Inflation Erodes Veterinary Salaries as Fewer New Graduates Enter Full-Time Work
While U.S. veterinarians’ nominal salaries have risen over the past five years, real income—adjusted for inflation—has essentially returned to 2004 levels, according to Dr. Chris Doherty of the AVMA Veterinary Economics Division. In 2024, the average real income for veterinarians was $154,000, while new graduates entering full-time employment averaged $129,000.
"What we've seen over the last three or four years is that once you account for the impact of inflation, it started to come back down. And really, [for the average U.S. veterinarian,] salaries today, in real—or inflation-adjusted terms—are roughly where they were in about 2004," said Dr. Chris Doherty, assistant director of strategic business research and outreach in the AVMA Veterinary Economics Division.
The 2025 AVMA Graduating Senior Survey found that nearly 60% of veterinary seniors secured full-time jobsbefore graduation, while 28% pursued advanced education and 7% received no offers. The percentage of new graduates entering full-time employment has declined each year since 2022.
Practice areas and average starting salaries included:
Companion animal – 72.6%, $140,000
Mixed practice – 10.9%, $112,000
Equine – 7.9%, $95,000
Food animal – 3.2%, $100,000
Many new graduates received signing bonuses (61%), moving allowances (37%), and other incentives like student loan repayment. Since 2014, more graduates are entering companion animal medicine, while the share entering food animal practice has decreased. Equine salaries have recently risen closer to mixed and food animal levels.
Student debt remains high: the average debt for the Class of 2025 was $212,499 among those with debt, or $174,484 across all graduates. About 40% owed over $200,000, with nearly 6% exceeding $400,000. The debt-to-income ratiofor new graduates remained 1.4:1, similar to 2024. Pandemic-era loan forbearance temporarily eased debt, but obligations are rising again.
Work hours are returning to pre-pandemic levels, averaging 42.3 hours per week in 2025 compared with 45.6 in 2021 and 41.6 in 2016.
Dr. Doherty notes that while new graduates command higher inflation-adjusted incomes, overall veterinarian salaries have remained mostly flat when adjusted for inflation. Wide income variation exists by practice type and between owners and associates.
The full report will appear in the 2026 AVMA Report on the Economic State of the Veterinary Profession, with 2025 data available to AVMA members.
Read full article here: https://www.avma.org/news/inflation-continues-dampen-gains-veterinarian-salaries-fewer-new-grads-entering-full-time
