Shocking Truth About Vet Incomes: 2022's Drop Will Leave You Speechless!
The American Veterinary Medical Association (AVMA) has just released a jaw-dropping report that reveals a significant income twist for veterinarians. In 2022, the average income for veterinarians experienced a slight drop, going from $147,787 in 2021 to $146,782 in 2022 when adjusted for inflation (in 2022 dollars). But that's not all - a startling 6.5% annual inflation rate in the United States was a contributing factor.
This financial shockwave has sent ripples across the entire veterinary profession. Even as new veterinarians grapple with their own set of challenges, veterinary incomes, as a whole, have not fully rebounded to pre-recession levels. Charlotte McKay, AVMA's associate director for statistical and geospatial analysis and a senior economist, delves into the reasons behind this unexpected trend. She recently unveiled her insights during the intriguing presentation titled "The Market for Veterinarians" at the virtual AVMA Business & Economic Forum held on October 24-25.
But the income disparities don't stop there. The report reveals glaring differences in income across various veterinary practice types and between practice owners and associates. For instance, in 2022, food animal associate veterinarians faced the lowest average salary at $95,000, while food animal veterinarian owners savored the sweetest success with the highest average salary soaring to $225,000.
Delve further into the numbers, and you'll find that in 2022, the mean salary for companion animal associate veterinarians stood at $141,000, while their counterparts who own companion animal practices enjoyed a generous average of $191,000. Moreover, veterinary work hours have witnessed a noticeable shift, with a decrease from pandemic levels but remaining slightly higher than in 2020. In 2020, veterinarians put in an average of 43.9 hours per week, compared to 43.5 hours per week in 2023. These statistics account for both full-time and part-time veterinarians.
Intriguingly, approximately two-thirds of veterinarians express contentment with their work hours, while 7% reveal their willingness to work more if given the chance. On the flip side, a significant 27% of veterinarians are open to working fewer hours for reduced compensation. The main reasons for this preference include improving mental health (32.4%) and achieving a better work-life balance (31.9%). McKay's insights also touch on the field's job market cooling trend, with the national unemployment rate holding steady at 3.8%. However, forecasts indicate that, with interest rates remaining high and the economy potentially slowing down, the unemployment rate might reach 4.7% by the end of 2024.
Shifting gears to the unemployment landscape within the veterinary profession, it stood at an astonishingly low 0.5% in 2023, matching the previous year's rate. This figure excludes veterinarians who are not actively seeking employment and are not retired, accounting for 1.6% of the profession. And, in a surprising twist, more than half of veterinarians confess that they have never contemplated leaving the veterinary field, as per the results of the 2023 Census of Veterinarians. Another 38% acknowledge that they considered leaving but ultimately chose to stay.
Yet, in a curious revelation, approximately 9% of veterinarians express a desire to exit the profession. What's driving this exodus? Nearly half (48.3%) cite their primary motivation as improving their mental health or enhancing their lifestyle and work hours.
Get ready to uncover the unexpected twists and turns in the world of veterinary economics, as we dive into the surprising findings of AVMA's latest report.
