Would you still want to be a pharmacist if they didn't earn 100k/yr?

[josh6718]

How heavily did salary impact your decesion to be a pharmacist? If it only paid 50k or 60k a year, would you still want to do it?

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[twester]

How heavily did salary impact your decesion to be a pharmacist? If it only paid 50k or 60k a year, would you still want to do it?

Yes, I would still choose pharmacy if the debt load coming out of school was also significantly reduced.

 

[Bill_252001]

i believe people want to become pharmacist due to good salary they make and it offers a descent life as compared to physicians.

 

[Lurkerkat]

How heavily did salary impact your decesion to be a pharmacist? If it only paid 50k or 60k a year, would you still want to do it?

If tuition decreased along with the salary then I would definitely still want to be a pharmacist. To me going that far into debt and going to school for an additional four years when I could take my BS or BA and make that amount in another field doesn't make sense.

 

[janeno]

yes I would want to be a pharmacist even if I would get only 50-60k , but only if education would be cheaper... It would be too stressful to worry about $100,000+ loans if you make only 50-60K

 

[josh6718]

yes, but only if education would be cheaper... It would be too stressful to worry about $100,000+ loans if you make only 50-60K

Are you going to Purdue?

 

[jessicaeatworld]

I'm in it for the money, the relative ease of the job, flexibility in career choices and locations.

If it paid less, I don't think I would bother just because I'm so burnt out from school. The salary and the amount of school kinda go hand in hand don't they? The salary is up from 10 years ago because people now need doctorates to practice.

 

[StormyGirl]

I'm in it for the money, the relative ease of the job, flexibility in career choices and locations.

If it paid less, I don't think I would bother just because I'm so burnt out from school. The salary and the amount of school kinda go hand in hand don't they? The salary is up from 10 years ago because people now need doctorates to practice.

I always thought it was the demand because of baby boomers. Aren't PharmDs paid the same salary as a R.Ph without a doctorate?

 

[sdn1977]

No - money didn't influence my decision.

I made $20,000 my first year as a pharmacist (1977), I hit $30,000 in 1981, $40,000 in 1986, $50,000 in 1991, $60,000 in 1996, $70,000 in 1999....and so on. My greatest jumps in income occurred during times of high inflation. There were some years I had an 11-12% increase. Last year, I did not receive any increase....

Pharmacists have always been in the same relative pay scale. In my experience, demand has affected job availability (which affects mobility, flexibility, etc...) but inflation has affected wage. Negotiated collective bargaining influences income also. So...when you have strong unions bargaining (like nurses or lab techs, etc...) & they receive increases, non-unionized people like pharmacists will see an effect because we all get the same % increase. In my geographic area, that is one of the reasons why the wage increases go back & forth between hospital & retail pharmacy. As one increases....the next year the other increases.

 

[sdn1977]

I always thought it was the demand because of baby boomers. Aren't PharmDs paid the same salary as a R.Ph without a doctorate?

yes they are! PharmD is just a reflection of the academic degree awarded by the institution at the time it was conferred. All pharmacists currently graduating are being awarded PharmDs so I think the op was using it in the generic sense to describe a pharmacist.

 

[Pharm47]

No - money didn't influence my decision.

I made $20,000 my first year as a pharmacist (1977), I hit $30,000 in 1981, $40,000 in 1986, $50,000 in 1991, $60,000 in 1996, $70,000 in 1999....and so on. My greatest jumps in income occurred during times of high inflation. There were some years I had an 11-12% increase. Last year, I did not receive any increase....

Pharmacists have always been in the same relative pay scale. In my experience, demand has affected job availability (which affects mobility, flexibility, etc...) but inflation has affected wage. Negotiated collective bargaining influences income also. So...when you have strong unions bargaining (like nurses or lab techs, etc...) & they receive increases, non-unionized people like pharmacists will see an effect because we all get the same % increase. In my geographic area, that is one of the reasons why the wage increases go back & forth between hospital & retail pharmacy. As one increases....the next year the other increases.

Forgive my question, but just to clarify...

So was $20k in the 1970s equivalent to $100k nowaday? I think you're saying the wage has simply kept up with inflation, but I find it hard to believe that in 30 years the US dollar has changed in value that drastically!

 

[sdn1977]

Forgive my question, but just to clarify...

So was $20k in the 1970s equivalent to $100k nowaday? I think you're saying the wage has simply kept up with inflation, but I find it hard to believe that in 30 years the US dollar has changed in value that drastically!

Yep - thats exactly what I'm saying. On an item by item scale....I'm not sure an economist would agree, but I'm not an economist. I do know though in my own little life.....$20,000 was a huge amount - well - any amount is huge when compared to a student's life.

We bought our house in 1981 - $205,000 - my neighbor sold the same model (no remodel differences than mine) in Feb for $998,950. My first new dryer cost me $189 (1978) - the last one I bought in 2005 was $680. My first replacement water heater (the original one was included in the purchase of the house) was $178 - the one I bought a month ago was $1,069. The first water softener I bought was $240 - the last replacement in 1998 was $724. These are things which don't have a lot of bells & whistles so comparison is relatively easy. Perhaps they didn't increase as much as my income (except for the water heater ), but they still go up & much faster with inflation.

I'm not sure the value of the dollar has changed so much but the ability of my dollar to buy the same or similar goods has not changed. My style of life has not changed too much either. We travel more now, but our kids are no longer home. We eat out more now - again...because we don't have children to juggle schedules with - but, we don't do any of those things any differently than we did before we had children.

I'd tell anyone starting out though - when you consider income....also consider what your retirement needs might be 30 years later. Think about how you plan to retire & evaluate it regularly. Do you know what the value of your benefits are? An employer on average estimates your benefits to be 30% of whatever your income is. Take a look at what it costs just to buy health insurance privately & think what a bite that would take out of your retirement income. So...if you are ever in a position to negotiate salary - look at the long term - not just the short term.

 

[darkangel77]

Yes, as long as pharmacists still make enough money to live comfortably and pay off our heavy student loans

I think 50-60k would do that quite well, to be honest!

 

[janeno]

Are you going to Purdue?

no but I will be applying there...

 

[WVUPharm2007]

At first, maybe. After doing it for a few years - No. Heeeeeeeelllllll no.

 

[josh6718]

no but I will be applying there...

As a freshman or for entrance into Pharm school? Im asking because I'm moving in there next week.

 

[janeno]

As a freshman or for entrance into Pharm school? Im asking because I'm moving in there next week.[/QUOT


for entrance into pharm school, but i will be finishing my undergrad this coming year at a diff. school in indiana. will you be P1 at their pharmacy school this year? if yes, you will have to tell me how it is...

 

[ethyl]

Yes, only if I could pocket and sell whatever I dropped.... or licked, like that guy licking the car door knob in that VW commercial.

 

[josh6718]

for entrance into pharm school, but i will be finishing my undergrad this coming year at a diff. school in indiana. will you be P1 at their pharmacy school this year? if yes, you will have to tell me how it is...

Nah, I'm just going to be a freshman, lol, but if you get in, you'll have to tell me how it is.

 

[Stephie]

I would definitely still become a pharmacist if the pay was 50-60K. I was making way less than that as a Catholic school music teacher with a Master's Degree and was still in a lot of debt.

 

[Mangosteen]

The pharmacists I worked with during my pre-reqs only make 60k something.

 

[DownonthePharm]

I dont think Ill be making $100k/yr in Oklahoma, so yes.

 

[Glowwyrm]

How heavily did salary impact your decesion to be a pharmacist? If it only paid 50k or 60k a year, would you still want to do it?

Salary was a factor in deciding to apply for pharmacy school. However, there were other factors. I like that I can work anywhere I want, big city or tiny town. I like that there are flexible hours such as 7 days on 7 days off. The fact that I would like working in a pharmacy is just a bonus.

 

[ZpackSux]

I dont think Ill be making $100k/yr in Oklahoma, so yes.

yes you will.

 

[MattPharmD]

yes you will.

I sure hope so. Especially since we don't graduate until 2010. I was hoping for more like 120k

 

[dgroulx]

For 50-60k, no I would not have. Salaries were about 85k when I started school and that seemed reasonable because the salaries were increasing.

I could have stayed a computer programmer if I wanted to make 50k a year.

 

[dgroulx]

I loved the inflation post, SDN. We will never get back to those days again.

In 1972, my dad had a house built on the intercoastal waterway in the Tampa Bay area. It was 4 bedrooms, 3 baths, pool and only $40,000. His salary at the time was $40k per year. If I wanted to buy that house today it would cost me over a million dollars. Salaries did not keep up with the price of inflation.

If I tried to buy a house today that was equal in price to my annual salary, I could only afford a mobile home. $100k doesn't even get you a nice lot to build a house on.

 

[pharmwannebe2]

How heavily did salary impact your decesion to be a pharmacist? If it only paid 50k or 60k a year, would you still want to do it?

I am going to be the only one i guess that believes I wouldn't be in pharmacy if I made only50k and 60k.

Money and the work amount/hours you work were the two biggest factors. i am not trying to sound harsh like i hate pharmacy. but if i had to go for 6-8 years of school...i would want to be paided accordingly. and if the years lowered. i would probably do physical therapy or become a physicans assistant.

 

[pharmwannebe2]

I loved the inflation post, SDN. We will never get back to those days again.

In 1972, my dad had a house built on the intercoastal waterway in the Tampa Bay area. It was 4 bedrooms, 3 baths, pool and only $40,000. His salary at the time was $40k per year. If I wanted to buy that house today it would cost me over a million dollars. Salaries did not keep up with the price of inflation.

If I tried to buy a house today that was equal in price to my annual salary, I could only afford a mobile home. $100k doesn't even get you a nice lot to build a house on.

ahhhhhh i believe land prices are too inflated. they are going to go down from what i have heard.

 

[konkan]

ahhhhhh i believe land prices are too inflated. they are going to go down from what i have heard.

Come to Michigan - they are going down (along with real estate) at this very moment...

 

[dgroulx]

My house appreciated $200k in value during the past 3 years. Prices haven't started dropping yet in the Tampa Bay area. The real estate market is saturated with listings, though. Too many investors came in trying to flip properties. I hope they all get burned.

 

[DownonthePharm]

yes you will.

I dont think Ill be making $100k/yr in Oklahoma, so yes.

Well, thats good to know. I was just going off salary.com 's estimate of $92 a year in my area.

 

[ZpackSux]

My house appreciated $200k in value during the past 3 years. Prices haven't started dropping yet in the Tampa Bay area. The real estate market is saturated with listings, though. Too many investors came in trying to flip properties. I hope they all get burned.

That's not nice.

 

[PharmMnM]

I'd rather it to be lowered so that people would go after the career and not so much the high pay.

I would still go for it if it paid 60-70K because I trully have passion for the profession and I don't see myself doing anything else.

I hate it everytime I learn that someone is competing against me for the money when they know pharmacy is not something they want to wake up to.