Applying for a residency later

[CHRXCO2010]

I am a 6th year pharmacy student who will be graduating in May 2010. Of course I will be in quite a bit of debt when I graduate. I really want to apply for a residency but I know the loans and payments is something that will really be putting pressure on me.

I was thinking about practicing in the retail setting temporarily when I get out. During which I would apply for the residency in the fall of 2010 and start July 2011 (assuming I get accepted). I thought this might be a good idea in order to eliminate as much debt as possible for one year and save some money for the time I will be making that "low" resident salary for a year.

My questions are as follows...

1. Is it required you apply for a residency your last year and start as soon as you graduate/ Do residencies only accept new graduates?
OR
2. Are you able to practice for a year then apply for the residency that fall?
3. Do you think such a scenario would work against you when applying for the residency a year later?

If anyone can give me their input OR has heard of anyone doing this same scenario?

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[Priapism321]

I am a 6th year pharmacy student who will be graduating in May 2010. Of course I will be in quite a bit of debt when I graduate. I really want to apply for a residency but I know the loans and payments is something that will really be putting pressure on me.

I was thinking about practicing in the retail setting temporarily when I get out. During which I would apply for the residency in the fall of 2010 and start July 2011 (assuming I get accepted). I thought this might be a good idea in order to eliminate as much debt as possible for one year and save some money for the time I will be making that "low" resident salary for a year.

My questions are as follows...

1. Is it required you apply for a residency your last year and start as soon as you graduate/ Do residencies only accept new graduates?
OR
2. Are you able to practice for a year then apply for the residency that fall?
3. Do you think such a scenario would work against you when applying for the residency a year later?

If anyone can give me their input OR has heard of anyone doing this same scenario?

1. No

2. Yes

3. If you spent your one year in retail, perhaps. Work in a hospital, it will actually make you potentially more prepared for the residency than as a new graduate. You will have a feel for how a health-system runs, learn how to prepare parenteral medications, and most hospitals with integrated models will have you doing some form of clinical work as part of the daily routine. Also, order verification can be as clinical and cognitive as you make it, so that experience may also be considered invaluable.

4. Change your font.

 

[KARM12]

Agreed. If your plan is to apply for residency, then I would work in hospital over retail. Working as a retail pharmacist won't add as much to your CV as having hospital experience. The two are very different practices.

Wanted to add...if you look at the stats of students out of school for more than a yr on the match website, they in general have a lower % match rate.

 

[Rebel78]

I was kinda in your spot in 2004. Didn't want to do retail, had a ton of loans, clinical pharmacy interested me much more.

I took a big bonus from WAG to move out to Phoenix, worked overnights 7 on and off (overnight premium), worked a ton of OT on my 7 off and got time and a half. Did that for 4 and 1/2 years.

I gotta say I'm glad I did it. I'm at a good place financially, everything paid for except for my house which I'm working on, and I don't have to worry about bills anymore, except for utilities, mortgage, etc.

Thing is, I couldn't get into a residency now if I wanted to, even though I did quite a few projects in school, good grades, and I'm a very good interview. Just ain't gonna happen with my current experience.

I start my new job next week at a large hospital in the Midwest. I'm so excited I think I may explode. Money isn't near the same, even though they gave me a large bonus and I got a large severance from WAG, I took about a 20% cut in salary. But I'm at a point now where it doesn't even matter, and I'm 30 years old. It's a good feeling, and it's important to me. I'm gonna be working in the pharmacy, mainly entering orders, checking Pyxis, carts, IVs, etc. Not very clinical, least not right away, but that's OK, I'm very excited about it all.

It's possible that after a couple years at it, I may try for a residency. Not sure what chance I would have, but I'd be the only applicant to not owe anybody a penny

Nobody can tell you what to do, that's just what I did. It's a very important decision. With the state of pharmacy now, if it were me, I'd probably go the other way. WAG isn't handing out the obscene checks anymore to get folks to move across the country, and (at least in Phoenix), you can't work 40 hours of OT a pay period anymore, and not all markets are paying time and a half anymore either.

Just be sure to make an informed decision. If you go retail to make some big bucks temporarily, get your bonus contract in writing, find out how much OT there is available, how much your chain/market pay for OT, manager vs staff bonuses, and stay on track, don't get stuck there forever

If I were a new grad, not sure I'd just take a hospital staff position for a year or two, seems like go ahead and get a residency in. Your not going to make a big dent on a hospital salary for a year or two, you just can't get the big money.

Edit: Like I said, nobody can tell you what's right for you, just hope my experience helps, because it is an important decision.

 

[MustLoveDrugs]

1. No

2. Yes

3. If you spent your one year in retail, perhaps. Work in a hospital, it will actually make you potentially more prepared for the residency than as a new graduate. You will have a feel for how a health-system runs, learn how to prepare parenteral medications, and most hospitals with integrated models will have you doing some form of clinical work as part of the daily routine. Also, order verification can be as clinical and cognitive as you make it, so that experience may also be considered invaluable.

4. Change your font.

Agree with Priapism on all counts. Adding to #3...

You're going to have to justify your decision when residency interviews come around, so I would start thinking about how you want to present yourself to program directors. I know the way you're presenting your case on SDN is probably different than the way you'll present it at residency interviews, but questions like "If you knew you wanted to work in a hospital, why did you take a job in retail?" are fair game in the latter setting. I personally spent summers working retail, but signing on with the intention of quitting after a year isn't exactly the same thing...

If you follow Priapism's sound advice and apply for hospital staff positions, you may want to look for sites with non-traditional pharmacy residency programs. Based on what I've seen, you have to be a staff pharmacist for at least 1 year before applying for the residency. Then, you continue to make full salary while you spend the next 2 years alternating between residency responsibilities and staff pharmacist responsibilities. In my friend's case, alternating every month is the norm. Obviously, non-traditional residencies have their drawbacks, too, but it's a good option for someone who is dedicated to an organization, wants to further their clinical skills and can't afford to take a pay cut. I think it goes without saying though that these programs are few and far between.

Hope this helps!

 

[gotdrugs]

Take a word of advice from someone who actually did that route.

Myself - I spent a few years as a pharmacist in both hospital and *gasp!* retail settings (the last 3 prior to doing residencies in retail) and I got my top Pharmacy Practice Residency choice and my top Critical Care Residency choice.

It can be done, if you really want to do it. Will there be people question your route? Yes, but from my personal experience in 2 different years of interviewing, I only had one. single. director. turn his nose up at what I did. And now that I have made more connections, I realize what an azz he is anyways.

I can also tell you from the other side of the table as I interview all of our PGY-1 candidates and am a PGY-2 director, all other things being equal (i.e. a big one is personality and if we would be a good fit for what they want), I would take the person with experience, in a fricking heartbeat, over the soon-to-be grad (in the PGY-1 candidate case). But that's me.

 

[gsinccom]

thanks guys. One of my biggest worries is loans growing and having to pay them back while only making 40k/year as a resident. Where is the best/most current info on how to handle that while doing a residency?

 

[confettiflyer]

thanks guys. One of my biggest worries is loans growing and having to pay them back while only making 40k/year as a resident. Where is the best/most current info on how to handle that while doing a residency?

I don't have experience/knowledge from a residency standpoint, but there are options if you have federal loans.

1) Request a forbearance (temporary stop in payments), you get the automatic 6 month grace period after graduation, another 6 would get you through PGY-1.

2) Opt for what's called an "income sensitive repayment plan" which takes into account your income.

Double check that these options are available for you first.

 

[gsinccom]

I don't have experience/knowledge from a residency standpoint, but there are options if you have federal loans.

1) Request a forbearance (temporary stop in payments), you get the automatic 6 month grace period after graduation, another 6 would get you through PGY-1.

2) Opt for what's called an "income sensitive repayment plan" which takes into account your income.

Double check that these options are available for you first.

thanks very much Flyer

80% of my total loans is Federal Stafford and 15% is Federal Grad Plus and 5% is through NCPA. Do I speak with my school's FinAid department or the loan administrators themselves or the Residency program about this?

 

[KARM12]

thanks very much Flyer

80% of my total loans is Federal Stafford and 15% is Federal Grad Plus and 5% is through NCPA. Do I speak with my school's FinAid department or the loan administrators themselves or the Residency program about this?

I would talk to your loan administrators or student financial aid office. There are a variety of loan repayment options that make it doable..."interest only," "graduated payment scale," "income sensitive," and "forbearance."

 

[gsinccom]

I would talk to your loan administrators or student financial aid office. There are a variety of loan repayment options that make it doable..."interest only," "graduated payment scale," "income sensitive," and "forbearance."

thank you

 

[pharmd72]

Not sure if this is the norm, but I was able to defer my loans last year (during my PGY-1 residency).