The American Veterinary Medical Association (AVMA) today released its 2015 AVMA Report on the Market for Veterinary Education.
The final installment of the AVMA’s six-part 2015 Veterinary Economic Report series, the report focuses on the beginning of the supply side for the vertically related veterinary markets: the market for veterinarians and the market for veterinary services.
The market for veterinary education is where society’s willingness to support education meets its willingness to consume veterinary medical services. More importantly, this market represents the economic future of the profession.
According to the report, the number of veterinary school applicants is holding steady, as the ratio of available seats to applicants currently stands at 1:1.6.
The report also explores how each of the veterinary schools has become highly differentiated by cost. While there have always been differences in tuition and fees, as well as living expenses, the rapid increase in educational costs relative to income-earning potential has increasingly become an important factor in the school selection decision. State-assisted schools (public institutions of higher education) offer significantly lower-cost seats to the applicants who reside in that state, but their costs for nonresident applicants match those that private institutions charge. And the number of nonresidents as a percent of all students in the U.S. veterinary colleges continues to increase, with the current allocation of approximately 47 percent nonresident students enrolled in the 30 U.S. veterinary colleges – a 25 percent increase in just the last four years.
The report series is designed to help veterinarians better understand the markets they operate in and the factors that affect their livelihood. The 2015 AVMA Report on the Market for Veterinary Education can be purchased online from the AVMA Store as part of the six-installment series, and free summaries of the reports also are available. The price for the series is $249 for AVMA members and $499 for nonmembers.
Here’s a brief summary of what each report explores:
- The AVMA Report on Veterinary Markets: Provides data and information about general U.S. economic conditions, the markets for veterinary education, veterinarians and veterinary services, and workforce capacity utilization.
- The AVMA Report on Veterinary Employment: We surveyed veterinarians across the country and across the profession to better understand employment, unemployment and underemployment, as well as the factors affecting each.
- The AVMA Report on Veterinary Debt and Income: This report takes an in-depth look at salaries for new and existing veterinarians and their veterinary education debt load, as well as debt-to-income ratios and the net present value of a veterinary career.
- The AVMA Report on the Market for Veterinarians: Ever wonder about the supply of and demand for veterinarians, what type of work they do and how much they are compensated? This report explores the demographics of the profession.
- The AVMA Report on Veterinary Capacity: This report includes our excess capacity forecast and explores our capacity utilization survey, descriptive statistics for capacity utilization and the factors affecting capacity utilization.
- The AVMA Report on the Market for Veterinary Education: The market for veterinary education is the beginning of the pipeline to the market for veterinary services. This report looks at the types of students applying to veterinary school, and the supply of and demand for veterinary education.