Here are the top three questions optometry students ask practicing optometrists:
-
When should I start looking for a place to practice and where should I look? Many students decide early on they will practice in only one or two particular areas. However, narrowing potential areas of practice too much too
soon may keep you from great opportunities. As a student you have more freedom now than you most likely ever will have. You have freedom to live in any part of the country you would like and freedom to not make a decision until you have explored all your options. Looking at a wide range of opportunities will give you greater knowledge of what to expect in your associateship. This will also allow you to negotiate with a clearer understanding of what is being offered throughout the country. - How much should I expect to make when I graduate optometry school? If you are planning on going into private practice as an associate then you should budget for $65,000 to $80,000, which includes benefits.
If you are looking to become an owner you would expect your total package to eclipse that of an associateship after the 3rd year of ownership. For students entering commercial practice the return on investment is more immediate, with annual salaries between $100,000 and $120,000 right out of school. This will most likely be towards the top end of what you should expect throughout your career. - Will a residency improve my chances of getting a job? Although residencies are great for your clinical advancement and learning, a student
looking for a job in private practice or commercial practice would not have an advantage over other candidates. This is typically not true for institutional optometrists and those looking to work in referral centers. A residency would be an advantage to a new graduate who is looking to work in a specialty practice. However, for the majority of students who will be practicing as a primary eye care doctor the benefits of a residency from a employer’s standpoint are limited.
If you find yourself wondering how best to invest your time, do not be afraid to ask those who have gone before you. Many success stories have come through many different modes of practice. The most successful optometrists are those who know what their interests are and make decisions that move them forward in reaching their goals.
Note: Students attending optometry meetings in San Diego texted the preceding questions to optometrists Ryan Parker and Chad Fleming.
I disagree with #2. I’m a recent graduate and had multiple job offers. All were in private practices and all were over $100K not including benefits. When you add in the benefits package some offers were about $120K. I agree with the commercial salary. It also depends greatly upon where someone wants to practice. Alot of my classmates who were only willing to practice in one location are making under $100K, but not by alot. Non of my classmates are making under $80K. I think for you to tell students that they are going to make $65K including benefits is ridiculous. Most students graduate with anywhere between $150K-$250K in student loans. That means your average loan repayment will be between $2K-3.5K per month. Unless the new OD is going to live off Mom and Dad, how are they ever going to repay their loans making $65K. I understand that if you are buying a practice things might be a little different, but most graduating OD’s are not wanting that responsibility right out of school, and I believe that is largely because of our debt to income ratio.
Thank you for your comment and personal insight. I do agree that some new graduates are presented with great opportunities as you mention in your comment. Based on the AOA survey of the average new OD, from 1-3yrs out, the salaries are ranging from $60K-$80K. The survey was done 2-3 years ago but the climate has not changed significantly. The region of the country also creates variations and if an OD is willing to work additional weekend and evening hours the pay will increase. Please know that I agree with many statements you made and it is unfortunate that new ODs are not paid more initially. To make it on $65K in California you would have to live with Mom and Dad, however, there are many places in the states that you can initially live on $65K and pay off your loans. Is the budget tight, absolutely, but after your production increases you won’t be at $65K for long and many practices are paying associates higher than the bottom of $65K. It is also highly dependent upon the school an OD graduates from if their debt is $150-$250K. Thank you for your opinion.
A quick cocktail napkin calculation. Assuming a practice grossing $75 per head @ a margin of 30%, the new grad would need to see 83 patients every single week to make $100K. Seems unrealistic that many practices have that kind of under served patient populations….excluding recent staff vacancies I suppose.
Please do consider that according to the MBA statistics the average per patient visit is around $300-$320. If the per patient visit is $75 there are more concerns and priorities than retiring at 50. Thank you for your comment.