An Elective Course in Personal Finance for Health Care Professionals

By Chui, Michelle A. | American Journal of Pharmaceutical Education, February 2009 | Go to article overview

An Elective Course in Personal Finance for Health Care Professionals


Chui, Michelle A., American Journal of Pharmaceutical Education


INTRODUCTION

The ability to manage personal finances has become increasingly important. Retirement, children's education, down payment for a house, a car loan, and substantial student loan debt load are some of the situations that graduating pharmacy students must grapple with as they begin their careers.

Many Americans have inadequate knowledge of personal finances and fail to make correct decisions because they have not received a sound education in personal finance. (1) Many workers do not save adequately for retirement and make investment decisions that are too conservative, thus not providing sufficiently for a financially secure retirement. (1,3,8) Furthermore, personal financial problems stemming from inappropriate financial decisions have a direct and negative impact on employee productivity. (9)

Most Americans have little debt when they begin their careers, but as their salaries increase, their debt does as well. Unlike most Americans, pharmacy graduates of ten begin their careers with significant debt, and with high salaries. Without the luxury of time and experience to become competent in handling personal finances, pharmacy graduates usually face a steep learning curve. Contracts for sign-on bonuses are confusing and complex, and naive students are sometimes not aware of the disadvantages of accepting such contracts. Significant debt in the form of school loans can pressure students to grab the highest paying position available without taking time to evaluate other quality of work-life considerations or postgraduate education.

While no studies have been conducted on pharmacy students, or more generally, professional or graduate students, an analysis of personal finance literacy among college students across 13 college campuses showed failing scores in all areas of personal finance, including savings and borrowing, insurance, and investments, as well as general knowledge. The low scores were due to a lack of emphasis on personal finance education in the curricula. (10) DeNuzzo and Denio suggested the need for teaching additional personal finance material in pharmacy schools. (11)

One of the overarching goals of any elective course within a pharmacy curriculum is to provide students with the knowledge and skills to be successful in their field or specialty of choice. An elective course in personal finance may provide students and future pharmacists with the tools to focus on career development, and to free them from feeling locked in a job because of salary and benefits that come with employment tenure.

We observed that some students, burdened by impending student loan payments, were assessing whether doing a residency would make good financial sense for them. Other students were weighing the advantages and disadvantages of accepting substantial sign-on bonuses from employers. In 2002, students approached the course coordinator to consider offering a personal finance course for pharmacy students. The course coordinator conducted an informal needs assessment of students to determine interest in the course. The course coordinator conducted a search in both Medline and International Pharmaceutical Abstracts (IPA) to determine whether pharmacy or other health professional programs published information about such a course. Many large undergraduate institutions provide a course in personal finance, usually in a business school. Numerous syllabi and textbooks were found online. However, most of these courses were comprehensively designed as 3-unit courses to be taught over a 15-week semester (a total of 45 hours), in lecture format, with multiple-choice examinations used for evaluation.

DESIGN

Personal Finance for the Health Care Professional (PPRA 648) was an elective course designed to address the need for personal finance training in health professions curriculum. It was offered as a brief 1.5 unit course to second-year students in an accelerated, 3-year doctor of pharmacy (PharmD) program during the spring or summer quarter. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

An Elective Course in Personal Finance for Health Care Professionals
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.