Timothy Ulbrich, PharmD, is a cofounder and CEO of Your Financial Pharmacist (YFP). Founded in 2015, YFP is on a mission to help pharmacists achieve financial freedom through fee-only, virtual comprehensive financial planning services and various free resources.
Crossing the finish line of the PharmD program means you stand at the crossroads of your career and it’s time to sign that shiny new job offer. But hold on, future pharmacist, there’s more beneath the surface than just the salary figure.
I’ll never forget the day I got my first job offer in 2009. I took the call during a clinic day for my residency, and—I kid you not—the call didn’t last for more than a few minutes. I’m pretty sure I interrupted my future boss to say “yes!” enthusiastically as I rushed the call to go share the good news with my family, coresidents, and preceptors. I was thrilled to be entering into an academic position and finally earn that mystical six-figure income that everyone talked about. While I worked for that organization for nearly 10 years and thoroughly enjoyed that work, I made all the classic mistakes when it comes to navigating a job offer.
I didn’t ask about things beyond salary. I didn’t ask for it in writing before saying yes. I didn’t give some space to allow for time to review the offer and talk with my mentors. I didn’t negotiate.
So, in the spirit of wishing I had done it differently, here’s your go-to guide for dissecting your first job offer and ensuring you’re making a choice that aligns with your goals and values as a new practitioner.
It’s more than the money: Understanding the offer beyond salary
Yes, I know the salary is the star of the show—but don’t let it outshine the entire ensemble of benefits. Consider your salary as the sizzle in that enticing steak, but remember, the sides are just as important. Dive into each aspect of your benefits package to identify its real value. This includes salary plus benefits such health insurance, retirement plans, disability insurance, life insurance, paid leave, and much more.
Let’s take a look in more detail at two big areas of the benefits package: health insurance and retirement plans.
Health insurance: How much will the premiums cost for your employer-provided health insurance? What is the deductible and maximum out-of-pocket costs? Does it have a health savings account component? Are your providers in-network? Since this may be your first time purchasing health insurance on your own, it’s worth taking the time to understand the benefits and what you are (or are not) getting.
Retirement plans: Check the details of the employer-sponsored retirement plans like the 401(k) or 403(b). What’s the match offered by the employer and, assuming there is a match, when do you have those funds available to you (known as vesting) should you end up leaving that employer? Is there a waiting period before that match begins? Do they have a Roth version of the 401(k) or 403(b)? These are just a few of the considerations with an employer-sponsored retirement plan.
Paid time off: The hidden gem
Not all paid time off (PTO) is equal. Is sick leave treated separately from vacation? What do the parental leave options look like when adopting or having a child? Is there a waiting period until you can access certain leave benefits? Is the PTO “use it or lose it,” or can it accrue from one year to the next? Furthermore, some employers pay out unused PTO when separating employment, and that’s good information to know should you be with an employer for a short period of time (e.g., residency or fellowship) or make an unanticipated early exit.
Work conditions: Where happiness meets employment
In the excitement of saying “yes” to the first job offer, it’s common for a new practitioner to overlook some of the nonmonetary factors tied to the job. I’m referring here to things like the work environment, culture, opportunities for growth, mentorship programs, and mission of the organization, to name a few. Especially transitioning from an educational setting to a professional one, finding the right balance can profoundly affect your job satisfaction.
Do your homework on the company culture—after all, you want to love what you do and not just count down to paydays.
Look out for potential red flags
Every offer shines brightly until you peer into the specifics. Terms like “discretionary bonuses” or variable work schedules necessitate a clear understanding. Before you say yes to the offer, trust but verify. Written confirmation is your safety net—don’t leap without it.
The art of the counteroffer: Yes, even for newbies!
Most offers come with an expectation from employers for a counteroffer. That can feel like uncomfortable waters to navigate for the first time. There’s an art to negotiation that starts with understanding what leverage you do or don’t have. And just because you’re fresh out of school or postgraduate training doesn’t necessarily mean you don’t have leverage.
Looking for a job in a remote area where recruitment is difficult? That’s leverage. A respectful negotiation can increase the value of your offer all the while projecting confidence and ambition—traits that employers value.
Research and network like an insider
Pull back the curtain by connecting with your future coworkers. They’re the hidden gems who can provide insights beyond the offer letter. These individuals are especially helpful in navigating questions outside of salary such as work culture, opportunities for advancement, and mission/outlook of the organization.
In today’s professional world, evaluating your job offer is about finding a balance that aligns with your long-term goals and personal well-being. Remember, this is just the opening act in your pharmacy career story, so give yourself some grace along the way knowing this won’t be the last time you have an opportunity to practice these skills.
For more financial tips, resources, and information, check out YFP’s book Seven Figure Pharmacist, visit the YFP website, and listen to the YFP podcast.
Disclaimer: The information in this article is provided to you for your informational purposes only and is not intended to provide, and should not be relied on for, investment or any other advice. Read our full disclaimer here.