I am one of the black sheep pharmacists known within my known group of pharmacists friends, and my opinion on residencies is going to be very untraditional...
I think residencies is a bunch of horse sh**. You already struggled through undergraduate, and graduate paying/and or borrowing loans to get a doctorate degree just to find out that the job market sucks, and that doctrate degree really doesnt mean much. Why the hell would you choose residencies for sh**T pay & more work, and dealing with a$shole preceptors who treat you like ****, just to find out that the job market STILL sucks after you do residency!?!
When you are in pharmacy school, its mostly academic clinical education. What they dont teach you is financial competency, business education, marketing for yourself.
Compare 2 different pharmacists:
Pharmacist 1: Pharm.D. degree, BCPS certified, works at a clinical position at some hospital making an average of $95,000 a year. Works full time, but has to spend hours outside his salary to finish his work.
Pharmacist 2: Bachelors degree pharmacy only. Owns 3 independent pharmacies making $400,000 a year. Sets his own schedule, goes on lots of vacations
Keep in mind it took Pharmacist 2 a while to eventually reach his financial and business goals, but he did achieve it (by marketing the crap out of his pharmacies), versus pharmacist's salary will increase slightly every year, inflexible schedule, limited vacations, stressful work. At best, pharmacist 1 will finally recieve that "prestigious" status that he wanted all his life within his academic community, since he is most likely a workaholic and has this mentality to proove that he is the smarter pharmacists than his collegues!
I dont know about you guys, but I really dont need residency at all. The only type of residency i will consider is Compounding, because i honestly dont think they teach you much of that in pharmacy school. My goal is to be liscenced in many states. Right now I am only liscenced in Illinois, i am planning to be liscensed in: California, Florida, Hawaii, Texas, New York, Massachuessets (sp?). Then i want to work towards being a certifed diabetes educator (CDE), and be fluent in spanish, considering the diabetes population is going to be on the rise, as well as the hispanic population. I want to work with other creative non-traditional pharmacists who want to open up an independent pharmacy (big supporter of independent pharmacies) and enjoy growing and being pharmacists rather than being stuck, stagnet and miserable.
Residency is not the only way to 'secure' your job or to have experience. You have to be creative, and expand your mind, have connections, market yourself. You also have to look inside what truly makes you happy. Residency is NOT the path job security. I used to work for a company called Osco Drug/Albertsons. I worked for the company for 9+ years as a technician/student. I had great customer reviews, great evaluations from my pharmacy manager + letter of recommendations from the manager himself and staff pharmacists. When i got done from pharmacy school expecting to be a pharmacist for Osco/Albertsons, they said they had NO position for me despite my loyalty to the company and aforementioned reviews. I got LAID OFF. Now that company even offers Community Pharmacy residencies. I cannot beleive this bullsh*T! Even if you do community pharmacy residency,-when it comes to securing a job with benefits, in the end arent you going to have to play the same role as a dispensing pharmacist who didnt do community pharmacy residency?
My main point is that in GENERAL, residencies are NOT the path to job security. Some specific type of residencies do offer you a path to specfic type of jobs. There are OTHER ways to grow and expand your career in pharmacy that does NOT involve residency.