In recent years the topic of pharmacist salaries often comes up during conversations. They come up in the work environment, happy hour, family parties, and when I do volunteer work. Questions that come up include: “How much do pharmacist make?”, “How much do you make per hour?”, “What do pharmacist make per year?”. It is interesting because pharmacist salaries can vary widely depending on several factors. This can include:

Pharmacist Salaries

  • Type of pharmacy practice
  • Pharmacist Experience
  • Pharmacist credentials such as specializing and certifications
  • Geographic Location
  • Network can also play a role

I find people focus primarily on gross pay when it comes to compensation.  The overall compensation can be significantly more depending on the BENEFITS package. Here are some examples:

Pharmacist – Company ABC

  • Gross Annual Income $120,000 ($57.69/hr)
  • Health/Dental Insurance Cost Per Month $450 for a family of 4 ($5400 total cost per year)
  • Includes Retirement Plan with 1% Company Match ($1200 Company Match per year)
  • 80 Hours a year Vacation Time

*Total Compensation = $115,800 

Pharmacist – Company XYZ

  • Gross Annual Income $110,000 ($52.88/hr)
  • Health/Dental Insurance Cost Per Month $100 for a family of 4 ($1200 total cost per year)
  • Retirement Plan includes 8% Company Match ($8800 Company Match per year)
  • 160 Hours a year Vacation Time (80 hours = $4230.40 dollars more than Company ABC per year in compensated time)
  • $1,000 allowance for Continuing Education
  • $150 for license renewal
  • $100 a month for Bus Pass ($1200/yr)

*Total Compensation = $124,180.40

As you can see Pharmacist ABC grosses about $10,000 more per year at a glance. If you look more closely at the numbers and overall compensation, Pharmacist XYZ makes significantly more with benefits included in the equation.

This is something everyone should consider when reviewing a job offer. Benefits can play a huge part in your overall compensation. Don’t just look at your hourly rate but consider the entire package. There are other factors to consider as well such as:

  • Rate of Annual Raises
  • Long Term Disability
  • Life Insurance
  • Number of Paid Holidays
  • Pension
  • Health and Fitness Programs
  • Paid Maternity Leave
  • Sick Time
  • Floating Holidays
  • Shift Differentials
  • Stock Options
  • Severance

What are other things you would consider when you are reviewing a job offer?

I hope the recommendations above will help guide, motivate, and inspire you to achieve your goals. Follow my blog for more tips and advice on finances and being a pharmacist. What are your experiences? Please comment below and share your thoughts.