Monday, December 29, 2014

Jobs for Pharmacy

Standard Occupational Classification #29-1051 Pharmacist
Standard Occupational Classification #29-2052 Pharmacy Technician
Standard Occupational Classification #31-9095 Pharmacy Aide

SOC Definition #29-1051-Pharmacist---Dispense drugs prescribed by physicians and other health practitioners and provide information to patients about medications and their use. May advise physicians and other health practitioners on the selection, dosage, interactions, and side effects of medications. Examples of other names in common use are apothecary; druggist; industrial pharmacist

SOC Definition #29-2052-Pharmacy Technicians---Prepare medications under the direction of a pharmacist. May measure, mix, count out, label, and record amounts and dosages of medications.

SOC Definition #31-9095-Pharmacy Aides---Record drugs delivered to the pharmacy, store incoming merchandise, and inform the supervisor of stock needs. May operate cash register and accept prescriptions for filling. Examples of other names in common use are dispensary attendant; prescription clerk

Both pharmacists and pharmacy technicians are classified as health care occupations. Pharmacy aides are in health care support occupations. Pharmacists have two-thirds of their employment in retail trade, mostly at pharmacies and drug stores, but some also work in grocery stores and department stores. Another 25 percent work at hospitals and a few more at clinics and nursing homes. A small percent are scattered in industries unrelated to health care like education and employment services.

Pharmacy technicians and pharmacy aides can only work with pharmacists, but they are more closely connected to retail trade than pharmacists. Over 70 percent of pharmacy technicians and at least 85 percent of pharmacy aides work in retail with almost all the rest at hospitals. The difference suggests retail trade make more intensive use of their pharmacists while hospital pharmacists do more of their own support work.

National employment as pharmacists was 287,420 in 2013. Jobs are up from 212,660 since 2000 in a steady increase. Annual average job growth equals 5,751 per year since 2000 at a growth rate of 2.34 percent, higher than the average for all employment. National employment as pharmacy technicians was 362,690 in 2013. Jobs are up since 2000 when jobs were 190,940. The annual average job increase equals 13,212 per year since 2000 at a growth rate of 5.06 percent, more than double the national growth rate for jobs. National employment as pharmacy aides was 42,250 in 2013. Jobs are down since 2000 when jobs were 59,890. The annual average job decline equals 1,357 per year since 2000 at a growth rate of –2.65 percent.

The Bureau of Labor Statistics is forecasting job growth for pharmacists at almost the same rate as the last 13 years at 12,330 per year through 2022. Because of anticipated turnover and retirements, openings, or growth plus replacement needs, are expected to be 29,640 a year. Forecast job growth for pharmacy technicians is 7,070 a year through 2022. Anticipated turnover and retirements are expected to create 10,590 openings a year. Forecast job growth for pharmacy aides is much smaller at 480 a year through 2022. Because of anticipated turnover and retirements, openings, or growth plus replacement needs, are expected to be 1,290 a year.

Pharmacists need a doctor of pharmacy degree from a program accredited by the Accreditation Council for Pharmacy education. There are 120 accredited programs and two programs on probation listed by the Accreditation Council. It was not always this way. Earlier pharmacy programs had specialty training at the BA degree level, but these programs have been phased out. Some of those working as pharmacists were trained under the old requirements, but new pharmacists must have the Pharm. D degree. Applicants should now expect seven years of study to finish the degree.

All pharmacists are required to pass state licensing exams before they can work as pharmacists. On-the-job training is not important in that pharmacists are expected to know the work before they can apply for a job or be a pharmacist. Work experience in a related occupation might help in some ways but is not necessary for entry.
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High school degree skills are adequate for pharmacy technicians and aides, although Bureau of Labor Statistics survey data indicate over half working as pharmacy technicians have some college or a college degree. Experience in a related occupation is not necessary, but qualified candidates need some short term on-the-job training working in a pharmacy to be considered fully qualified.

The National Center for Education Statistics reports degree data for America’s colleges and universities that can be compared with job growth and openings. There were 12,943 doctor of pharmacy degrees granted in June 2012, the last year of complete degree data. They were granted as 36 percent to men and 64 percent to women.

Degrees are up in 2012 from previous years at annual growth rates around five percent, much faster than the MD degree or dentistry. The ratio of relevant BA degree to openings equals .44, or 12,943/29,640, suggesting a likely shortage of qualified candidates to fill job openings.

The basic wage data from the BLS occupational employment survey includes a wage distribution. Averages are seldom used in wage data. A few high wages pull up the average and make it unrepresentative. Instead a distribution range of wages is published with the 10th, 25th, median, 75th, and 90th percentiles of wages. A 10th percentile wage means 10 percent working in this job have wages equal to or less than the 10th percentile wage and so on. Annual wages are converted to hourly wages by dividing annual wages by 2080

The entry wage for the national market in the 10th percentile for Pharmacists is reported as $89,000 in 2013. The 25th percentile wage equals $104,100. The median wage is $119,280, the 75th percentile wage equals $136,360 and the 90th percentile wage is $147,350.

The wages of Pharmacists have kept up with inflation for the last decade. For example, to have the buying power of the 2006 median wage of $94,250 in 2013, the Pharmacist wage would need to be $109,221.70. In stead it was $119,280, a 9.21 percent increase in the real wage for those seven years. Other years also show an increase in real wages.

The entry wage for the national market in the 10th percentile for Pharmacy Technicians is reported as $20,040 in 2012. The 25th percentile wage equals $24,440. The median wage is $29,650, the 75th percentile wage equals $36,270 and the 90th percentile wage is $43,230.

The wages of Pharmacy Technicians have kept up with inflation for the last decade. For example, to have the buying power of the 2006 median wage of $25 630, in 2013, the pharmacy technician wage would need to be $29,616.50. Instead it was $29,650, a .11 percent increase in the real wage for those seven years. Other years also show increasing real wages.

The entry wage for the national market in the 10th percentile for Pharmacy Aides is reported as $17,160 in 2013. The 25th percentile wage equals $19,070. The median wage is $22,580, the 75th percentile wage equals $28,050 and the 90th percentile wage is $35,680.

The wages of Pharmacy Aides have kept up with inflation for the last decade. For example, to have the buying power of the 2006 median wage of $19,440, in 2013, the Pharmacy Aides wage would need to be $22,463.70. Instead it was $22,580, a .52 percent increase in the real wage for those seven years. Other years also show increasing real wages.

Thursday, December 11, 2014

Be a Millionaire

I was speaking with a financial advisor but not at his office. It was at a party where there was lots of informal chit-chat over a nip of the grape. One thing he said to me and some others standing close by was meant as humor, a joke. It was “People sometimes ask me, How did you accumulate your first million? I tell them my simple strategy. Don’t buy anything.”

It got a laugh and it was funny the way he told it, his voice and exaggeration. Then he went on to tell about a personal choice he made back in the 1980’s after finishing college. The car he had was a used Chevrolet with no cachet, but it ran well and was reliable. The fancier car he wanted to buy at the time he said was $9,100. Of course he didn’t have the money, but he recalled the deal he got to buy it was $2,000 down and a three year loan at 7 percent for the rest. He didn’t buy the car but decided to take advantage of pension rules that allow savings to go untaxed in the stock market for decades. He claimed his “not buy a car” investment was worth around $100,000 dollars now.

Not buying a car put him 10 percent of the way to retiring a millionaire, but there are other goods and services that are relatively easy to do without or to substitute something much cheaper. Regular or monthly service charges for cable TV, storage lockers, gym memberships, newspaper, magazine and Internet subscriptions, cleaning services, yard services, and life insurance come to mind quickly.

Decisions not to buy deluxe cars, electronics and appliances over the budget models, or replace them early for the newer models can generate thousands of dollars at retirement. Even essential services like phone, heating and air conditioning allow more saving opportunities to become a millionaire.

How much buying to avoid and things to cut back to reach a million dollars depends on time and interest rates as it does in all financial accumulations. Assuming work starts between the ages of 18 and 22 and continues to the Social Security retirement age makes it reasonable to use forty years of work life to save for retirement. The many stock index funds give a comparable measure of expected returns for a retirement account. The Standard and Poors 500 index earned a 7.2 percent return for the decade ending 2014 assuming dividends were reinvested. For the past twenty-five years the Standard and Poors Index had a 9.4 percent return.

Using an 8 percent return rate and Microsoft Excel spreadsheet functions computes to $284.56 a month of consumer goods and services not purchased will be a million dollars at retirement in 40 years. Lets start by eliminating new cars and then cable television, storage lockers, gym memberships, and newspaper, magazine or Internet subscriptions, all of which have cheap and available substitutes.

In today’s economy a $20,000 new car is common. Put $2,000 down and finance the rest on a 60 month self amortizing loan at 4 percent interest and monthly payments will be $331.50. If a new college graduate invested the $2,000 down payment for 40 years and invested the $331.40 each month for 5 years and then invested that five year total for the next 35 years, the total comes to $428,604.33, assuming the stock market return rates of the past continue in the future.

Few people want to acknowledge the place of a car in their personal finances. Today’s cars can and do go 200 thousand miles. Compare two people who keep a car for 10 years and drive it 10 thousand miles a year. Over forty years the one who buys and drives that car for the last 10 years and the last 100 thousand miles can expect to retire a millionaire on the invested savings.

Many people worry about the age of their car and forget that most of the wearing out and many of the costs of ownership - tires, brakes, oil changes - depend on mileage, not age. Worry that an old car will break down and strand you in the middle of no-where and therefore you need a new one, turns into an expensive worry.

Moving on I found a variety of cable television packages on the Internet that ranged from $44.24 a month up to premium services of $112.94. A typical 5 by 5 storage locker will go for $49 a month. Bigger 10 by 10 lockers go for up to $89 a month. Gym memberships vary but range up to $36 a month. I found magazine, newspaper and Internet subscriptions from $1.00 a month up to $2.95 a month.

Home ownership allows opportunities to choose do it yourself work that renters have to cover in their monthly rent. Still many homeowners hire home cleaning services and yard services. I found a typical home cleaning services at $90 for three hours of cleaning once a month. I found basic yard services at $49 a mow up to $85 for premium services.

For phone service I found phone and Internets services for $39 a month instead of unlimited nationwide talk and text cell charges at $59.95 a month, plus $30.00 more for a two gig data package. Many run over the data limits and add more charges. Phone bills now routinely run over a $100 a month for many.

There are people and families without enough discretionary income to buy any of these services. Those who have discretionary income could be millionaires with a little planning. Drop the $44.95 of cable television expense and use an aerial. Drop the $49 storage locker and store your own junk, or get rid of it. Drop the $36 a month gym membership and do your own exercise for free. Give up ten magazine, newspaper and Internet subscriptions and save $10 a month. Drop the maid service and save $90 a month. Get a $39 dollar a month phone and Internet package and save at least $60 on the fancy cell and data service packages. The total monthly savings is $289.95 a month, even without saving on a car.

Will you suffer doing without these services? I can’t answer that for you, but I am gonna be millionaire.

Thursday, December 4, 2014

Needless Markup

Needless Markup

I have a friend who calls Neiman Marcus, Needless Markup, although probably lots of people do that. She still shops there but complains about the prices. I couldn’t resist the opportunity to report a modest but pleasing savings I made just three days before on a pair of $175 Nunn-Bush shoes. I got them for $7.99 at a Goodwill thrift shop. Better yet they were absolutely 100 percent new; not a scratch, not a scuff, on the tops, on the soles, anywhere.

Finding a brand new pair of shoes at Goodwill is lucky, but there is more to it than luck. Savings at thrift stores comes with strategy and patience. Never shop at a thrift store if you need something right away. If it’s Friday afternoon and you have to get new and respectable shoes for your sister’s wedding, then it’s not the time to go to Goodwill or any thrift.

Savings at thrift stores is a long term thing requiring regular, but short visits. At Goodwill stores and Salvation Army stores, especially in big metropolitan areas, the good stuff turns over very fast. That is important because infrequent visits mean lots of good stuff will come and go and you’ll never see it.

Frequent visits make it easier to spot the good stuff. Plan to stay twenty minutes to a half an hour, but never longer. Have a departmental route: pants, shirts, shoes, furniture, electronics, sporting goods, books and so on. Don’t linger. If the bargain is there, you will see it. If you stay too long you’ll get depressed looking at worn out stuff and begin thinking thrift shops are hopeless when they are not.

Thrift shops are a special preserve for those who like a challenge, but they pay off, especially when you find something you might not buy otherwise. The above mentioned shoes are only one of many fun buys. Include new to nearly new Ralph Lauren, Tommy Hilfiger, Bill Blass and Brooks Brothers shirts, Jos. A Banks pants, 3 all leather belts, New & Lingwood sweaters, a Harris Tweed sports coat, all bought for a song. Take that Needless Markup.