No, residency is more than that and if you’re an already practicing pharmacist and you don’t know that a residency is different from a job outside of pay, then there’s no point in even discussing this further.
By “masters” I mean anything ranging from a research degree to an MBA. You also seem to be way off base with your assessment for what an MBA is worth— get an online MBA or one from a degree mill? Sure, it’s worthless. But get into a top MBA program and it will open up doors.
Finally, by “credentials” I mean such things like board certifications, advanced practice pharmacist certification (CA), etc. Pretty much useless from a knowledge/skills gained standpoint but they are added credentials to have to make your resume look better.
Getting into pharmacy school may seem like a means to a high-earning job. But a pharmacist career might not be all that you think. Read more.
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Pharmacy resident programs are a source of cheap labor
Were pharmacy residency programs created because there was an acute lack of knowledge? My belief is that when there was a tighter job market, many pharmacists could learn on the job while earning a high income.
Now, many hospitals and other employers use residents as a source of cheap labor. There are plenty of ways you can save on your student loans during a pharmacy residency, including signing up for PAYE or REPAYE to build credit towards loan forgiveness. You can even cut your interest rate if you are eligible for subsidies.
Employers can hire two or three residents for what they pay one full salary pharmacist. Hence, I’d expect average residency length will continue to grow and more career paths will require advanced training after pharmacy school.
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As a pharmacist, who is married to a pharmacy resident, I must say I am glad to see a clear description of the changes in future pharmacist career prospects and the economic variables involved.
Unfortunately, the BLS was quite dilatory in updating the projections it provides on these matters, which may have pushed more students into PharmD programs than would have otherwise entered the field. It is important that the public is aware of these changes, not only for allocation of federal student loans and student career choice, but for pharmacy stakeholders, organizations, and policy makers to make necessary changes to preserve such a valuable patient and provider resource. Automation, mail order and internet pharmacy, and software algorithm development appear to be outpacing disruptive innovation by pharmacists, as well as legislative campaigns, such as the effort to obtain provider status. Lackluster job outlook compared to previous projections seem to bear this out.
To the point about the use of residents as cheap labor, I can say that several alumni from my graduating class found themselves, in accredited residency programs, being expected to staff their central pharmacies far more often than was listed when they applied. In some cases, these pharmacies avoided using, or even hiring, per-diem pharmacists, and instead have elected to call in residents to cover those shifts. With many newer pharmacists having trouble finding enough per-diem hours to maintain financial stability, I find this troubling; however, this is anecdotal and it is worth mentioning that there are not nearly enough residency programs to meet the surplus in supply of new pharmacy graduates, so the impact on the overall job market is still up for debate. I would be fascinated to see any economic data on this and will continue to follow it closely.
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