Is a pharmacy residency worth it?

Whether you’re halfway through pharmacy school or you’re just starting to think about becoming a pharmacist, there’s no question that the thought of doing a pharmacy residency will come up. Of course, your heart might be set on working in retail pharmacy. But if there’s any inkling that you’ll want to work in a hospital, managed care, or another clinical setting, then you may want to consider applying for a resident position. 

Applying for and completing a pharmacy residency is not a walk in the park. It’s a big commitment, and you’ll be competing with other students who may be vying for a spot in the same program. Many students who want to join a specific residency program are left searching for other options if they don’t get matched. That’s because there are fewer residency positions than pharmacist candidates; in 2020, there were almost 15,000 pharmacy school graduates and only around 5,000 residency positions.  

3 pros of a pharmacy residency 

Why do a pharmacy residency? There are several pros to completing a pharmacy residency. Many of the pros have to do with what a residency can do for your career. 

1. You’ll learn a lot

During a pharmacy residency, you’ll train and learn to work as a pharmacist with guidance from different preceptors. As a postgraduate year one (PGY-1) hospital resident, you’ll learn how to work in different areas, such as cardiology, oncology, and critical care. 

Although you may have been exposed to these settings during pharmacy school, the learning environment in a pharmacy residency is different since you’ll have more freedom as a licensed pharmacist. You’ll be able to verify prescription orders, check for drug interactions, and make dosage recommendations. If you’re someone who is hungry to expand your skills and knowledge in pharmacy, a residency could be something to look forward to. 

2. You’ll be better qualified 

After completing a pharmacy residency, you’ll be qualified to apply for positions that prefer or require one. As more and more hospitals and healthcare organizations require a residency, it’s becoming more advantageous to complete a PGY-1 and even a postgraduate year two (PGY-2). 

The organization where you complete your residency is likely to hire from its own pool of residents, and having a year or two of residency under your belt will show hiring executives that you have the appropriate training for the job. In addition, after completing a PGY-2 residency, you may be qualified to sit for a board specialty exam and become certified in a specific pharmacy area. 

3. You’ll make connections 

As a resident, you’ll be working with pharmacists who may be working on a similar career path to the one you aspire for. This gives you a chance to make connections with other pharmacists and learn from their experiences, skills, and lessons. Working well with these pharmacists might also mean the difference between getting hired at the same organization and having to apply elsewhere after completing a residency. 

If you had your sights set on working at a different organization after residency, it’d be beneficial to have good references to count on if needed. You’ll be able to practice interacting with physicians, healthcare providers, and other pharmacists as part of the healthcare team. 

3 cons of a pharmacy residency 

In addition to the pros of a pharmacy residency, there are some disadvantages that could sway you to look at other options. The cons of a pharmacy residency include the time investment and the opportunity costs. 

1. You’ll take a pay cut

One of the biggest reasons people forgo a year or two of residency is the pay cut. Many people who are thinking about going to pharmacy school don’t expect to earn less than a pharmacist after graduating. But the reality is that, if you’re wanting a certain job, you’ll have to make a pretty big financial sacrifice while pursuing a residency. 

Even after completing a residency, the increased pay might not be as substantial as you expect. When it comes down to the raw numbers, doing a pharmacy residency is not a financially sound decision, especially with the mountains of debt that a pharmacy student takes on throughout school. 

2. It’s a heavy workload

As mentioned, the schedule of a resident pharmacist can be quite heavy. With balancing the duties of a pharmacist and completing various projects, plus maintaining a personal life, you’ll have a lot on your plate as a resident. You could be working around 50 to 60 hours per week or more. Add in the time it might take to commute to work and you could be looking at very little free time. 

It’s important not to have any great expectations for doing much else besides focusing on your residency work, as programs will want to see that you’re committed. You’ll have to be very disciplined about your time management skills, especially if you want to manage your relationships, hobbies, and other activities outside of work. But your friends and family should be supportive either way if it means you’re pursuing something you really want. 

3. You may need to do more than one year 

While a PGY-1 can be sufficient for many clinical roles, a PGY-2 is typically required for specialized positions. These specialized areas include infectious diseases, oncology, psychiatry, cardiology, pediatrics, and pharmacy management. After graduating pharmacy school, you’ll be looking at a year of general clinical work followed by another year of focus in a specialty area until you start working as a full-fledged pharmacist. 

Some of the best accredited PGY-2 programs are only offered by certain institutions, which could require you to relocate to a different city or state. You’ll want to keep this in mind, especially if you have family or other responsibilities. 

Is a pharmacy residency worth it? 

The obvious answer is, it depends. When thinking about any important life or career decision, it’s a good idea to analyze the pros and cons. Ask yourself what you envision yourself doing, whether you’d enjoy it, and whether you’ll be capable of doing it. After all, you’ll be making some sacrifices to achieve your ultimate goals. 

Keep in mind, although people in the pharmacy world tend to emphasize the importance of a residency, it’s not the only way to go about getting a clinical job. Getting a PRN job at a local hospital may still be a viable way of getting a foot in the door. You could then work your way into a full-time position if the opportunity presents itself. However, you may have to put a little more work into showing your value without a residency. 

Do your due diligence

If you feel like a residency is right for you and your goals, then commit to finding the right one and researching the available programs. However, you should never feel pressured or obligated to pursue a residency, as there are different reasons why a pharmacy residency might not be for you. For instance, you might consider applying for a Master of Business Administration (MBA) if you’re interested in the business aspect of pharmacy. Another path that prospective pharmacy residents may overlook is that of a pharmacist who works in clinical research or the pharmaceutical industry. In this case, a fellowship program would be more suitable than a residency.

If you’ve thought about doing a residency and you’re still stuck deciding, ask for the opinion of pharmacists who are where you want to be. They can describe how their own experience led them to their current job. A mentor can also help guide you and provide tips on how to be a strong applicant. After balancing the pros and cons, you’ll have a better idea of whether a pharmacy residency is right for you.