Workforce Needs in Veterinary Medicine (2013) / Chapter Skim
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10 An Economic Perspective on the Veterinary Profession
10 An Economic Perspective on the Veterinary Profession
Pages 198-216
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From page 198... ...
One would also expect a veterinary education to yield financial returns for graduates comparable to those in other careers that have similar educational requirements and lifestyles and, indeed, with returns on other financial investments of comparable risk. Of course, financial return is just one dimension of the gains associated with education.
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From page 199... ...
THE RATE OF RETURN OF A DVM DEGREE One way to assess the nation's workforce requirements in veterinary medicine is to consider the level of earnings relative to the investment in a veterinary education. It is then possible to forecast how many veterinarians are likely to be employed in jobs that use their skill at that level of earnings.
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From page 200... ...
of 3%, the present value of lifetime earnings for life scientists with a baccalaureate (BS) degree is $1.0 million for men and $0.8 million for women; these reflect average rates of survival and labor-force participation of college graduates of each sex.
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From page 201... ...
The earnings profiles for female practice owners and for career associates of either sex, however, are relatively flat with increased experience. Those differences (which can be attributed to various factors; for example, see Box 10-1)
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From page 202... ...
Comparing that with the earnings of life scientists who have a BS yields a rate of return of 17% on investment in obtaining a DVM, which is comparable with returns for degrees in other programs of higher education. For female practice owners, however, the present value of lifetime earnings net of tuition is $0.9 million -- a 10% rate of return compared with the earnings of BS life scientists.
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From page 203... ...
A second set of hypotheses involves possible differences in DVMs' preferences. Female practice owners may prefer to work fewer hours, spend more time with each client, and show less zeal for owning practices and maximizing profit.
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From page 204... ...
. As Table 10-1 shows, for male practice owners, the return that reflects the full cost is 10%; for female practice owners and male career associates, it is 5%; and for female career associates, it is 2%.
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From page 205... ...
in private practice, 1965-2007. DATA SOURCE: AVMA annual compensation reports.
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From page 206... ...
The starting salaries of large-animal veterinarians, which numbered fewer than 3 dozen reporting in most years, show substantial year-to-year variability. Figures 10-2 and 10-3, when considered in light of the number of new graduates entering the workforce, discussed later in this chapter, suggests that a surge in the number of new DVMs as in the 1980s led to lower earnings and that constrained growth in the number of new DVMs as in the 1990s led to higher earnings.
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From page 207... ...
NOTE: Response rates of annual surveys of graduating DVMs are typically greater than 90%. DATA SOURCE: AVMA Annual Surveys of Veterinary College Graduates.
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From page 208... ...
The Bureau of Labor Statistics produces its Occupational Outlook Handbook every two years and it is the most readily available source of information on careers. The Bureau gathers data on many professions using standard methods so that information on earnings and educational requirements can be compared.
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From page 209... ...
Veterinary technicians may begin with 2-year associate degrees or with 4-year BS degrees, much like RNs. In 2010, veterinary technicians had median annual earnings of $29,702 (BLS, 2011)
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From page 210... ...
veterinary medical schools. Non-accredited foreign DVM programs generally require clinical experience in a domestic veterinary medical college for licensure in the United States.
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From page 211... ...
with a 33% expansion in employment of veterinarians and 36% expansion in employment of veterinary technologists and technicians. The analysis cites expected growth in the pet population with more pet owners seeking veterinary service and the availability of increasingly sophisticated veterinary services.
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From page 212... ...
INCREASING THE RATE OF RETURN OF A VETERINARY EDUCATION Veterinary education needs to match graduates to opportunities more effectively. The disappointingly low level of earnings of veterinarians as compared with other health professionals and the low rate of return to the DVM without advanced training are important signs that veterinary education is in need of more careful alignment with career opportunities.
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From page 213... ...
As veterinary incomes rise, technicians could be valuable assets who expand the practice range to underserved areas, add to the range of services offered by a practice, and increase the earnings of DVMs. Veterinary Master's Degree If real earnings for DVMs were to increase, the veterinary medical profession might introduce degree programs between the veterinary technician programs (2 years)
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From page 214... ...
Focused Veterinary Education The selection of DVM students and the curriculum might focus on talents and skills that are likely to yield higher returns, reflecting lower cost education and higher earnings. In particular, the DVM might be more specialized, branching at some point during the 4-year program to give more emphasis to preparation for advanced study by some, for managerial roles for those pursuing roles as practice owners, and for supervisory and other roles in public health.
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From page 215... ...
Because the veterinary medical profession will grow where there are employment opportunities, the veterinary medical colleges should recruit students and prepare them for tomorrow's careers. With some degree of specialization, individual colleges can concentrate on advanced training of higher quality in subject areas that address national needs.
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From page 216... ...
The Department of Health and Human Services needs specialists and researchers in zoonotic diseases and in the problems and opportunities in the use of laboratory animals. National support for the training and research missions of the veterinary schools and colleges is essential for the intellectual future of veterinary medicine.
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