I know this question was asked quite a bit but I've noticed a lot of threads are relatively old. I am currently a P3 and am getting ready to schedule my rotations for my last year. I'm not entirely sure what I want I want to yet I currently work in a hospital and a retail chain. I definitely enjoy the hospital more than retail but can't stand the the fact that as a hospital pharmacist you take a paycUT. It also seems kind of stupid how clincal pharmacist dont make much more money even if they do a residency. I am also interested in industry and am considering it as a possible option. I am currently researching a lot of different pharmacy career paths but atm I'm curious as which path will yield a higher salary. From what I under stand thereally really is no ceiljng in industry so I'm curious as to what career paths that I could take to maximize my salary. If anybody with any experience or any idea could of figures could shed some light on the topic I'd appreciate it. I'm not looking for response's that say not to base my career path off of salary I am merely looking to have a base of reference of potential paths. Sooo which career paths/ specialities yield a higher income?
What pharmacy career path can generate the highest income?
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CEO of CVS
Pharmacy school dean
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Pharmacy school dean
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Pharmacy ownership of a few locations can be lucrative but this is a small niche and takes the right person to make it happen and have the capital to start.
Pharmacy director of hospital or managed care system can yield 175 to 250k/year depending on the system. Not anyone can successfully perform well in this position.
You are not going to get rich as a pharmacist in the majority of cases, many subspecialist physicians can pull down 350k and up and up.
You will have the opportunity to make a good living depending on your financial acumen, debt, dual income couple and where you choose to live.
Pharmacy director of hospital or managed care system can yield 175 to 250k/year depending on the system. Not anyone can successfully perform well in this position.
You are not going to get rich as a pharmacist in the majority of cases, many subspecialist physicians can pull down 350k and up and up.
You will have the opportunity to make a good living depending on your financial acumen, debt, dual income couple and where you choose to live.
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In CA, Kaiser RPh make about 78 bucks an hour. GL trying to break down that wall though.
Nuclear RPh make a ton, i think?
Nuclear RPh make a ton, i think?
In CA...everyone makes more...I have a cousin who is a PA near LA making like 120k+
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Yep there are RNs and police officers who make 175k+ after overtime. This is also why their cities go bankrupt after paying out unsustainable pensions.
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Yeah, Texas makes the pay of public uni deans available online.
They are making 4-600k / year.
EDIT:
it also seems like a stress free position, too.
I'm not sure what they even do besides function as a dignitary for the school
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DOP seems like a position full of headaches. I'm hoping to eventually work my way into a spot that's just a little below that where I don't have quite as many employees to manage. The informatics manager at my hospital has a pretty good spot. I'm sure he's paid well, and his main reports were the two informatics pharmacists and a couple of techs. We were all pretty low maintenance.
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This is a trick question, invest the $200,000+ instead.
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For non-job lottery winners (there is a specific winner for "CVS CEO" but I'm writing for within most people's reach if they work for it):
Entry-level: Industry, particularly marketing or rural desperate retail, management consultants (Accenture, McKinsey)
Mid-career: Industry lead (VP in some companies, sub-VP in others), DoP of a hospital
Late career: Industry VP, consultants, FACHE C-Suite hospital personnel (DoP is not the end, Hospital CEO is quite obtainable for most DoP's if they work at it), endowed Professor (the rank above Professor usually called Regent Professor or University Professor or xxx Professor like the new Epic Professor of Informatics which apparently will be one of the new positions at Wisconsin), corporate chain retail if they can make it to retirement.
Industry is the most reliable for high salary, high payoff, but has a really hard survival instinct. Pharmacy ownership has been extremely variable, but anyone who can really build pharmacies can easily get the high payoffs.
Government has never been and never will be the high paying or highest paying, but it has a different outcome, least amount of risky work for the pay you get. Some people (me) like that option a lot more.
And while everyone thinks that academia is where you can chase suits or skirts, you've never heard of Eli Lilly or Genentech parties in industry. Those guys and gals, really know how to get down and have real competitive streaks for hottest bods.
Entry-level: Industry, particularly marketing or rural desperate retail, management consultants (Accenture, McKinsey)
Mid-career: Industry lead (VP in some companies, sub-VP in others), DoP of a hospital
Late career: Industry VP, consultants, FACHE C-Suite hospital personnel (DoP is not the end, Hospital CEO is quite obtainable for most DoP's if they work at it), endowed Professor (the rank above Professor usually called Regent Professor or University Professor or xxx Professor like the new Epic Professor of Informatics which apparently will be one of the new positions at Wisconsin), corporate chain retail if they can make it to retirement.
Industry is the most reliable for high salary, high payoff, but has a really hard survival instinct. Pharmacy ownership has been extremely variable, but anyone who can really build pharmacies can easily get the high payoffs.
Government has never been and never will be the high paying or highest paying, but it has a different outcome, least amount of risky work for the pay you get. Some people (me) like that option a lot more.
And while everyone thinks that academia is where you can chase suits or skirts, you've never heard of Eli Lilly or Genentech parties in industry. Those guys and gals, really know how to get down and have real competitive streaks for hottest bods.
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Hey Lord,
I think everyone has wondered, how much would a professor at an average school take home? Assuming full time professor, lets say with tenure.. Specifically in the CA, if you happen to know 🙂
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Depends - state school vs for profit.
One school's regional rotation coordinators are ~$95K/yr, but it's not really a full time job.
Last I heard UCSF was in the $120Kish range.
Recently had a friend transfer from one hospital to another in SoCal as a clinical specialist and is now making $80/hr. Seems like enough money to me.
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https://ucannualwage.ucop.edu/wage/
http://www.aacp.org/resources/research/institutionalresearch/Pages/salarydata.aspx
Look it up yourself. The expectation for Assistants on the tenure track are between $70k and $95k. (This should warn you off taking the job for $). Full right now clocks in $120ish if the position is fully funded by the state (this is incredibly rare nowadays).
The current contracts for the Big 10 for the non-endowed professors for a 32 recorded hour week are something like:
$80-90k funded by the state as a base (all you have to do is be breathing and in chair)
$40-50k is called offset funded by "activities" including teaching and non-sponsored contracts
and you keep X percentage of the university overhead for sponsored contracts (aka NIH grants and industry contracts)
So, when you're looking at Wisc, UMN, Iowa, UIC, The Ohio State, Mich, and Purdue's tenured faculty, assume that anything past $90k is made through the faculty member's own efforts or additional work rather than a strict pay matter.
Someone like me though, the offset comes from the other position like in the feds. So what happens is that a dual academic-civil servant's salary is offset by the other group's matters. I keep federal benefits rather than university (even though the university is far more generous) because I like federal tenure much more than academic tenure and something called the Anti-Deficiency Act forces you into one or the other category for purposes of career defense and standing. Others make different deals based on their home university's arrangements.
Being Fed as opposed to a sponsored contracts relationship means that I don't spend time being a professional beggar for money through grants and through industry funds (most PI's have to do that). I literally have gone into the VA's Managerial Cost Accounting office and said (not even wrote) that they are going to put down $6M for my activities each year for the next five years and get the budget object code right then and there. The downside is, activities are in the functioning of the federal government (I have to respond to orders from on high), and there's no overhead for it. So, can't get rich, but I spend much more time doing what I want to be doing and not having to beg for money to do what I want to do that I lose sight of why I was asking for money in the first place (that's a real problem with being faculty right now).
http://www.aacp.org/resources/research/institutionalresearch/Pages/salarydata.aspx
Look it up yourself. The expectation for Assistants on the tenure track are between $70k and $95k. (This should warn you off taking the job for $). Full right now clocks in $120ish if the position is fully funded by the state (this is incredibly rare nowadays).
The current contracts for the Big 10 for the non-endowed professors for a 32 recorded hour week are something like:
$80-90k funded by the state as a base (all you have to do is be breathing and in chair)
$40-50k is called offset funded by "activities" including teaching and non-sponsored contracts
and you keep X percentage of the university overhead for sponsored contracts (aka NIH grants and industry contracts)
So, when you're looking at Wisc, UMN, Iowa, UIC, The Ohio State, Mich, and Purdue's tenured faculty, assume that anything past $90k is made through the faculty member's own efforts or additional work rather than a strict pay matter.
Someone like me though, the offset comes from the other position like in the feds. So what happens is that a dual academic-civil servant's salary is offset by the other group's matters. I keep federal benefits rather than university (even though the university is far more generous) because I like federal tenure much more than academic tenure and something called the Anti-Deficiency Act forces you into one or the other category for purposes of career defense and standing. Others make different deals based on their home university's arrangements.
Being Fed as opposed to a sponsored contracts relationship means that I don't spend time being a professional beggar for money through grants and through industry funds (most PI's have to do that). I literally have gone into the VA's Managerial Cost Accounting office and said (not even wrote) that they are going to put down $6M for my activities each year for the next five years and get the budget object code right then and there. The downside is, activities are in the functioning of the federal government (I have to respond to orders from on high), and there's no overhead for it. So, can't get rich, but I spend much more time doing what I want to be doing and not having to beg for money to do what I want to do that I lose sight of why I was asking for money in the first place (that's a real problem with being faculty right now).
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