In this section I want to talk about pharmacist salary and perks.  Mainly because that’s one of the first things that comes up.  Secondly, because no matter how tacky some people think it is, it comes into play for a career choice.

And, looking back on it I made a decent decision.  But, there are some things I would change also.

This chapter will give you a practical look at the profession of pharmacy, the pros and cons, what a day in the life of a pharmacist is really like and other things that I think are critical for you to understand before you make the commitment.

But first, how much money can you make?

The first question most students ask is, “how much does a pharmacist make?”  That really depends on which field of pharmacy you go into and what part of the country you decide to live in.

But, as a general rule, your before-tax income can (and probably will) be in the low six figure range.

For example, in a recent survey by Drug Topics magazine.  The lowest respondents surveyed were mail order pharmacists with an average annual salary of $101,500.  The highest average take was pharmacists working in health maintenance organizations (HMO’s) at $114,067.  These are gross (before tax) numbers.

Other financial perks

When I got out of pharmacy school the market was just starting to pick up.  Employers were rabidly pursuing myself and my fellow graduates.  Then, it seemed to cool off.

Now, as I write this, pharmacies are again struggling to find qualified applicants to fill the jobs.

In fact, the last recruiter that called me point-blank told me that if I wanted to move out of Montana the opportunities and money being offered were ‘insane’.

And, to compete, employers are stacking on the perks to entice pharmacists in.  If you work retail you can not only expect a very good starting salary but also, you can and should expect bonuses based on performance, moving expenses, sign-on bonuses, loan repayment and substantial paid-time off.

New cars

As I mentioned above it’s become so competitive that some employers are offering new cars to pharmacists’ right out of school.

I would advise against accepting anything like this.  Instead, when and if that time comes, try to get the money instead.

Cars depreciate like crazy and you will probably have substantial loans to pay off.

A car is something to get you from point A to point B.  Nothing more.  Treat it that way.

How much?

So, overall, how much can you expect to make right out of school including all the perks that come along with the job?
I think it realistic to assume that you could get a low six figure salary (in most parts of the country).  For sure, $80,000 a year in retail is a ‘gimme’.

Tack on a sign-on bonus ($5,000 minimum and up to $30,000), moving expenses ($2500-$5000), performance bonuses ($1500 to $15,000 and more), loan repayment (hundreds to tens of thousands of dollars) and pharmacy can become a lucrative career fairly quickly.

All negotiable

Don’t make the mistake of simply looking at any offer and thinking it’s set in stone.  It’s not.  As the famous saying goes, “everything in life is negotiable.”

Which leads to a very valid point: right now, as a pharmacist, the chips are on your side.

The numbers favor YOU.  This won’t always last.  So, use it to your advantage while you can.

Don’t take it too far

Think long-term too.  Don’t take advantage of an employer just because you can.

For example, if I were to negotiate a new position now I would be more lenient on the salary aspects of the job – but demand a performance bonus.

This is the fairest set-up for both you and your employer.

If you start getting busier and busier (as most pharmacies are) your hard work will be rewarded.

But, if you simply negotiated a larger salary with no performance bonus you’ll start getting bitter about all the work you’ve had stacked on you with no remuneration.

Chains are famous for this

Retail chain pharmacies are famous for this tactic.  Luring you in with big numbers up front and then, frankly, bluntly, screwing you on the back end.

This is just my experience.  Does that mean I wouldn’t ever work for a chain?  No.  But I would make sure that I’ve set the right expectations up before I ever took the position.

Related posts:

1. Pharmacist Hours and Pay
2. Pharmacist Recruitment
3. Become A Pharmacist