Taking the risk on residency

More than any other generation of pharmacy students, you have taken a sizeable gamble in deciding to become a pharmacist.  Most likely you are taking a large financial risk in going to school to study pharmacy and the chances that there won't be a paycheck to help you with those loans is higher than it has been for previous students.  Pursuing a residency position is yet another huge gamble.  What will happen if your time and effort spent networking, working on applications, and completing projects don't pay off? 

Around this time of year, Dr. Sebranek and I talk to a lot of students who are hesitant to take the gamble on a residency position.  They perhaps enjoyed and did well in their first two rotations.  Maybe a recent preceptor told them they would make a good resident.  Maybe they have heard that a residency will best prepare them to compete for the type of pharmacy position they want.  The problem is that they are unsure if the gamble is worth the effort.  Here are some questions you should ask yourself if you are finding yourself in this position.

1. What am I losing by putting time and effort into applying for a residency if I don't get one? How does that time and effort compare to what I've already invested in the profession?
2. What advice have I been given about my "chances?"  Do people (classmates, preceptors, mentors, faculty) seem surprised when I say I want to pursue residency training? Do people seem enthusiastic and encouraging?  What is in my power to change if my chances don't seem favorable in other's eyes?
3. How well informed do I feel about what I will get out of residency training?
4. What do I risk by spending my first (or second) year after graduation in residency training? What are the expectations of my friends and family? What do and don't they understand about the risks vs. benefits of completing a residency?

A recent study published in the American Journal of Health-System Pharmacists reveals the results of a survey of current residents and pharmacy faculty on the factors motivating students to decide to pursue or not pursue residency training.  The most common barriers were as follows: financial obligations (79%), a job was available upon graduation (45%), family obligations (37%), geographical limitations (28%), the belief that grades were not good enough (17%), competition for highly sought after programs (28%), disappointment of not matching (20%). 

I don't know about you, but I think it is a shame that 3 out of the 6 most common reasons have to do with fear and lack of confidence.  As you are thinking about your next steps, evaluate your fears carefully and take a hard look at the "worst case scenarios."