How Much Money Does a Pharmacist Make a Year?
A pharmacist prepares and dispenses prescription medications to individuals. The pharmacist educates and offers advice to individuals regarding the medications. All states require licensure for pharmacists, which require the professional to meet educational requirements and pass an examination. According to PayScale, a job compensation database, the average salary for a pharmacist is between $80,851 and $113,569 as of December 2010.
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Experience
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The salary of a pharmacist increases with the number of years of experience he has in the business. The pharmacist with 20 years of experience earns an average salary of $95,671 to $118,339 while those with between one and four years earn an average salary between $70,434 and $101,655.
Location
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The geographic location of a pharmacist can cause the salary to increase or decrease according to the cost of living in the area. A pharmacist working in New York earns a salary range of $81,895 to $107,288 while those working in Texas earn a salary range between $60,634 and $101,781. The cost of living in New York City is 42 percent higher than in Dallas, according to Sperling's, an online database that compares cost of living for among various regions. Housing costs are 65 percent lower in Dallas than they are in New York City as well.
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Type of Employer
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Pharmacists may work for a government agency, company, college or hospital. A pharmacist working in a company earns an average salary of $75,751 to $108,515 and those working in a college earn a salary range of $41,677 to $97,861, according to PayScale. Pharmacists who are Federal employees earn a salary range between $81,951 and $114,413 while those working in a hospital earn a salary of $78,969 to $102,513.
Benefits
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Employers pay pharmacists benefits in addition to an annual salary. Some of the popular benefits offered to pharmacists include malpractice insurance, 401K plans, paid vacations, paid sick time and insurance. Benefits add value to the compensation package offered to employees in a pharmacy. According to the Bureau of Labor Statistics, benefits packages that include retirement plans, insurance and paid time off add almost 30 percent of the annual salary in value to the compensation package.
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References
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