The starting salaries for new veterinarians rose in 2023, according to the American Veterinary Medicine Association’s Graduating Senior Survey. In addition, educational debt levels remained steady, leading to a 1.3-to-1 debt-to-income ratio, which was down from 1.44-to-1 in 2022.
“Student debt has been a big topic of discussion over recent years,” said Dr. Chris Doherty, the AVMA’s assistant director for strategic business research and outreach. “We can see that from 2001 to about 2020, student debt has been on a pretty relentless upwards march, before starting to level out and come back down a little in the past few years.”
Nearly 96% of 2023 graduates received job offers. Among them:
- 69% went into private practice, with a mean starting income of $125,416.
- 25% entered an internship program, with a mean starting salary of $53,266.
- About 2% opted for public practice, with a mean starting salary of $87,417.
New graduates entering companion animal practices received the highest annual compensation, averaging $133,000. Those entering equine practice earned $95,000, which was up significantly from a $65,000 starting salary in 2021.
Most 2023 veterinary graduates reported choosing jobs that offered mentorship. Other factors included location, people and compensation.
“Not every clinic has the time and resources to provide mentorship, but for those seeking to hire a new graduate, make sure you commit to mentorship,” Dr. Doherty said.
Most graduates’ compensation included a base salary and a production bonus. Other average compensation included:
- Signing bonuses of $19,777.
- Moving allowances of $5,688.
- Student loan repayments of $15,628.
- Housing allowances of $11,464.
“These are things to keep in mind for new veterinarians,” Dr. Doherty said. “These are amounts that could move the needle for them as to where they want to work.”