It depends on the choice of the individual. Residencies allow you to be more competitive in the marketplace versus no residency at all. In terms of earning a Ph.D., the residency will allow you to gain more understanding of the art of Pharmacy, while a Ph.D. program will require a more narrow focus creating an original body of research.
A residency allows you the opportunity to network and build collaborations for future scholarship. Build your confidence in your chosen field (teaching, clinic).
In a residency, the stipend is typically higher and the time in residency (one to two years) is much shorter than Ph.D. (typically five or more years to degree in Ph.D.) although your employment options are essentially the same.
Pharmacy residencies are more rarified versus graduate programs, which could enhance your attractiveness.
With a residency you may have more job opportunities, than with a Ph.D., which guides you towards teaching or research positions. Residencies could enhance your attractiveness to management positions in the retail or institutional settings.
A nice Internet source on this subject can be found at: http://www.ashp.org/Import/ACCREDITATION/ResidentInfo/WhydoResidency.aspx#
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