Veterinary Medicine: Starting Salaries Trending Up, Debt Down 

For the first time in 17 years, veterinarian salaries are trending up while debt is trending down. The mean debt-to-income ratio for new veterinarians is the lowest it's been since 2005 at 1.4:1. 

Mean educational debt was down to $147,258, and the mean starting salary for full-time veterinarians, not just those practicing equine vet med, was $111,242.

Dr. Bridgette Bain, a senior economist and associate director of the American Veterinary Medical Association (AVMA) Veterinary Economics Division, discussed some of the results of this year's AVMA Senior Survey. 

Bain reported that in 2022, the mean starting salary was $114,027 for vets in private practice and $87,862 for those in public practice. Vets in advanced education (other than residencies and internships) made $53,987, while $48,193 was paid for residencies and $43,931 for internships.

This year, 43 percent of graduating vets went into corporate practice; they had a mean starting salary of $124,686, compared with the $105,637 salary of vets at independent practices. Graduates who went to work for a corporate-owned practice had $157,810 in mean educational debt, compared with $147,472 for new graduates who went to work for a private, independently owned hospital or clinic. 

Corporate practices provided a signing bonus to 81 percent of new-graduate offers, at a mean of $27,181, while only 42 percent of offers made by independent practices had a signing bonus, at a mean of $10,678. Corporate practices also provided moving stipends more often, in 48 percent of offers, at a mean of $6,180. Just 23 percent of the offers made by independent practices included a moving allowance, at a mean of $3,626.

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Between 2018 and 2022, at least 45 percent of new graduates from U.S. veterinary colleges joined companion animal practices; in 2022, 48 percent of new graduates went into companion animal medicine.

The percentage of vets entering mixed animal, food animal and equine practice have been fairly flat since 2013. In 2022, 8.9 percent of vets went into mixed animal practice, 3.2 percent went into food animal practice, and 1.5 percent went into equine practice.

The debt loads of new vets varied: 25 percent of new graduates had $200,000 or more of debt from earning their veterinary degree, while 13 percent had $300,000 or more of debt. Another 18 percent had no debt, while 10 percent had debt of less than $100,000, and the majority – at 34 percent — had debt loads of $100,000 to $200,000.

Mean debt broken down by ethnicity was as follows: 

  • Black or African American graduates had $188,820 in mean debt
  • Hispanic or Latino graduates had $183,596 in mean debt
  • White graduates had $146,213 in mean debt
  • Asian graduates had $107,399 in mean debt

Scholarships, grants and personal savings covered up to a quarter of tuition for 93 percent of graduates. Educational loans covered more than three-quarters of tuition for 49 percent of graduates. From 2020 to 2022, the percentage of tuition covered by families increased from 25 percent to 28 percent. The percentage of tuition covered by loans decreased in the same timeframe from 60 percent to 55 percent.

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Life After the Racetrack: Retired Jockey Abel Castellano Turns Investigator

The shimmering gold lettering reads, “Jockey’s Quarters” at Keeneland Race Course. It’s like a gate where riders break to catch their mounts, and willingly sign autographs upon their return. The location is an inner sanctum, and not a place that’s seen much by the outside world. Coming out into the fray, the Breeders’ Cup weekend is nothing short of a hive of activity as the Keeneland green jacket corps secure the perimeter.

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Pin Oak Stud Sold To Bernhard Family

Pin Oak Stud in Versailles has been purchased by Jim and Dana Bernhard, BloodHorse reports.

Based in Baton Rouge, La., Jim Bernhard is the founder and partner of Bernhard Capital Partners, which manages various investments. He expertise comes in the energy services industry field.

The Bernhards are advised by Matt Weinmann of Equine Analysis Systems, and they have already been active buyers at this year's major Kentucky November mixed sales through the first three days of trade. Plans call for Pin Oak to continue as a racing and breeding operation, maintaining the same name.

Pin Oak Stud was founded in the 1950s, owned by Josephine Abercrombie and her father J.S. Abercrombie. Josephine Abercrombie died in January at age 95, leaving behind an operation that bred or raced over 100 stakes winners, including Peaks and Valleys and Broken Vow.

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Two Seven-Figure Horses Lead Second Session Of Keeneland November Sale

Stakes winner Park Avenue, a 4-year-old daughter of Quality Road, sold to Jane Lyon's Summer Wind Equine for $1.45 million, and Sweet Sami D., who is in foal to Gun Runner and was purchased by Jim and Dana Bernhard's Pin Oak Stud for $1 million, highlighted today's second session of the Keeneland November Breeding Stock Sale.

Park Avenue and Sweet Sami D. are the first horses since 2017 to sell for $1 million or more beyond Book 1 of the auction, and they increase the number of seven-figure lots this year to 12, compared to seven in 2021.

For the initial two sessions, Keeneland has sold 333 yearlings through the ring for $102,053,000, for an average of $306,465 and a median of $190,000. The gross was 15.31 percent higher than the figure from the same period last year, when the total was $88,500,000 for 344 horses. The average of $306,465 was 19.12 percent above last year's $257,267, and the median of $190,000 rose 2.70 percent from last year's $185,000.

On Tuesday, 197 horses sold through the ring for $35,073,000, a 7.38 percent dip from the corresponding session in 2021 when 226 horses grossed $37,866,000. The average of $178,036 was 6.26 percent higher than last year's $167,549, and the median of $140,000 was 7.69 percent higher than $130,000.

“Overall, it was a good, solid day of trade,” Keeneland President and CEO Shannon Arvin said. “We're very happy with the cumulative gross, average and median being up over last year. There's a really strong buying bench here. We saw more domestic activity today than we did yesterday: Jane Lyon, Determined Stud, Ron Winchell and Jim and Dana Bernhard adding to their bloodstock, among others. We had two horses that sold for $1 million or more and that hasn't happened in Book 2 since 2017, so that's another positive sign.”

“The metrics today were very much like last year Day 2, which was a good session,” Keeneland Director of Sales Operations Cormac Breathnach said. “Gross is up about 15 percent overall. RNAs are up a bit, but people are probably being a little more selective.

“We feel like we're off on the right foot,” Breathnach said. “The energy is good; there are a lot of buyers here and a lot of people talking about the shows in the barn area for tomorrow and beyond. We know we've got a long way to go, but we are very pleased with the beginning.”

Park Avenue, who won this year's Ouija Board Distaff at Lone Star Park and was second in the Grade 3 La Canada at Santa Anita, was consigned by Lane's End, agent. Out of Remarkable, by Indian Charlie, she is from the family of Irish highweight Tomahawk and Grade 1 winners Golden Ticket, Well Chosen, Telling and Leofric.

“I've been outbid on several I've wanted, but I was pretty determined not to get outbid on her,” Lyon said. “I'm looking for good-quality mares, preferably if they've raced and been successful. I came here saying I was going to buy mares in foal; so far, I've bought two who aren't. We're going to debate (on whether Park Avenue will be bred to Flightline).”

“When two people want them, anything can happen,” Lane's End Director of Sales Allaire Ryan said. “In this group, (Park Avenue) was a standout for us. That was beyond our expectations and a super sale all the way around. She was a beautiful filly who obviously had plenty of talent and ability on the track. Her looks just surpassed that. She took your breath away when you saw her. She's a classy filly. She was popular at the barn, and people kept coming back to look at her multiple times. We knew we had the right players on her. It's nice to see everyone get rewarded.”

Lane's End was the session's leading consignor with sales of $5,717,000 for 23 horses.

Selling for $1 million to Pin Oak Stud, which the Bernhards recently acquired, Sweet Sami D. is a 5-year-old winning, Grade 3-placed daughter of First Samurai out of Treaty of Kadesh, by Victory Gallop.

“She's a gorgeous mare in foal to Gun Runner,” the Bernhards' adviser, Matt Weinmann, said. “She was probably my favorite physical of the day. Really high-quality mare in foal to one of the best stallions on the planet. We're extremely excited to have her. That was probably our last bid that we put in, so luckily we got her.”

Pin Oak acquired a total of four horses on Tuesday and was the session's leading buyer, spending $2.36 million.

China Horse Club paid $750,000 for Ragged Rose, a half-sister to Grade 2 winner Strike Charmer in foal to Quality Road. The 4-year-old mare is out of stakes winner Cat Charmer, by Storm Cat, and from the family of champion Gold Beauty.

“She'll stay here,” Michael Smith of China Horse Club said. “Beautiful mare from a great family in foal to Quality Road, who's one of the best stallions in America. She'll go to Life Is Good next year. Very clean, strong, good limbs, good action – everything you can look for in a mare. She'll complement him beautifully.

“(The market) is strong, but if you do your homework you can find value,” Smith added. “I think we've bought really well today. Across the board (we've purchased) some really nice race fillies as well as this mare in foal.”

Another Pin Oak purchase was Querelle, a 6-year-old winning, Grade 3-placed daughter of Violence in foal to Constitution, who sold for $700,000.

“She's a gorgeous Violence mare, really speed-biased physiology,” Weinmann said. “Speed is a dangerous weapon to have in a broodmare, so there's a lot of interesting matings we can do with her. We really thought Constitution was a great mating. She was an exciting mare for us, and I'm glad we got her. I didn't think I'd have to stretch that far, but I'm glad we got her and I'm happy to have her. The market's strong.”

Both Ragged Rose and Querelle were consigned by Grovendale Sales, agent, which ranked second among consignors, selling 14 horses for $3,752,000.

“We thought they would sell well, but they exceeded expectations,” Grovendale partner Chance Timm said about the two top-priced mares. “We had a solid draft here that we felt confident in. Those mares were superstar physicals. Black cats throw black kittens. That's what buyers want.”

Also bringing $700,000 was Song of Mine, a 7-year-old half-sister to champion Songbird in foal to Curlin purchased by Gage Hill. Consigned by Buckland Sales (Zach Madden), agent, the daughter of Ghostzapper is out of Grade 2 winner Ivanavinalot, by West Acre.

“She was beautiful,” said Will Farish, representing buyer Terry Finley. “We were excited to get her and at the price that we got her. The market is tough to buy; it is really strong, but it's great.”

Don'tforgetaboutme, a 10-year-old mare by Malibu Moon in foal to Blame, sold to Matt Dorman's Determined Stud for $550,000. Dam of Grade 3-placed Royal Spirit, she is a half-sister to Grade 2 winner Red Ruby, Grade 3 winner Mo Tom and multiple Grade 1-placed Beautician.

“When the first dam fills the page with graded stakes horses and black type, it's very commercial,” said Phil Schoenthal, trainer and adviser to Determined Stud. “Her foals have sold very well, and she is a graded-placed producer, so it's all the boxes we're trying to check in trying to put together an elite broodmare band. We're also big fans of Blame. When we saw she was in foal to Blame, it was a bonus for us. She was the whole package. For the nice mares you've got to spend for them.”

Out of Caroni, by Rubiano, Don'tforgetaboutme was consigned by Claiborne Farm, agent.

Pin Oak also paid $500,000 for Broadway Lady, who was third in the Oct. 22 Ontario Matron (G3). The 5-year-old daughter of Constitution, who is out of stakes winner Livi Makenzie, by Macho Uno, is a half-sister to 2022 multiple Grade 3 winner Tawny Port.

“We've got the new farm and have plenty of stall space there,” Weinmann said. “We figure we might as well get as many good ones (mares) as we can. (Broadway Lady) is a lovely filly who ticked all the boxes for us. Being Grade 3-placed in her last race gave her black type in a really important race. A beautiful, really nice mare.”

Broadway Lady was consigned by Bluewater Sales, agent.

Lane's End, agent, also consigned the session's top-priced weanling, a colt by Quality Road sold to Brookstone Farm for $425,000. Out of Daisy Miller (GB), by Smart Strike, he is from the family of leading sire War Front.

The November Sale resumes Wednesday at 10 a.m. ET with the second session of the two-day Book 2. The auction continues through Wednesday, Nov. 16, with all sessions beginning at 10 a.m.

On Thursday, Nov. 17, Keeneland will present the November Horses of Racing Age Sale.

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