Is it worth specializing from a financial standpoint?

[mortonbranddvm]

Hi - I know this has probably been discussed in the past, but I am hoping to get some new and current info - as the salaries for vets ACROSS the board have been increasing with covid, high demand, and new hospitals. I am wondering if anyone knows if there is a good resource to see the median salaries of specialists in different veterinary fields. The only article that I can find is from half a decade ago and I would hope that things are no longer the same.
I am mainly interested in Dermatology, Cardiology, ECC, and IM but am curious about the differences between GP and ER and specialty in a general sense, as well.

Thanks in advance!!

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[kayed12]

YESSS we need current info on this. I cant find anything either. Please any insight would be great !!!

 

[JaynaAli]

I can’t provide you with data, but there’s a wide range in specialist salaries…I’m in pathology which is one of the lower paid specialties, and I don’t really make any more money (maybe slightly more) than an urban GP would. I started around 120k and I think an entry pathologist at my company would start just below 130ish now. I do extra cases and make more than that but not everyone in my company does. What being a pathologist does allow me is freedom to work remotely and pretty much set my own hours. A few months ago I was able to move to a rural area and my salary is much higher than average for the area and goes a lot further.

I have friends in private specialty practice (IM, Onco) that were expecting high 100s, low to mid 200s for a four day workweek. Surgeons maybe on the higher end. I’ve heard radiologists often make more (200-even 300) in private practice but that is a specialty where you can make a lot more by working more. Derm and cardio are very in demand so I would assume they’re on the higher end. I don’t think there’s much of a financial difference between non-boarded ER vets and criticalists except the criticalists usually have better daytime shifts? So yes, in general you’re going to come out with a higher salary at the end of a residency but it’s quite variable between specialties. It’s probably “worth it” in that you can afford to delay loan payback three years and then more aggressively pay them once you’re done. Edit: if your goal is academia expect salaries more like 120-150 across the board.

BUT

Specializing is a long tiresome and thankless few years and if you’re just in it for the money you may struggle to remain invested in the process. If you don’t love what you’re specializing in the hours spent reading thousands of articles and textbooks and seeing patients can become arduous (and even if you love it it can be too). Specialize because you truly love the subject and enjoy the higher salary for your efforts. But don’t just pick a specialty because it pays well.

 

[Minnerbelle]

I can’t provide you with data, but there’s a wide range in specialist salaries…I’m in pathology which is one of the lower paid specialties, and I don’t really make any more money (maybe slightly more) than an urban GP would. I started around 120k and I think an entry pathologist at my company would start just below 130ish now. I do extra cases and make more than that but not everyone in my company does. What being a pathologist does allow me is freedom to work remotely and pretty much set my own hours. A few months ago I was able to move to a rural area and my salary is much higher than average for the area and goes a lot further.

I have friends in private specialty practice (IM, Onco) that were expecting high 100s, low to mid 200s for a four day workweek. Surgeons maybe on the higher end. I’ve heard radiologists often make more (200-even 300) in private practice but that is a specialty where you can make a lot more by working more. Derm and cardio are very in demand so I would assume they’re on the higher end. I don’t think there’s much of a financial difference between non-boarded ER vets and criticalists except the criticalists usually have better daytime shifts? So yes, in general you’re going to come out with a higher salary at the end of a residency but it’s quite variable between specialties. It’s probably “worth it” in that you can afford to delay loan payback three years and then more aggressively pay them once you’re done. Edit: if your goal is academia expect salaries more like 120-150 across the board.

BUT

Specializing is a long tiresome and thankless few years and if you’re just in it for the money you may struggle to remain invested in the process. If you don’t love what you’re specializing in the hours spent reading thousands of articles and textbooks and seeing patients can become arduous (and even if you love it it can be too). Specialize because you truly love the subject and enjoy the higher salary for your efforts. But don’t just pick a specialty because it pays well.

100% everything that’s been said here.

 

[KCgophervet]

Edit: if your goal is academia expect salaries more like 120-150 across the board.

*cries in lab animal medicine*

 

[VIN-Foundation]

There are a number of surveys on this. For example: Gordon et al. Comparison of long-term financial implications for five veterinary career tracks.
J Am Vet Med Assoc 2010 Aug 15;237(4):369-75.

In general, board certified specialists will earn substantially more than general practitioners over their careers. But the specific specialty matters as some tend to earn much more than others. Regarding general practice compared to emergency, emergency typically pays more.

Practice ownership is a wild card, whether you own a general practice, speciality practice or emergency practice. On average, practice owners average earn substantially more than associates. But the range is wide -- from losing money to 7 figures.

 

[SocialStigma]

As others have said, it varies widely depending on the specialty (ie. surgical specialties like surgery, neuro, ophtho, etc tend to make more than non-surgical specialties) and whether the specialist is in academia or private practice. I don't know any boarded surgeon in private practice who makes less than $200k (starting salary in academia would be around $120-130k). Private practice IM/derm/cardio is likely around $150-180k based on what I've heard anecdotally from colleagues. Given the current crisis in ER medicine, there are many ER vets (non-boarded) who are likely making more than specialists (~$150k).

 

[CalliopeDVM]

Salaries will vary with supply and demand, so what specialties will be in high or low supply will vary with when you get your specialty, and where you are working / willing to work.

 

[Old-Country-Vet-Tech]

*cries in lab animal medicine*

*Cries in large animal and food animal medicine student* You just made me rethink path 😅

 

[battie]

There are a number of surveys on this. For example: Gordon et al. Comparison of long-term financial implications for five veterinary career tracks.
J Am Vet Med Assoc 2010 Aug 15;237(4):369-75.

In general, board certified specialists will earn substantially more than general practitioners over their careers. But the specific specialty matters as some tend to earn much more than others. Regarding general practice compared to emergency, emergency typically pays more.

Practice ownership is a wild card, whether you own a general practice, speciality practice or emergency practice. On average, practice owners average earn substantially more than associates. But the range is wide -- from losing money to 7 figures.

I think the point of the post is that most of these surveys are 5+ years old (that they could find) and likely no longer accurate. The one you cited is 12 years old. It would be cool to get updated figures since more people are trying to specialize, clients can afford specialists more readily, and we're starting to establish more specialties.

curious about the differences between GP and ER and specialty in a general sense, as well

I work 50/50 GP/ER for 90k+production (which I've made basically every quarter after my first quarter of working) 1 year out from graduation. The overnight baby vet at my hospital (100% night time ER) makes 110k+production (which he never hits because our hospital sees 25% of the case load overnight compared to the day time). I'm considering leaving to go do 100% ER for a different corporation starting at 115k+production. There is one day time ER doctor that is solely production.

 

[Trilt]

I think the point of the post is that most of these surveys are 5+ years old (that they could find) and likely no longer accurate. The one you cited is 12 years old. It would be cool to get updated figures since more people are trying to specialize, clients can afford specialists more readily, and we're starting to establish more specialties.

It's also worthwhile that the current craziness may or may not be relevant in 5+ years (when people in vet school thinking about specializing actually finish internship/residency...)

Imo you don't become a specialist for money, though. I mean it's a great side effect, and you'll generally command a very comfy salary. But I can't imagine absolutely pouring yourself into any specific topic like that without otherwise just being really interested/devoted to it.

I work 50/50 GP/ER for 90k+production (which I've made basically every quarter after my first quarter of working) 1 year out from graduation. The overnight baby vet at my hospital (100% night time ER) makes 110k+production (which he never hits because our hospital sees 25% of the case load overnight compared to the day time). I'm considering leaving to go do 100% ER for a different corporation starting at 115k+production. There is one day time ER doctor that is solely production.

ER definitely pays fabulously right now as we're being absolutely slammed. I made >150k last year with zero additional training and just my couple years of GP experience.

 

[VIN-Foundation]

I think the point of the post is that most of these surveys are 5+ years old (that they could find) and likely no longer accurate. The one you cited is 12 years old. It would be cool to get updated figures since more people are trying to specialize, clients can afford specialists more readily, and we're starting to establish more specialties.

I agree, which is why I didn't cite specific salaries. But until we get a more up to date survey, I think the relative comparisons are still pretty illustrative.

I also agree it's probably not a great idea to pick a specialty based on potential salaries, or at least on salary alone. For that matter, it's probably not a great idea to become a veterinarian based on money alone either.

 

[Polocrosse2017]

Great info since I'm pretty narrowed down to either radiology or cardiology. I've been published in cardiology and working on trying to get published in radiology!