if kids are what you want....or if peach orchards are what you want....you make your best decision based on the best assumptions you have at the time. With that knowledge, you go into it all thinking you'll have no regrets.

    Now.... if you choose it because your parents want it, your SO wants it, you "think" you should have those kids, you "think" peaches will pay off...whatever - those are not particularly good choices.

    Choose what you want because you want it. Know that along your life you'll make a mistake here & there. You take the good with the bad & make the best of it.

    Sometimes, that means you must parent a disabled child, sometimes that means you must go to work in a career you really didn't like, sometimes that means your peach trees get a virus & die - you take it all in stride and do the very best you can.

    Good luck & make your decision with the wisdom you have right now & know that you always have ways to make things better.
     
  10. Farmercyst

    Farmercyst On with the Poodles already
    Pharmacist Moderator Emeritus

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    I hate it when that happens. Just watch out for them doggone peach tree viruses and you'll be okay.
     
  11. ZpackSux

    ZpackSux Retired
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    Y'all, leave peach trees out of this!!!! :smuggrin:
    __________________
     
  12. sdn1977

    sdn1977 Senior Member

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    Sadly, I know this from personal experience :( ......altho it wasn't a peach, it was an apricot tree which brought us many years of yummy apricots.

    The kids were able to pick them right off the tree & eat them warm from the sun, I made jam from them, panicked when one of the kids swallowed a peach pit.......such fun times.

    But - it "caught" a virus - or some other bad plant bug (my nephew married a plant pathologist & she diagnosed it). Sadly, it was not treatable & we made the poor thing DNR. Finally, it had one last summer & then it was gone. I enjoyed that last bottle of jam & made it last as long as I could.

    So - your peaches make me a bit wistful & frankly, jealous:smuggrin: . You just can't buy those in the grocery store & even at the fruit stand - they're just not like that.

    I hope you don't have to experience such sadness:rolleyes: , but it does happen.......:laugh: :p
     
  13. drugs

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    You wouldn't trade the pharmD degree to any at the end. But is expensive when you look at the numbers. Look at the quality of life.:cool:
     
  14. acetyl

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    Lots and lots of loans to pay off, a cool job, 50 bungalows an hour, and dates with good looking women.
     
  15. Leb

    Leb

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    I always hear that you should choose pharmacy because you think you will love the profession based on your work experience or whatever, but not for the money. And i believe it is a very true statement. But what if i donot have any experience? I really have no pharmacy experience at all. I have never worked in a pharmaceutical setting, and iam so ignorant when it comes to drugs (which is a big motivator for me to study pharmacy). I actually never knew that pharmacy can also be a career option for me until a year ago. i always thought that i only have one option and that is a PhD, but i really wanted a career in health profession. I think i would enjoy a career in pharmacy more than a one in research. This is the major reason why i wanted to pursue pharmacy, but other reason include job stability, flexibility and income. But i will be taking a huge risk by doing so, because iam an international student, so iam not sure how hard will it be for me to get a job, or if i have to compromise and work in a setting that wont be my favorate, because my loan will be huge with very high interest rate (i would owe around 220,000$).
    What really scares me is that my lack of experience might affect my career negatively in the future. but i really feel that it is a career that i would enjoy, and i have no problem studying and workinbg hard in order to succeed.
    I would like to ask for your opinion about the importance of work experience on the career overall. Could you succeed without having any pre school experience. And also, i would like to ask if you would take the same risk if you were in my situation (international student, 220,000$ dept, lack of experience and solid knowledge about pharmacy, but a feeling that it is probably the job that will suite me the most; a one that i will enjoy and do gladly.
     
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  17. Farmercyst

    Farmercyst On with the Poodles already
    Pharmacist Moderator Emeritus

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    By the time I'm done at USC I'll have spent 1 year in P1 in a couple pharmacy settings, probably a couple years as a paid intern, and finally rotations for P4 year. That should be enough experience to a get a good introductory job somewhere. Maybe not my preferred location, setting, shift, etc. But I can work into that. I will probably do at least a PGY1, possibly a PGY2 if I actually go into NICU (we'll see how my plans change over the next 4-5 years). The international student thing I can't really address. I would think if you've got permanent residency that it shouldn't be a problem, but that's just a guess.
     
  18. mustang sally

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    I agree with the above posters that you should pursue a profession because it is one you think you will enjoy. However, I don't see what's so wrong about trying to figure out if it makes financial sense to pursue more schooling. It is practical to do this with anything before you buy. Honestly, this is probably why Americans have so much consumer debt and are foreclosing on their homes. Anyhow, the love that you have for your job is a valuable thing, but love doesn't pay the bills.
     
  19. DrugDealer

    DrugDealer Senior Member

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    Pursuing more schooling should never boil down to a financial decision. If the original poster is concerned about loans, they could consider being a military pharmacist for a few years after graduation to get $100K of those loans repaid quickly. Or, they could consider attending a less expensive pharmacy school.
    I suspect that most Americans do not go into debt over educational expenses, but rather fancy homes, cars, boats, shoes, etc.--all disposable items that do not contribute to their value as a human being. Perhaps having children nowadays and paying for their educations could be financially crippling, but I think this just calls for good family planning practices. Sorry, I don't like kids, and I see so many people having more kids than they can afford.
     
  20. Rxbound

    Rxbound Senior Member

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    *Hijacks thread* Congrats on the acceptance and the avatar is apropos. Great movie.*Unhijacks thread*
     

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