Many pharmacists are so dissatisfied with the profession that they would not recommend it as a career, the C+D salary survey suggested.
Sixty three per cent of employed pharmacist and locum respondents said they would not endorse pharmacy as a career.
Such feelings have implications for both staff motivation and performance and for recruitment of young people to the profession.
Fin McCaul, chairman of the Independent Pharmacy Federation, said the findings were "bad news for pharmacy".
But he added: "Low morale at the minute is hopefully just a blip."
Jane Lumb, Numark's training manager, reminded pharmacists that the profession still offers a unique opportunity to add value to a community while running a business.
A possible reason for the lack of job satisfaction is the problems pharmacists have faced when trying to take on additional services and clinical roles.
Roger Walker, professor of pharmacy practice at Cardiff University, said many pharmacists consider themselves overqualified for what they do, "particularly those who continue to work in dispensing factories with ever-growing workloads".
Will Swain, a young pharmacist at Weldricks, said he hoped the future of the profession was not in the dispensary, saying pharmacists should be released from this "ball and chain".
However, Mr Swain felt some pharmacists could do more to help themselves. They could accept that the profession is changing, for example, and attempt medicines use reviews, he said.