BackgroundThe Australian Foundation Residency Program prepares new‐to‐hospital and early career pharmacists for extended roles and advanced pharmacy practice. An understanding of the outcomes residents perceive they achieve through completion of a residency and what supports them in their achievements is limited.AimTo explore pharmacists' experiences during their residency and what they perceive as its outcomes and their achievements.MethodFocus groups and interviews were conducted and recorded with 12 early career or new‐to‐hospital pharmacists who recently completed a residency program in an Australian hospital. Recordings were transcribed and analysed using inductive thematic analysis. Ethical approval was granted by the University of Queensland Human Research Ethics Committee (Reference no: 2021/HE001225) and the study conforms to the Australian Statement on Ethical Conduct in Human Research. Informed consent was obtained from all participants via the distribution of project information sheets and completion of written consent forms.ResultsFive distinct themes were generated from participants' discussions of their experiences and achievements throughout their residency. The outcomes and achievements they described included gaining the confidence to take on new and challenging roles as well as advancing their career by developing a deeper understanding of their role and potential in the healthcare system. Skill development was accelerated by the structure and assessment requirements of the residency program and by support from mentors, which positively influenced their attitudes towards feedback and competency assessments. Participants reflected on the differences between postgraduate university‐based learning and workplace‐based learning and saw benefits in both.ConclusionThe residency was reported to offer a structured and supportive training pathway for pharmacists in the early stages of their hospital pharmacy career. Completion of residency facilitates pharmacists' skill development and a deeper understanding of their roles. Dedicated and qualified mentorship and routine networking events between peers and past residents enhance these experiences and outcomes for residents.