How Much Does a Pharmacist Earn During a Residency Year?

Pharmacy residency programs are designed to enhance the skills and knowledge of future pharmacists. But one of the most important considerations for any aspiring pharmacist is the financial compensation during the residency year. In the United States, the earnings for pharmacists in residency programs typically range from $40,000 to $60,000 per year. This amount can vary based on several factors including the type of residency, the institution, geographic location, and the setting (hospital or outpatient).

Understanding Pharmacist Salaries During Residency

It's important to note that not all pharmacists need to participate in residency programs, and those who do can do one or two years of residency. Despite the financial benefits of higher professional standing, pharmacists must still consider their earnings during the residency period.

What Factors Influence Residency Salaries?

The exact salary during a residency can vary significantly based on several factors:

Residency Type: A PGY-1 (Post-Graduate Year 1) residency is usually the first year of residency, while a PGY-2 (Post-Graduate Year 2) residency is the advanced year. PGY-1 residencies tend to have lower stipends compared to PGY-2 residencies. Institution and Geographic Location: Salaries can vary widely depending on the institution and the city where the residency is located. Urban areas with higher living costs may have higher stipends. Setting: Residents in outpatient settings may earn more than those in hospital settings due to the difference in experience and workload. Fringe Benefits: Many residency programs offer benefits like health insurance and paid time off, which can enhance the overall compensation package.

Will I Earn a Salary?

Yes, all ASHP-accredited residency programs provide their residents with a stipend. This stipend varies from program to program and can depend on several factors, including:

Geographic Location: The value of the stipend can be influenced by the cost of living in the area. Provided Fringe Benefits: The value of any additional benefits like health insurance can affect the overall compensation. Academic Affiliation: Residents in programs affiliated with academic institutions may receive smaller stipends.

It’s important to note that the repayment of college tuition loans can be deferred during residency. It is advisable to discuss loan deferment options with your banking or lending institution.

Frequently Asked Questions (FAQs)

Pharmacists’ salaries can vary slightly based on the setting. As of May 2018, the median salaries in different industries were as follows:

General merchandise stores: $131,460 Food and beverage stores: $130,140 Hospital: $127,330 Pharmacies and drugstores: $124,760

Pharmacists who complete a residency will generally earn less during their one- to two-year training period. According to the job site Glassdoor, the average salary for pharmacy residents is around $40,000 annually.

Conclusion

Earning a salary during a residency year can be crucial in evaluating whether to pursue a residency program. Factors like the type of residency, geographic location, and setting can significantly impact earnings. It’s essential to research specific residency programs and their compensation packages to make an informed decision.