Pharmacist Salary
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The salary of a practicing pharmacist will vary widely depending on the geographic location of the pharmacy and the type of company they work for. For example, a pharmacist working for a small, locally-owned pharmacy in a rural area will make a considerable amount less than someone who's working in a private setting, or for a more established pharmacy chain in a densely populated area.
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Salary Expectations for Pharmacists
That being said, the average salaries of practicing pharmacist are somewhere in the ballpark of $95,000/year. However, these averages can be broken down further, depending on what type of pharmacy a person works for, whether or not they do participate in advanced research and development for an institution, or whether they're working on a part-time or full-time basis.
According to a government survey conducted in May of 2006, the lowest paid pharmacists still made close to $68,000/year, while the highest paid made over $116,000/year. The paid pharmacists in the lowest average salary range were typically those who worked in hospital settings or in other medical institutions. This sub-group of pharmacists had the lowest average salary in the country, with the median total of their salaries coming in close to $2,000/year less than the national median for all pharmacists.
Those pharmacists who chose to work in department store chains had the highest average pay of any specific work group, with a median salary close to $100,000/year – close to a full $4,000/year more than the national average. Of course, with the difference in work settings comes a difference in duties and responsibilities. A pharmacist working in a busy chain pharmacy can expect to see and treat many more patients than a smaller, rural pharmacist. In addition, the chain pharmacist may need to work odd hours to cover evening or weekend shifts at a 24-hour store.
According to another survey conducted by Drug Topics Magazine, institutional pharmacists – those working in labs and research facilities – made an average of $5,000/year more than pharmacists who worked in chain pharmacies. The survey also showed that part-time pharmacists made an average of $55,000/year. While certainly not comparable with the salary of a full-time pharmacist, this is still a considerable salary for a part-time position, making it an appealing option for individuals who want to earn a decent living while raising a family at the same time.
A final factor to consider – if, perhaps, you really wanted to work as a pharmacist who specialized in dealing with cancer treatments and drugs, you could expect to have a completely different salary than someone who wanted to deal more with people and work in general pharmacy setting. However, it's safe to say that on the whole, a pharmacist will earn between $70,000/year and $120,000/year, depending on their level within the company and their overall duties. For example, those pharmacists who perform administrative duties will be paid more than general staff pharmacists. If you're interested in pursuing a career as a licensed pharmacist, consider these various factors to decide whether or not the job makes financial sense for you.
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