How much money does a vet make a year

How much do vets make? As of May 2018, the median vet salary was $93,830 annually or $45.11 an hour, according to the Bureau of Labor Statistics.

Some veterinarians earn much more; the top 10% made $162,450, the BLS says. But those just starting their careers shouldn’t expect to hit six figures for a while. The average vet salary for the class of 2018 was $76,633, according to the American Veterinary Medical Association.

How much do vets make?

Students who have earned a Doctor of Veterinary Medicine, or D.V.M., may enter multiple industries. Veterinary services is the most common — 78% of vets go this route — and most lucrative, according to the BLS. But the median salaries for vets in different industries are comparable:

• Veterinary services: $94,130.

• Social advocacy organizations: $93,900.

• Government: $90,000.

• Educational services: $80,410.

Private-practice veterinarians may be compensated in different ways. Some are paid a flat salary. Other practices may pay vets an hourly rate, tie wages to the revenue a vet generates, or combine a flat salary with production-based pay.

Many other factors influence how much vets make, including where they work, whether they’re board-certified and if they own their practice. The type of practice — for example, working on companion animals vs. food animals — matters as well. The AVMA offers a tool that can help you estimate salaries based on these variables.

Student loans and vet salaries

Students should keep in mind salary statistics when figuring out how to pay for vet school. Ideally, you’d want to limit how much you take out in vet school loans to no more than your projected first year’s salary.

But that may be difficult even if you earn more than the average veterinarian starting salary of $76,633. Average student debt for veterinarians in the class of 2018 was $183,014, according to the AVMA. That means you could easily finish school with debt that more than doubles your earnings.

If you can’t minimize borrowing, keep in mind that there are different ways to repay vet school loans no matter your eventual salary:

• If you don’t earn enough to afford your payments: Opt for an income-driven repayment plan. These plans typically set payments at 10% of your discretionary income. Payment amounts can change each year based on your earnings. Use this calculator to estimate your potential income-driven payment amount.

• If your salary comfortably covers your payments: Stick with your current repayment plan and look for opportunities to pay off your loans faster. For example, depending on how you’re compensated, consider working more hours or performing additional procedures and putting that extra money directly toward your loans.

You may also be able to refinance your vet school loans at a lower interest rate if you have good credit and a manageable debt-to-income ratio. You might need to wait to do this until you’re a few years into your career and your earnings have increased or you’ve paid off part of what you owe.

You shouldn’t consider refinancing if you’ll qualify for a loan forgiveness program or need to make income-driven payments. If you’re OK giving up those options, refinancing could lower your monthly payments or the total you’ll repay overall.

Estimate how much you could save by refinancing

How much money do veterinarians earn? Veterinary medicine is an economically stable profession with a salary that tends to increase steadily with each year of practice. In addition to years of experience, other factors influencing a veterinarian’s salary include the type of practice, geographic location, and whether the vet is a partner or an associate.

Compensation Overview

The Bureau of Labor Statistics (BLS) reports that vets earn a median salary of $93,830. The best-paid veterinarians earn $162,450, while the lowest-paid earn $56,540.

Veterinarians surveyed by the American Veterinary Medical Association (AVMA) reported 67% of veterinarians’ incomes were between $60,000 and $150,000.

Starting Salaries for Veterinarians

Most veterinarians specialize in an animal category, and earnings depend on the type of veterinary practice in which you’re working. The American Veterinary Medical Association found some variations in starting salary based on the area of specialization.

 Companion animals include domestic pets, such as dogs, cats, and other small animals like rabbits, gerbils, and hamsters. Companion animal veterinarian clinic practices employ the most veterinarians. According to the 2019 AVMA Economic State of the Veterinary Profession, small animal vets start at a mean salary of $87,000 a year.

The starting salary for large animal exclusive vets is about $75,000. These veterinarians are also known as food animal vets (those treating farm animals like cows and pigs), zoological, or exotic animal vets.

Some vets serve more than one animal category (generalize), and these are known as mixed animal vets.

Mixed practice vets start with an average salary of $75,000.

Equine vets (those treating horses) start at the lowest salary, just above $50,000 a year. These are both the lowest paid and least common vets in the United States. Many equine vets work as mixed animal vets.

Veterinarian Salary by Experience Level

The average salary of a veterinarian steadily increases as they gain more experience. An internship after veterinary school may be required to gain additional experience if the vet wants to specialize.

Most veterinary post-graduate internships are paid, though it’s often at a lower rate than an entry-level job.

• Internship: Pursuing an internship is optional. However, internships are a path toward specialization and potentially higher earnings. An internship is also an opportunity to gain mentorship experience that helps vets climb faster in the industry. According to the AVMA, vets who start their careers with an internship receive a mean starting salary of $32,894.
• Entry-Level: An increasing number of graduated vets start directly in public or private practice and begin receiving entry-level salaries. First-year vets can expect to earn an average annual salary of between $70,000 and $85,000, according to the 2019 AVMA Economic State of the Veterinary Profession. The AVMA found some variations in starting salary based on the area of specialization, as noted above.
• Mid-Level: After practicing veterinary medicine for a few years, veterinarians begin earning closer to the national average salary for vets at $84,555 annually, according to PayScale. Some private practices offer profit sharing and bonus incentives for their experienced doctors. Also, mid-level vets caring for companion animals are in higher demand and are likely to make above the average salary.
• Experienced: The AVMA reports that veterinarians with board certification in a specialty area command average incomes exceeding $150,000 a year, while PayScale reports the salary of a generalist averages $88,326 a year before profit sharing and commissions.
• Late Career (Partners): Partners in a practice have earnings that significantly outpace those of hired associates. According to PayScale, the average salary for late-career vets (non-specialized) is $91,752 and can be as high as $143,000, including regular salary, profit sharing, and dividends.

Salary by Type of Practice

Veterinarians work in a variety of industries in addition to private veterinary practices. With law enforcement and military branches using more animals to assist with security and locating contraband materials, local and national governments now require veterinarians. Some veterinarians conduct scientific research, and others hold faculty or staff positions in veterinary schools.

Commercial and Consulting: Commercial vets make the most money, with a mean annual salary of $160,000. These practices are for-profit practices specializing in one of the veterinary types listed above. The next highest-paid vet is the consultant, averaging around $150,000 a year. These vets may practice on animals while also providing industry guidance to other practices. 

Research and Education: Veterinary professors earn an average salary of $120,000 a year. As in all medical fields, discoveries further enable more sustainable treatment of diseases and disorders. The same is true in the field of animal care. Vet researchers earn a mean salary of about $110,000 a year.

Private Practice (Companion, Mixed, Food, & Equine): Private practices generally specialize, as noted above, by type of veterinarian. Companion animal practice vets generally earn the most, at an average of $110,000 a year. Mixed animal vets are generalists and earn an average annual income of $100,000 a year.

Food animal practice vets (usually treating farm animals) average about $100,000 annually, as well. The lowest-earning vet practices areequine (horses), with their vets paid a mean annual salary of $90,000.

Government & Military: Veterinarians working within the federal government or the armed forces also generate a mean income of about $100,000 a year. These vets often work with dogs, such as therapy or security dogs.

State and local governments need vets for their law enforcement dogs and other animals critical to government work. Also, local government-funded animal control facilities need vets to assist with diseased animals. These vets do about as well financially as federal and military vets, with an estimated annual income of $100,000.

Non-profit Practices: Non-profit rescue organizations also employ vets, who earn a mean salary of about $90,000 a year.

Salary by Location

Geography also plays a role in determining the amount that a vet can expect to earn.

Vets in major metropolitan areas tend to make more money but must also take into account the higher cost of living.

According to Zippia, the top 10 best-paying states for veterinarian salaries are Delaware, Arizona, Texas, Vermont, New Jersey, Alaska, Ohio, New Hampshire, California, and New York.

Job Outlook for Veterinarians

The BLS projects 15,600 new jobs will open in the field by the year 2028. Veterinarian jobs are set to grow by about 18%, compared with 16% in growth for other health diagnosing and treating practitioners occupations.

Estimate Your Earnings Potential

Becoming a qualified veterinarian requires a Doctor of Veterinary Medicine degree. To help aspiring vets plan for the future, the AVMA developed a compensation calculator. It is simple to use and can forecast income after graduation.

For example, if a student plans to graduate in 2020 at 23 years of age, work in a private practice that services companion animals in Ohio, and carry $50,000 in college debt, then the calculator forecasts that graduate’s salary to be between $75,000 and $84,000 a year.

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