Chart of the month: Compensation up for new equine veterinarians

Compensation is a critical, though insufficient, factor for attracting and retaining talented professionals across the veterinary field. Historically, starting salaries for new equine veterinarians have lagged behind those for new veterinarians entering other private practice types, but recent data show this gap narrowing.

What the data show

As today's chart illustrates, starting salaries for veterinary school graduates entering equine practice as full-time associates increased substantially between 2021 and 2023, drawing them closer to starting salaries in food animal and mixed animal practice.

The data, from the annual AVMA Graduating Senior Survey, reflect national average starting salaries for full-time employment, including anticipated production bonuses. Compensation for graduates entering equine internships has similarly increased, with the national average compensation for a new graduate veterinarian pursuing an equine internship increasing from $30,867 in 2020 to $44,822 in 2023.

What does this mean?

The recent compensation trend represents significant progress toward addressing a potential disincentive for entering equine practice. It coincides with concerted efforts by the American Association of Equine Practitioners (AAEP) over the past few years to transform equine practice by making it more appealing and rewarding for new and established veterinarians alike.

The AAEP has found that half of new graduates entering equine practice leave within the first five years, primarily for companion animal positions. Some of the reasons? The longer work hours and lower compensation in equine practice.

Gains in compensation will allow new equine veterinarians to start their careers on more solid financial footing, with greater ability to pay down student debt and save for other goals such as practice or home ownership.

Where do we go from here?

Compensation is just one factor that the AAEP and its Commission on Equine Veterinary Sustainability have targeted to retain and attract more veterinarians to equine practice. Several initiatives are underway, and resources have been developed to address other identified pain points in the equine veterinary profession, including emergency coverage, practice culture, internships, and recruitment of students to the field. Read more about these efforts in this AVMA news story.

Find out more about major trends and concerns in equine practice in the 2024 AVMA/AAEP Report on the Economic State of the Equine Veterinary Profession-available to AVMA members free of charge.

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