Good news for veterinarians! The American Veterinary Medical Association (AVMA) has reported that in 2015, the market for veterinarians remained “robust.”
The report, titled the 2016 AVMA Report on the Market for Veterinarians, was released late October, and looked over the follow areas:
- Employment, unemployment, and underemployment
- Income, present value of the veterinary degree
- Causes of negative well-being: debt, job/career satisfaction and income
- Expenditure patterns
- Burnout scores
The report found that the largest market is private practice (e.g., small animal, equine, etc.), which around three-quarters of the veterinarians work in. The remaining quarter consists of veterinarians in the education, research, industry, government, nonprofits, consulting and banking.
Other findings in the report found the following:
- The market for veterinarians has witnessed the second straight year of low unemployment and increasing mean salaries.
- The applicant-to-jobs ratio decreased to one or less in 2015.
- In 2015, veterinary unemployment remained below the national mean and was not significantly different from 2014. Veterinary underemployment was again negative in 2015, with more veterinarians indicating they wish to work fewer hours for less compensation than those who wish to work additional hours for more compensation.
- The net present value of the veterinary degree has been declining since the earliest data were available in 2010. The primary reason for this decline is the increasing “opportunity costs”: Starting salaries for bachelor’s degree holders grew 19 percent over this period, whereas starting salaries for veterinary degree holders grew about 5.5 percent.
To check out the full report, go to the AVMA website.