Veterinary medicine has many unique characteristics that make it both a rewarding and challenging profession. However, in the past 15 years, veterinarian suicide has risen exponentially—it’s now three times higher than the national average suicide rate. While this is something everyone in the equine industry should be concerned about, Jen Brandt, Ph.D., director of Wellbeing and Diversity Initiatives with the American Veterinary Medical Association, notes rates of suicide are increasing nationally in all age groups and among various professions.
What stressors might veterinarians endure that makes weathering their particular storms so difficult?
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THE FINANCIAL PRICE
Amy Grice, VMD, formerly an equine practitioner and now a business consultant for veterinarians, notes that like human medical doctors, the financial strain placed on young veterinarians can be astronomical. However, unlike many medical doctors, the majority of equine vets work at practices that employ two veterinarians or fewer; small practices mean less ability to weather a decrease in revenue.
The average salary for an equine vet’s first job is about $55,000 a year, says Grice. However, the average vet school student loan debt in 2018 was $143,000 (this number includes the 20 percent who graduated with zero debt as well, so the true amount owed per graduate is actually higher). The debt-to-income ratio far exceeds what financial advisors say is reasonable for a professional.
Because most practices are so small, there is not a lot of flexibility to take time off—even if the vet is unwell or injured.