Veterinary Salaries at an Inflection Point: What’s Really Driving the Market?
From my vantage point supporting veterinary hospitals across the country with recruiting, I’m seeing something fascinating — and a little confusing — in the market right now. Veterinary compensation appears to be at an inflection point. One path shows that salaries have largely stagnated over the past 1–2 years. Another path shows a small but growing group of employers offering base salaries north of $200,000 for Associate DVMs. Both things are true at the same time. So… what’s actually going on?
Looking back over the past 10 years, the long-term trend is clear: veterinarian pay rose significantly. A decade ago, many Associate roles clustered in the $70k–$90k range, and new grads were often below six figures. Over time, competition for talent pushed average compensation well past $100k for new graduates and into the $120k–$150k+ range for experienced associates. AVMA and industry compensation studies consistently reflected this upward movement, along with richer benefit packages and signing bonuses becoming standard.
But the most recent data tells a different story. Over the last 1–2 years, median and average salaries have largely plateaued in many regions. While today’s pay is still much higher than it was 10 years ago, growth has slowed and, in some cases, hasn’t kept pace with inflation.
At the same time, employers have gotten more creative (and aggressive) with incentives. We’re seeing eye-catching offers like:
• Six-figure signing bonuses (sometimes structured over time)
• Equity participation or buy-in pathways
• Profit sharing and long-term incentive plans
• Loan repayment and guaranteed production floors
These packages suggest that some organizations are trying to solve recruitment not just with salary, but with wealth-building and retention strategies.
Then there’s the newest and most disruptive signal: Associate base salaries over $200,000. Historically, that level of compensation was reserved for Medical Directors, specialists, or highly production-driven roles. Now, a handful of bullish companies are offering that as base pay for core Associate positions. This is a major psychological shift in what doctors believe is possible — and in what employers feel pressured to match.
Which leads to the big question: who is paying for this?
In a profession dominated by production-based compensation models, doctor pay is directly tied to revenue. Higher salaries require higher production — which usually means higher fees, more services, or more volume. Is this cost being passed to the consumer? Is it being temporarily absorbed by investors betting on long-term growth and market share? Or is it a mix of both? In some cases, these salaries may represent a strategic investment rather than a reflection of current, sustainable practice economics.
For privately owned hospitals, this can feel discouraging — but it shouldn’t. Independent practices can absolutely compete for talent when they combine smart pricing, efficient operations, and strong culture with transparent compensation models. Autonomy, mentorship, scheduling flexibility, and clinical influence still matter deeply to many veterinarians. Total value is more than just base pay.
To me, this moment raises an important industry conversation: Is today’s compensation market sustainable? And what does “competitive” really mean going forward?
If you’re a veterinarian exploring new opportunities — or a hospital owner (especially privately owned) trying to recruit in this market — I’d love to talk. There is a way to compete for great talent without losing your soul or your margins.