“The eighth highest paid occupation for men in the United States is also the third highest for women among more than 460 detailed occupations. It is a profession that was once dominated by men working in independent practice, many of whom owned their own businesses. But for the past three decades more than 60 percent of new hires in this occupation have been women and most have been hired by large corporations, the government, and hospitals. Few work long hours and part-time employment is common, particularly among women. The educational requirement to enter this field was until recently a five-year undergraduate degree; in the past decade it changed to a six-year combined BS and doctoral program. Does a highly paid, relatively short-hour, moderately high education, majority-female occupation sound too good to be true? It is true and the field is pharmacy.”
The above excerpt is from a recently published paper from two Harvard University economists on the gender wage gap in the U.S. In the article, it states that “pharmacy has become a female-majority profession that is highly remunerated with a small gender earnings gap and low earnings dispersion relative to other occupations. We sketch a labor market framework based on the theory of equalizing differences to integrate and interpret our empirical findings on earnings, hours of work, and the part-time work wage penalty for pharmacists“.
They conclude by saying that “the changing nature of pharmacy employment with the growth of large national pharmacy chains and hospitals and the related decline of independent pharmacies played key roles in the creation of a more family-friendly, female-friendly pharmacy profession. The position of pharmacist is probably the most egalitarian of all U.S. professions today.”
For those of you new to the blog, I am a pharmacist by training, which is why I also believe that pharmacy is a pathway to the 1 percent. Unlike going into medicine, which is a fine profession that will almost guarantee you being in the 1 percent, pharmacists don’t always meet the 1 percent threshold, but it is possible. Most pharmacists will likely not reach the 1 percent. In order to reach the 1 percent in pharmacy, you need to climb up the proverbial ladder of corporate America. That’s not to say it’s not attainable, but you must have an appetite for it. There are some careers in pharmacy that will get you there faster than others, and this website outlines all your options.
So if you’re interesting in learning more about the pharmacy profession, click here to visit an excellent resource online that discusses the myriad of career options for pharmacists as well as what it takes to become a pharmacist.
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