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Career Enhancement

Finance

Financial management is a necessity during one's career. For recent graduates with student loan debt to the pharmacists that have been in practice for several years, we have compiled resources to assist you in your financial journey.

College of Pharmacy Personal Finance instructor, Jim Davis, has provided information on investing, retirement planning, and paying off debt to help our students and alumni be as successful as possible. Refer to KPIC Resources below to access two videos that he has created on these topics. For students, we recommend taking the Personal Finance pharmacy elective class offered through the College of Pharmacy to have a better understanding of personal finances and learn more about managing money wisely. 

Your Financial Pharmacist is a company that provides online resources, calculators, podcasts, and more to help pharmacists with financial planning. Free initial consultations with financial advisors are offered regarding specific topics such as home-buying, paying off loans, and more. 

Budgeting is adviseable to help determine the salary needed to pay expenses. The KCES Budget Calculator, an excel document, is a simple way to get started. Calculators/formulas are embedded in the document to assist in determining monthly disposable/net income based on a salary amount. Also contained is a list of additional payments that are supplemental, but may need to be included in a budget.  This document is not intended to be inclusive of all expenses, but rather used as a guideline.

Online platforms can be accessed from a computer or cell phone. You Need a Budget offers college students a free one-year trial. Mint is another online budget site. These, as well as other sites, may be a resource one wishes to utilize during pharmacy school to build a strong habit of having a budget. It can also assist recent graduates preparing for a smaller salary if pursuing a residency or fellowship program after graduation. 

Lastly, when setting financial goals, one may wish to supplement their salary. Your Financial Pharmacist has compiled a list of ways pharmacists can make additional income.   Additionally, several UofSC COP alumni have been successful in running small businesses that are non-pharmacy related including a photography business, a resin-art studio, and a pharmacy job assistance consultancy. We include this information as a reminder that passions/interests outside of the pharmacy profession can be intergrated into one's life without sacrificing practicing pharmacy.

 

KPIC Resources Online Budget Applications Other Resources
Investing & Retirement - Part 1 You Need A Budget Your Financial Pharmacist
Investing & Retirement - Part 2 Mint Dave Ramsey-Financial Expert, Coach, and Advisor
KCES Budget Calculator   14 Practical Ways to Make Extra Money as a Pharmacist

 

If you find our resources helpful or have suggestions for additional resources to include, please let us know here.