| Comparison of long-term financial implications for five veterinary career tracks. | |
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MedLine Citation:
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PMID: 20707746 Owner: NLM Status: MEDLINE |
Abstract/OtherAbstract:
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OBJECTIVE: To compare present values of expected income streams for 5 distinct veterinary medical career tracks. DESIGN: Present value model. SAMPLE POPULATION: AVMA survey data. PROCEDURES: Present values of expected income streams (net of debt repayment) were created and ranked. Sensitivity to each independent variable was assessed. RESULTS: Career present value at 34 years after graduation (CPV(34)) was highest for board-certified specialist (SP; $2,272,877), followed by practice owner (PO; $2,119,596), practice owner buying into practice after 10 years (PO-10; $1,736,333), SP working three-fourths time (SP3/4; $1,702,744), and general practitioner (GP; $1,221,131). Compared with CPV(34) for SP, other career tracks yielded values of 93.3% (PO), 76.4% (PO-10), 74.9% (SP3/4), and 53.7% (GP). The model was robust to debt, interest rate, loan term, and discount rate but was sensitive to mean starting incomes and mean incomes. CONCLUSIONS AND CLINICAL RELEVANCE: Greatest return on time and money invested by a veterinary student is through practicing full-time as an SP or through being a PO. Being an SP or SP3/4 was substantially more lucrative than being a GP and was comparable to being a PO. Practice ownership and working as an SP3/4 may be options for balancing financial gain with free time. Specialty training and practice ownership may be career tracks with the best potential repayment options for veterinarians with a large educational debt. Regardless of the amount of debt, the type of practice, mean incomes in a particular field, personal lifestyle, and professional interests are important factors when deciding among career tracks. |
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Authors:
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Meg E Gordon; James W Lloyd; Donna L Harris-Kober |
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Publication Detail:
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Type: Journal Article |
Journal Detail:
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Title: Journal of the American Veterinary Medical Association Volume: 237 ISSN: 0003-1488 ISO Abbreviation: J. Am. Vet. Med. Assoc. Publication Date: 2010 Aug |
Date Detail:
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Created Date: 2010-08-16 Completed Date: 2010-09-21 Revised Date: - |
Medline Journal Info:
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Nlm Unique ID: 7503067 Medline TA: J Am Vet Med Assoc Country: United States |
Other Details:
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Languages: eng Pagination: 369-75 Citation Subset: IM |
Affiliation:
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Office of the Dean, College of Veterinary Medicine, Michigan State University, East Lansing, MI 48824, USA. |
Export Citation:
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| MeSH Terms | |
Descriptor/Qualifier:
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Career Choice* Income / statistics & numerical data* Time Factors Veterinarians / economics* Veterinary Medicine / economics* |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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