Career paths. Bounce off some ideas.

[ffpickle]

PharmD or an MBA? Hmmm... that's a no brainer! PharmD hands down.
In this day and age, who doesn't have an MBA???

She makes a good point, MBAs are a dime a dozen. Top-25 might not even cut it if you want to make 100k+ with just an MBA....more like top-5, and even then you'll have to pay your dues. On the other hand, you could stick it out with the Pharmd (your story/worries/interests are similar to my own) ...you could do additional training if needed (i.e. to find a job which incorporates some of your interests in stats, data analysis, etc).

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[PharmDstudent]

i agree. the pharmd is more scarce. im most likely going to tough it up and get through it. what are u planning to do? i hope to skip retail altogether.
whats the stat on pharmd/MBA graduate?
whats the stat on pharmacy job outlook?

all this talk about medicare bankrupcy and healthcare reforms do not reflect well on pharmacy. honestly, the single most influential factor about pharmacy is job security. if that was out of the equation, i wouldnt be here. im hoping to pay my dues and get handed a job with good salary.

meantime, im researching jobs like crazy.

You're starting to sound like a troll... anyway... it's called Pharmacoeconomics. Look it up!

 

[lord999]

it is nice to see other people questioning pharmacy career. i am a P1 at a brand new school. could have gone anywhere with my scores but last minute decision landed me in this situation. was almost kicked out because of "professionalism" because i despise retail vehemently. Pissed off a pharmacist because of a few condescending remarks about retail. i have a BS in Economics from a good school. my goal for the pharmd is to end up in management or consulting. i am all about data, stats, cost, benefits, finance, and playing the game. i also took some time off and during school to learn programming skills. i am seriously questioning the pharmd and dropping out to get an MBA to get a consulting job at big firms like Deloitte or Accenture. with my GMAT, i can get in top 25. Someone please justify why i should kiss up and complete the pharmd. in my decision making process, cost/benefit analysis is crucial. return on investment has to be justified. 4 yrs and 100+k in debt is not something anyone should take lightly. i also believe in distinguishing work and play in the right settings.
serious replies are much appreciated. i have a few weeks before repeating the retail pharmacy rotation. blah.

Running the numbers:

1. Economists are not created equal. Mathematical econometricians are paid at the same level or higher than entry level pharmacists, even at the BS level. If you happen to be an qualified actuary, add 20% to that. However, for macro, international, or any of those poet concentrations, expect to make nothing.

2. Pharmacists are (generally) created equal. Expect a new grad to make roughly the same as you in the same job. (To all you Kroger/Rite Aid/Target/CHW pharmacists, I realize that is oversimplification, but it's generally true). That's not bad, because we are paid pretty damn well, and the job market is healthy even for the economy even if the HRSA worst-case labor scenario plays out. As a comparison for our salary inflation from 1990 to 2010, look at this:

http://www.nipcweb.com/Examination_of_State.pdf

compared with the current salary structure. We're doing very well.

3. Job security: Pharmacists do enjoy a large level of job security through the inelastic labor supply. Economists don't have that protections. Strict MBA's don't unless they are also actuarians or accountants (you can't sign either of those reports on a legal basis unless you qualify). Read Arrow for details. Economists don't, in fact, I was put in a mathematical economist position for six months (no economics knowledge but math skills at the Complex Analysis level) because it paid better than pharmacy until I was brought on as a researcher. I certainly displaced another economist who had formal training. What made the difference was for the project that I was assigned to, being a pharmacist who could understand the business and project forecasts in that context was more important.

4. If you want to be a management consultant, by all means complete your PharmD. Pharmacists are real hard to come by at the Big 3 and are paid handsomely when that expertise comes around. Sorry to make an ad hominem comment, but from what you've written, your ability to get along with clients may be lacking.

5. Also based on your knowledge, consider training in informatics, supply-chain management, or quant. finance. There is a place for someone who is facile with this sort of knowledge in pharmacy at that level, certainly at the national distribution level.

 

[wes011]

I'm not looking for a job to make me happy. For that, I look to family and friends. I just want a career that doesn't make me miserable, and offer good potential for me to advance.

I enjoy the satisfaction of acing exams, although I didn't love studying for it (but I don't mind studying for it either). Same goes for work, I tend to derive satisfaction from good outcome more than the process. Success, prospering family, more money and power, has a happiness factor of its own.

You are better than me then. I work a job that I despise now. I sell raw materials to pharmaceutical manufacturing companies and have zero job satisfaction. I have about 8 years in the pharmaceutical industry experience in various roles. The place I work at now is terrible, mainly because I hate what I do. I ***** myself out for the mighty dollar and am completely unhappy doing so.

At first I had the same thoughts you did. It eventually wears on you though, atleast it did to me, and people who are close to you can tell when you aren't happy in life.

 

[ffpickle]

Running the numbers:

1. Economists are not created equal. Mathematical econometricians are paid at the same level or higher than entry level pharmacists, even at the BS level. If you happen to be an qualified actuary, add 20% to that. However, for macro, international, or any of those poet concentrations, expect to make nothing.

2. Pharmacists are (generally) created equal. Expect a new grad to make roughly the same as you in the same job. (To all you Kroger/Rite Aid/Target/CHW pharmacists, I realize that is oversimplification, but it's generally true). That's not bad, because we are paid pretty damn well, and the job market is healthy even for the economy even if the HRSA worst-case labor scenario plays out. As a comparison for our salary inflation from 1990 to 2010, look at this:

http://www.nipcweb.com/Examination_of_State.pdf

compared with the current salary structure. We're doing very well.

3. Job security: Pharmacists do enjoy a large level of job security through the inelastic labor supply. Economists don't have that protections. Strict MBA's don't unless they are also actuarians or accountants (you can't sign either of those reports on a legal basis unless you qualify). Read Arrow for details. Economists don't, in fact, I was put in a mathematical economist position for six months (no economics knowledge but math skills at the Complex Analysis level) because it paid better than pharmacy until I was brought on as a researcher. I certainly displaced another economist who had formal training. What made the difference was for the project that I was assigned to, being a pharmacist who could understand the business and project forecasts in that context was more important.

4. If you want to be a management consultant, by all means complete your PharmD. Pharmacists are real hard to come by at the Big 3 and are paid handsomely when that expertise comes around. Sorry to make an ad hominem comment, but from what you've written, your ability to get along with clients may be lacking.

5. Also based on your knowledge, consider training in informatics, supply-chain management, or quant. finance. There is a place for someone who is facile with this sort of knowledge in pharmacy at that level, certainly at the national distribution level.

What are you referring to when you say "Big 3"?

 

[Rxstu11]

I hear PharmEcon is where all the cool kids go to make big bucks. truth?

Let's hope so: that hope is why I'm doing the dual PharmD/MBA program.

By the way: First week of Acute Care and I went to two code blues and a massive MVA- it was more stressful than I ever thought pharmacy would be