Is pharmacy school worth it in 2024?
The average debt at graduation for pharmacy school is $146,014 according to NCES data.
However, pharmacists go on to earn pretty nice salaries – an average of $136,030 per year according to the BLS.
While pharmacy school is expensive, it’s still worth it, especially if you attend a pharmacy school with a debt-to-earnings ratio below 1.0.
The best-value pharmacy schools are Northeastern University, Butler University, and the University of Pittsburgh.
Knowing whether to commit to pharmacy school can be a tough call. We’re here to shed some light on the matter with cold, hard facts.
Earning $136,030 per year on average, pharmacists make good money. However, pharmacy school – usually a 4–year commitment – is expensive, with NCES data indicating that the average PharmD holder graduates with $146,014 of debt.
So, given the expense, is pharmacy school really worth it in 2024? For many, the answer is a tentative yes – especially if you choose a high-value college or a direct-access pharmacy program.
In this article, we’ll discuss data on pharmacist earnings, give you the lowdown on the average pharmacy school debt, reveal the 29 pharmacy schools with a debt-to-earnings ratio below 1.0 (meaning they’re a worthwhile investment), and explain why a PharmD is a solid career choice financially.
Read on and invest in a PharmD with the confidence that you’ve made the right decision.
How much does pharmacy school cost?
The mean debt at graduation for the 78 pharmacy schools that disclose data to the National Center for Education Statistics, or NCES, is $146,014.
Meanwhile, in a 2023 report, the American Association of Colleges of Pharmacy (AACP) puts the median debt for pharmacy school at $158,00 ($200,000 at private institutions and $130,000 at public ones), with 82% of students stating that they borrowed money to pay for their pharmacy degree.
Most pharmacists will be paying back these loans for 10-25 years, although there are loan forgiveness options for pharmacists working for the government or a non-profit.
How much do pharmacists make a year?
According to the Bureau of Labor Statistics (BLS), pharmacists earn a median salary of $136,030, or roughly $65.40 an hour, with jobs predicted to grow 3% by 2032 (which is about as fast as average).
Pharmacists working at pharmacies – usually called community or retail pharmacists – have a median salary of $131,290. Those who work at ambulatory healthcare services earn an average of $150,110, and pharmacists working in hospitals make an average of $144,460, according to the BLS.
Ambulatory, hospital, and research positions are harder to get and may require you to complete a 2-year residency – more on that later.
Also note that as a pharmacist (as with any job), your salary will depend heavily on where you work: thus, in California, pharmacists make an average of $157,280 according to the BLS, while pharmacists in some states make as little as $99,140. Of course, states with higher average salaries usually also have higher costs of living.
Early-career pharmacist salaries
According to data sourced from the NCES, the average salary for pharmacy school graduates (regardless of where they work) is $128,802 just 4 years after graduation.
So, is pharmacy school worth it?
Tentatively, yes. While pharmacy school is expensive and involves a lot of student loans, most pharmacists earn enough money after graduation that a PharmD still ends up being a smart investment.
The average debt-to-earnings ratio for pharmacy schools that submit data to the National Center for Education Statistics is 1.15, with the top 29 programs (see our table below) having an exceptional debt-to-earnings ratio of below 1.0.
Pharmacy school is an even better deal if you enroll in a direct-entry program right after high school, as this lets you skip 2 years of bachelor’s studies.
The pharmacy schools with the best debt-to-earnings ratio are Northeastern University, Butler University, and the University of Pittsburgh.
Meanwhile the 3 worst-value pharmacy programs are Chapman University (debt-to-earnings ratio of 3.13), Keck (3.02), and the Medical University of South Carolina (2.11).
The 29 best-value pharmacy degrees in the country
A total of 29 colleges of pharmacy in the U.S. have a debt-to-earnings ratio below 1.0, according to data sourced from the National Center for Education Statistics. For a full exploration of the best pharmacy schools by value for money, see our detailed ranking page, which has information on NAPLEX pass rates, standardized test requirements, and more.
| College | Earnings | Debt | Debt-to-earnings ratio |
|---|---|---|---|
| Northeastern University | $134,794 | $37,167 | 0.28 |
| Butler University | $128,398 | $41,000 | 0.32 |
| University of Pittsburgh, Pittsburgh | $127,053 | $41,000 | 0.32 |
| University of Rhode Island | $128,575 | $49,650 | 0.39 |
| The University of Montana | $127,040 | $50,640 | 0.40 |
| Duquesne University | $123,992 | $52,000 | 0.42 |
| Albany College of Pharmacy and Health Sciences | $134,325 | $66,000 | 0.49 |
| Wilkes University | $127,945 | $66,000 | 0.52 |
| University of Kansas | $131,534 | $71,000 | 0.54 |
| West Virginia University | $128,687 | $74,824 | 0.58 |
| Texas Southern University | $127,953 | $74,412 | 0.58 |
| North Dakota State University | $129,311 | $79,304 | 0.61 |
| Southwestern Oklahoma State University | $126,819 | $86,800 | 0.68 |
| Idaho State University | $133,196 | $92,250 | 0.69 |
| St. John’s University, New York | $135,501 | $96,870 | 0.71 |
| The University of Findlay | $125,584 | $96,413 | 0.77 |
| Purdue University | $132,000 | $99,174 | 0.75 |
| University of Mississippi | $130,509 | $100,500 | 0.77 |
| MCPHS University | $132,849 | $104,556 | 0.79 |
| Ferris State University | $128,881 | $103,000 | 0.80 |
| University of South Carolina, Columbia | $125,398 | $113,000 | 0.90 |
| Long Island University | $125,308 | $102,669 | 0.82 |
| Texas A & M University, College Station | $139,164 | $133,620 | 0.96 |
| University at Buffalo | $132,793 | $123,815 | 0.93 |
| Marshall University | $130,279 | $123,600 | 0.95 |
| Ohio Northern University | $90,846 | $66,000 | 0.73 |
| University of Wisconsin, Madison | $130,220 | $127,000 | 0.98 |
| Southern Illinois University, Edwardsville | $130,805 | $127,762 | 0.98 |
| University of Arizona | $131,937 | $129,884 | 0.98 |
Saving money with early-assurance pharmacy programs
Early assurance pharmacy programs, also known as direct-entry pharmacy programs, allow motivated students to save time and money by entering pharmacy programs right after high school.
Early assurance pharmacy programs usually take 6 years to complete – 2 years are spent on general education and pharmacy prerequisites (basically pre-pharmacy school), followed by a full-fledged 4-year PharmD program.
Early-assurance students are guaranteed a spot in competitive pharmacy schools. In other words, you won’t have to reapply for the PharmD program after you finish your first 2 years of prereqs.
Planning ahead and enrolling in an early-assurance pharmacy program can make a huge difference in your debt burden as a working professional, because you will have saved a lot of money by skipping a traditional bachelor’s.
Other ways to become a pharmacist without a bachelor’s
Curiously, many pharmacy schools do not require you to have a bachelor’s degree to enroll.
However, you will need to complete some pre-requisite science courses. These usually include biology, chemistry, math, genetics, anatomy, and other subjects.
If you don’t want to pursue a bachelor’s degree and you can’t find an early-assurance program that suits you, you can take your pre-requisite courses through an associate program or through the college whose PharmD program you plan to apply to.
Pharmacy school vs medical school and other healthcare degrees
While pharmacy school is cheaper than medical school, doctors earn a lot more money in the long term, making an M.D. a more lucrative investment down the road. See our table below for debt and earnings figures.
That said, the journey to becoming a doctor is longer and more difficult. Pharmacy school is much easier to get into than med school (86.8% of applicants were successful in 2022-2023), and pharmacist training is potentially shorter, as pharmacy residencies are optional and only take 2 years.
Compared to other advanced healthcare degrees, a PharmD is an excellent educational investment. On average, pharmacy school has a low debt-to-earnings ratio.
That means that pharmacists make good wages even accounting for the student loans they need to pay back.
In the table below, we show debt and salary figures from the NCES for various advanced healthcare degrees. The NCES collects data on average earnings of degree holders 4 years after graduation (regardless of their job). We also included earnings data from the Bureau of Labor Statistics (BLS) which collects data on median earnings for individual professions throughout workers’ careers.
Note that our debt-to-earnings ratio uses early-career NCES data. This puts medical schools at a disadvantage, as many doctors are still completing their residencies 4 years after graduation.
| Program | Average debt | Average annual earnings, 4 years after graduation (NCES) | Median annual earnings (BLS) | Debt-to-earnings ratio |
|---|---|---|---|---|
| Pharmacy school | $146,014 | $128,802 | $136,030 (pharmacists) | 1.15 |
| Physical therapy school | $107,846 | $75,459 | $99,710 (physical therapists) | 1.44 |
| Optometry school | $177,886 | $110,025 | $131,860 (optometrists) | 1.65 |
| Dental school | $264,605 | $139,034 | $170,910 | 1.96 |
| Medical school | $188,347 | $92,771 | $239,200+ (physicians and surgeons) | 2.09 |
| Chiropractic school | $196,185 | $49,061 | $76,530 (chiropractors) | 4.08 |
Source: NCES and BLS
Do pharmacists have to do residency?
You can choose to pursue an optional residency after you graduate from pharmacy school.
Residencies take 2 years; they are divided into Postgraduate Year 1 (PGY1) and Postgraduate Year 2 (PGY2). PGY1 involves general pharmacy training, while in PGY2 trainees choose an area of specialization.
Applicants are matched to residency programs by the American Society of Health System Pharmacists.
Some residency programs are highly selective, so make sure you get good letters of recommendation, maintain a high GPA in pharmacy school, and acquire hands-on experience to be a competitive candidate.
Is pharmacy residency worth it?
Pharmacy residencies open the doors to better-paid clinical positions. However, you will be earning much less than a full-fledged pharmacist during the 2 years you pursue one.
According to Glassdoor, the typical stipend for a pharmacy residency is $50,000 to $74,000 in PGY1. Given your pharmacy school debt, this can be an unpleasant couple of years financially.
If you want to work in more competitive branches of pharmacy (such as inpatient, ambulatory, or oncology pharmacy), you will probably need to complete a residency.
Pharmacy graduates without residency experience tend to work in retail and community pharmacies (think CVS or Walmart).
Final thoughts
Pharmacy school can be a very lucrative educational investment – especially if you start planning for it right after high school.
Pharmacy students who combine their bachelor’s studies with a PharmD degree can enter a high-earning, stable profession while mitigating their undergraduate student debt.
To become a financially stable pharmacist, consider one of the high-value PharmD degrees on our list. You’ll be able to rest assured that you’ve made a sound decision – at least economically.
Not sure pharmacy is for you after all? See our list of high-paid allied health jobs that don’t require too much schooling.
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