A pharmacy residency is an organized, directed, postgraduate experience in a defined area of pharmacy practice. Residencies offer additional knowledge and skills beyond the professional degree. Two general types of residencies are offered including PGY1 (Post-Graduate Year 1)/ pharmacy practice (e.g., community or health-system) or PGY2 (Post-Graduate Year 2)/specialized (e.g., adult internal medicine, clinical pharmacokinetics, critical care, drug information, geriatrics, infectious diseases, nuclear pharmacy, nutritional support, oncology, pediatrics, pharmacotherapy, primary care and psychotherapy). Most residency programs are one year in duration and most PGY2/specialized residency programs require the completion of a pharmacy practice residency. Most, if not all, residency programs offer a stipend in excess of $40,000.