I had the good fortune to attend this year’s Student AVMA meeting in Madison, Wisconsin. I’m always impressed with the enthusiasm, intelligence and motivation of veterinary students. Perhaps I’m biased, but I know of no other group that is as passionate about their chosen profession as veterinarians. The future of our profession is in very good hands.
Today’s veterinary graduates face a growing student debt load, not commensurate with increases in starting salaries. Last year’s veterinary graduates averaged $130,000 in debt. Ouch. Average starting salaries for those entering private practice is about $65,000. This results in a debt to starting salary ratio of 2:1, far higher than other health professionals. This issue has been referred to as the Elephant in the Room. What can be done to help tame this beast?
Limiting the growing cost of higher education in today’s economic climate is difficult. However, we can help today’s veterinary students incur less debt, and graduate better prepared to earn a higher income through participating in paid or unpaid hands-on clinical programs while in school. Does your hospital employ students in the summer? If not, you might consider this golden resource for your busiest time of the year.
Banfield hospitals will employ over 550 veterinary students in the student jobs program this year, and host at least 300 externs. An additional 600 veterinary students will be hosted through our partnerships at Western and UNAM Universities, the student ambassador program, and employed part-time veterinary students. These veterinary students will not only earn over $3 million dollars in compensation, but will gain essential skills in client communication, team work, and hands-on technical skills.
Banfield has been able to prove that new graduate veterinarians who have participated in our student programs are significantly more productive in their first year of practice, when compared to new graduates that have not participated in our student programs. This increased productivity translates directly into better patient care for our clients’ Pets and increased compensation for graduates. Because of these proven benefits, we have developed a rewards program wherein students who participate in our student programs while in school can earn up to an additional $10,000 in first year compensation.
Despite the growing cost of higher education, the decision to enter the veterinary profession is a wise one. In the face of likely the worst recession of our lives, veterinarians continue to be in high demand, according to the following sources. A recent Government Accounting Office (GAO) report found that the DVM workforce shortage will continue to worsen. CareerBuilder.com just listed veterinarians as #5 on the list of 50 jobs that are adding workers. Money Magazine listed veterinarians as one of the top 25 best jobs in America. Veterinarians were given an “A” in benefitting society and scored near the top of all careers in job security, personal satisfaction and future growth. According to the April 2010 issue of Veterinary Practice News, veterinary care is among the leading growth areas in consumer spending, and spending on veterinary care rose by 8.5% from 2008 to 2009.
The Elephant in the room can be tamed, and we have the tools to do it. The future is bright for the veterinary profession.
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