What New Graduates Really Want: Salary, Debt, and the Surprising Truth About What Drives Their Job Choices

Understanding where the veterinary profession is headed means looking closely at the people entering it. New graduates carry a lot with them, the cost of their education, their expectations, their career priorities, and their vision for what veterinary medicine should look like. Getting a clear picture of that group every year is no small task, but it is exactly the kind of work that helps the industry plan, adapt, and respond.

My guest today is Katelyn McCullock, Chief Economist at the American Veterinary Medical Association, where she leads the Veterinary Economics Division. Her team of five focuses exclusively on veterinary economic and workforce research, producing some of the most closely watched data in the profession. That includes an annual census of veterinarians, a pet ownership and demographics survey, and the graduating senior survey, which captures a snapshot of every accredited veterinary school's final-year students just weeks before they walk across the stage. 

Beyond those flagship reports, her division also takes on industry-specific research projects that help shine a light on corners of the profession that don't always get attention. Today, we dig into the most recent graduating senior data, fresh off the press. We cover where new graduates are landing, what they are earning, how much debt they are carrying, and perhaps most interestingly, what they actually say they are looking for in an employer. Some of the answers might challenge assumptions you have held for a while.

Show Notes:
[02:22] An overview of the graduating senior survey methodology and how data is collected is provided.
[02:44] The AVMA Veterinary Economics Division is introduced, including its team size and scope of work.
[03:00] Annual research projects are described, including a pet ownership and demographics survey and ad hoc industry reports.
[04:38] The survey's reach is explained, covering all 33 AVMA-accredited U.S. veterinary schools plus two Caribbean schools.
[05:01] Survey timing is discussed, with students responding two to three weeks before graduation as a point-in-time estimate.
[05:26] The 2025 survey drew 3,318 respondents and achieved an 82.5 percent response rate.
[05:54] The survey captures employment status, compensation expectations, student debt, and practice type preferences.
[07:48] The consistently high response rate is attributed to strong collaboration with participating veterinary colleges.
[08:29] In 2025, 93.2 percent of graduating seniors had received employment or advanced education offers.
[09:03] Only about seven percent of graduates reported receiving no offers, a dramatic improvement from the post-recession high of 38.5 percent.
[10:50] Fifty-eight percent of 2025 graduates accepted full-time employment, with roughly 28 percent entering advanced education.
[12:37] Practice type distribution is reviewed, with approximately 70 percent of graduates entering companion animal practice.
[13:10] Mixed animal practice accounts for about 10 percent, equine around eight percent, and food animal three to four percent.
[14:00] Average starting salary for full-time private practice graduates in 2025 is reported at $134,244.
[14:40] Companion animal salaries have outpaced other practice types since roughly 2015 and continue to lead.
[15:56] Veterinary visit volume has been down two to three percent for approximately 24 months, contributing to a leveling of new graduate compensation.
[17:24] Inflation and ongoing economic uncertainty are identified as additional factors shaping the graduate labor market.
[17:46] Student debt is examined, with the average DVM-related debt load reported at $174,484, or just over $212,000 among those carrying any debt.
[18:52] Forty percent of graduates carry over $200,000 in debt, while 18 percent report graduating with zero DVM-related debt.
[19:43] The sustainability of high debt loads relative to starting salaries is discussed openly.
[22:25] Mentorship is identified as the top reason new graduates accept a job offer, selected by 82 percent of respondents.
[23:17] Location ranked second at 74 percent, followed by the people they would work with at 66 percent, with compensation ranking fourth at 59 percent.
[25:05] Practical advice is offered on crafting job descriptions and recruitment language that speaks to what new graduates actually value.
[26:41] The importance of authenticity in job postings is emphasized, as new hires quickly assess whether a workplace matches what was promised.
[28:00] Closing thoughts address the post-pandemic reset in veterinary medicine and the importance of staying nimble amid economic uncertainty heading into 2026.

Links and Resources
VHMA
American Veterinary Medical Association
2025 AVMA REPORT ON THE Economic State of the Veterinary Profession
Katelyn McCullock - LinkedIn
AVMA Chart of the Month
Veterinary Industry Tracker