Pet Peve: "you make good money, but you top out quickly"

[wnlbutterfly]

I hear teachers complaining because their payscale is set to where they do get a raise for "time served"..HA, but at a certain point it tops out (and not on the very high end of course) and the only way to add to the income past that is to take more classes or earn a Masters. A lot of teachers will do this, but some are too busy teaching and sending their own children to college. And of course it means taking on new debt maybe even student loans again.

I think it would be great to start out your career with a high end salary like that and a chance to be debt free early in your lifetime. With good budgeting they could really invest and come out WAY ahead! Good for them!

[cptacek]

I like how you think, WinCrasher! I completely agree!

[red92s]

As an engineer, I started off at a good salary, but the raises were generally 2 to 3% a year like clockwork. So I moved into project management, then eventually worked as a consultant. My first job in 1988 paid $27k a year. Last year I made ~ $297K. That may sound obscene to some of you. But I'm worth it. How do I know that? Because someone is willing to pay it. If they want to pay less, then I'm worth less. If more, then I'm worth more. That's how it works for all careers.

I'm in engineering also, but in the very early stages of a career. The above sounds very much like my idea of a career progression I'd like to follow. I had no idea the payscale went that high for project management, but I must have glossed over the consultant part . . . I've been blown away at what our corporation pays some of our consultants.

[toboramai]

I'm in engineering also, but in the very early stages of a career. The above sounds very much like my idea of a career progression I'd like to follow. I had no idea the payscale went that high for project management, but I must have glossed over the consultant part . . . I've been blown away at what our corporation pays some of our consultants.

I do consulting work. Its a hard life. Most consultants are not independent contractors so do not get the full amount paid out by the companies. Independent contractors make the real money.

[wincrasher]

You are right baby! You get to eat what you kill.

[Thriftina]

I am a pharmacist and by me starting off with a decent salary really helps me get on the ball with paying off my debt! People will always find fault in your accomplishments.

[cptacek]

I am a pharmacist and by me starting off with a decent salary really helps me get on the ball with paying off my debt!

I tell every high school student I can that if they have an aptitude for chemistry and biology, become a pharmacist. You get a doctorate in, what, 6 years? You get a good paying job right out of school, and it is the type of job that you can do in New York City, Osborne, KS (population 3,804), or any sized city in between.

Too bad I sucked at chemistry.

[Thriftina]

Forgot to add, with me being a pharmacist, I receive yearly bonuses and a raise. Granted it' s not a 20,000 raise, but it's a raise no less. Not to mention if I took another job right here, right now, I would be offered a hefty sign on bonus and would have to only stay with that particular company for 2 years tops.

[Thriftina]

I tell every high school student I can that if they have an aptitude for chemistry and biology, become a pharmacist. You get a doctorate in, what, 6 years? You get a good paying job right out of school, and it is the type of job that you can do in New York City, Osborne, KS (population 3,804), or any sized city in between.

Too bad I sucked at chemistry.

Well,now it is about 8+ years of school. Pharmacy is a great career, but due to all of the politics surrounding it, it can seem like you are just a pill dispenser and not a healthcare provider. This is why I refuse to work in the retail setting. You lose a lot of clinical experience working at say CVS.

[cptacek]

Please don't take what I said as a put down. I agree it takes a lot of smarts and you can't slough off school, but once you get through, you have a lot of options. A friend of mine did her degree in 6 (a special community college program that fed into a university program that total took her 6 years), but another friend of mine took 8.

The second now works 3 days a week and stays with her kids the other days and completely loves her schedule and that she can work in a small town. It is a great option if you have the aptitude.

[watsoninc]

Yeah I can see how this is a consideration in the medical field. Her situation is different in that she finished her degree at the age of 23 and was able to complete it without acquiring any debt . . . which greatly impacts the net earning picture when compared to the additional time and monetary requirements of an MD.

For pharmacy, there is always the option of going to work for the private drug companies if you don't like the idea of salary stagnation. Lord knows there is no profits there, right?

From what I recall don't you own your own practice? Does your bottom line just increase at an equal or greater rate than the rates for providing service (which always seem to go up)? I guess there is a chicken/egg discussion there, right?

I'm a pharmacist and can promise you that the average pharmacist DOES graduate with student loans, even at public schools. 4 years ago, the average pharmacist at my school graduated with over $60K worth of student loan debt. I presently know several with over $100K (some at public schools). I did graduate at 23, but I went into a direct program after high school for six years. Most pharmacists don't enter such a program. In fact, an increasing trend is for pharmacists to obtain a bachelors degree first to become more competitive. Not only does this delay work further (& increase student loan debt for many), but just like medical school, this means that becoming a pharmacist can take 8 years (4 years bachelors + 4 years pharmacy school). Although pharmacists are not required to do residencies and fellowships, many elect to do them because they want to impact health care in a different way than doing retail pharmacy. This means that it can take an additional year to 4 (2 years of residency + 2 years fellowship) before making in real income (that means up to 12 years without real income). I know several who went this route.
Some pharmacists like some other professionals optometrists, dentists, and several others with professional degrees can enjoy high incomes upfront, but it really depends on what you want to do with your degree.

BTW, most pharmacists I know who work for industry start off making less than retail pharmacists. Of course, the salary can increase to higher than retail, but that's dependent on them and is not a guarantee. Although this may potentially rid you of stagnation, it is largely dependent on what type of company you are at (large pharma, mid pharma, small pharma, biotech, etc) & your role at the company. For example, some companies have glass ceilings which make further advancement pass certain positions difficult for pharmacists who don't have a Ph.D. or MD, etc.