Written By Caitlin See
Pharmacy graduates leave school with an average student debt of $170,444, according to 2022 data from the American Association of Colleges of Pharmacy (AACP). With such a high debt burden, pharmacists expect to be paid generously. But an influx of new pharmacists each year creates a competitive job market that could limit your job prospects in the future.
Fortunately, the pharmacy field has many high-paying specialties — from pediatric pharmacy to oncology pharmacy — that provide increased income and an alternative career path.
Read on to learn about the top 10 highest paying pharmacy jobs and specialties.
10 Highest paying pharmacy jobs
The Bureau of Labor Statistics's (BLS) most recent data (2021) estimates that the average annual salary for pharmacists is $125,690. For reference, the bottom 10% of pharmacists earn $76,840 and the top 10% earn $164,590.
Pharmacist salaries vary depending on where you live, the healthcare setting you work in, and your own education and experience. For example, pharmacists working in California versus Alaska might have notably different salaries.
But a high-paying pharmacy specialty could increase your earning potential.
We’ve put together the highest paying pharmacy jobs based on the average national salary (base pay only) in April 2023 data provided by Glassdoor:
10. Compounding pharmacist
National average salary: $96,270
Compounding pharmacists work in controlled medical facilities or laboratories and are responsible for customizing medications for a variety of reasons. For example, medications might need alterations to account for allergies (e.g. removing ingredients, such as gluten or dye) or to adjust the strength based on individual patient needs.
All PharmD students learn basic compounding as part of the core curriculum. But specialized training and continuing education can set you apart.
Organizations like the Professional Compounding Centers of America offer online and in-person programs for a variety of specialty areas, such as hormone replacement therapy and veterinary compounding.
9. Community pharmacist
National average salary: $110,785
Community pharmacists are on the frontline serving customers in retail pharmacies, drug stores and healthcare facilities. They’re responsible for preparing and dispensing prescriptions. But they also provide guidance on over-the-counter medications and counseling for general health and illnesses.
However, the job outlook for community pharmacists isn’t great considering more people are filling prescriptions via mail order and online. Additionally, many retail environments are relying more heavily on lower-paid pharmacy technicians to perform many tasks traditionally handled by pharmacists.
8. Informatics pharmacist
National average salary: $118,715
An informatics pharmacist (IP) uses their PharmD and information technology knowledge to help streamline care and improve accuracy within the healthcare system. This is a fast-developing field with opportunities to expand your expertise while promoting safe optimal use of medications and technology.
Specialized knowledge can be gained through a PGY1 or PGY2 residency in pharmacy informatics. However, these residency opportunities can be limited.
7. Nuclear pharmacist
National average salary: $121,020
Nuclear pharmacy improves public health through safe and effective use of radioactive drugs for diagnosis and therapy purposes. This includes procuring, preparing, compounding, dispensing and distributing radiopharmaceuticals.
A BPS nuclear pharmacy specialty certification can be earned through a nuclear pharmacy residency or internship. It can also be attained by satisfying requirements set forth by the U.S. Nuclear Regulatory Commission (NRC).
6. Hospital pharmacist
National average salary: $124,769
Hospital staff pharmacists play a critical role in caring for patients in hospital settings, where there tends to be more complex diseases and chronic conditions. There’s a high level of collaboration with other healthcare professionals to monitor and adapt medication therapy while patients are in the hospital and before being discharged.
Specialized knowledge and experience are generally gained by completing a one- or two-year residency in a hospital setting.
5. Ambulatory care pharmacist
National average salary: $129,670
Ambulatory care pharmacists provide specialized knowledge and expertise to patients transitioning from the hospital to home or to another care facility. They provide short- and long-term direct patient care, assisting in managing patients between provider visits.
BPS provides an ambulatory care pharmacy certification that requires four years of practice experience (including 50% or more in ambulatory care domains), a PGY1 residency (plus one additional year of practice experience) or a PGY2 residency in an ambulatory care pharmacy.
4. Consultant pharmacist
National average salary: $129,964
Consultant pharmacists work in a variety of settings (e.g. nursing homes, ambulatory surgery centers, etc.) providing expert advice on pharmaceutical services, patient safety and drug therapy management. Pharmacists may also provide independent consultant advice to patients seeking individualized, expert advice.
3. Oncology pharmacist
National average salary: $131,141
Oncology pharmacy offers pharmacists the opportunity to provide medication therapy and direct patient care to individuals with cancer. This includes managing cancer-related and drug-related adverse reactions, or clinical situations not encountered in other disease states.
Pharmacists might be eligible for the BPS oncology pharmacy specialty certification with either four years of practice experience (including 50% or more in oncology pharmacy domains), completion of a PGY1 residency (plus two additional years of practice experience) or a PGY2 residency in oncology pharmacy.
2. Clinical pharmacist
National average salary: $131,631
Clinical pharmacists work in healthcare settings, like hospitals, outpatient clinics, emergency departments and managed care organizations (e.g. rehab centers). They work directly with physicians and patients to perform a full range of medication decisions.
1. Pediatric pharmacist
National average salary: $132,037
Pediatric pharmacy provides safe and effective drug use for children up to 18 years of age. This includes providing alternative dosages and specialized drug therapy monitoring for pediatric patients. Additionally, they’re responsible for educating children and their families about medications and overall health and wellness.
The Board of Pharmacy Specialties (BPS) offers a pediatric pharmacy certification for pharmacists who have at least four years of experience (including 50% or more in pediatric pharmacy domains), a PGY1 residency (plus two additional practice years) or a PGY2 residency in pediatric pharmacy.
Specialized knowledge and experience are typically gained through residency training and board certification.
Related: 27 Ways to Make Extra Money as a Pharmacist in 2022
Other high-paying PharmD jobs
Many pharmacy specialties not featured in this list provide six-figure incomes with additional certification and training. This includes BPS certifications in specialties like:
- Cardiology pharmacy
- Critical care pharmacy
- Emergency medicine pharmacy
- Geriatric pharmacy
- Infectious diseases pharmacy
- Nutrition support pharmacy
- Psychiatric pharmacy
- Solid Organ Transplantation pharmacy
Alternatively, the Certified Specialty Pharmacist Pharmacist (CSP) certification, could provide you with new career opportunities and increased earning potential.
Whether you’re currently in pharmacy school or already working as a pharmacist, there are a variety of paths you can take throughout your career that will continue to use your hard-earned PharmD.
