This article is an excerpt from the Changes & Challenges report.
About one-in-three respondents to a 2024 Women In Optometry Pop-up Poll said that they were carrying at least $200,000 in student loan debt. Fourteen percent said their debt load topped $300,000. Most had a plan for tackling that debt, but nearly one-in-four said that even meeting the monthly payments was stressful to them. Nearly 30% said that minimum monthly payments were all they could afford, and the length of time that they expected to carry debt felt overwhelming to some. One young OD wrote, “I shall die before the last payment.”
These numbers align with other polls and surveys. An ODs on Finance 2023 Optometry Income Report of around 2,000 doctors showed an average student loan debt of around $230,000, with about eight percent of doctors having a debt burden exceeding $300,000. The American Schools and Colleges of Optometry notes that the average graduate school debt alone was $191,794 in 2023. That’s nearly double the average $100,000 graduate school debt reported among 2002 graduates.
A WO poll from 2023 showed that among younger grads, the debt load was even larger. In fact, up to six years later, more than half were still carrying loan balances of more than $200,000. While student loan repayments and interest were paused during the COVID-19 pandemic, about 42% of respondents said that they used that time to pay down their student loan balances. However, 27% said they used that time to pay down other debts, and 15% said they applied an “out of sight, out of mind” mindset to debt repayment.
The cost of an optometric education has also seen about a 50% increase over the past 17 years, according to ASCO data. In the 2007-2008 academic year, the average expense for tuition, fees, books and instruments was $21,168 for in-state residents at public schools. The nonresident rate was $34,935 annually.
By 2023-2024, the average annual in-state expenses were $36,381 for residents and $51,956 for out-of-state residents. At private schools, average annual expenses rose from about $27,343 in 2007-2008 to $47,717 in 2023-2024.
WAGE GROWTH
At the same time that the cost of optometry school is rising, along with inflationary pressures and small increases in many reimbursements for covered services, some optometrists say the economic opportunities are more limited.
Comparing salaries—as ODs can be owners or partners, employees, leaseholders or independent contractors—can be a little tricky. The most recent Bureau of Labor Statistics reports the average optometrist salary is $131,860. And an Eyes on Eyecare mean salary calculation for ODs in 2024 was $140,500. In 2000, the average salary was $86,875.
Despite a 60+% increase, other costs have risen more quickly. Consider that the median home price was $136,000 in 2000, and by 2022, it was $370,600, according to Consumer Affairs. That’s a 2.7 times increase. Rents, too, more than tripled, with the median rent then being $600, and now it’s $2,000.
For some ODs, that means a second job. In a 2024 Income Study conducted by Jobson Optical Research, more than twice as many male ODs (36%) than female ODs (16%) reported earning income from a second job. Among the male respondents, half said they earned additional income in optometry-related work and half said that their secondary income was through unrelated work.
INCOME PARITY
Despite gains in leadership and representation, study after study shows women ODs—and female physicians—earning less than their male counterpart. According to the 2024 Jobson Optical Research survey, female ODs reported their income on average as more than $30,000 lower than the male OD average.
While women ODs on the whole tend to be younger than male ODs, even when looking at incomes by years of experience, women underperformed men financially in every five- and 10-year category of experience.
Overall, women reported that they worked 38.5 hours on average per week, while men reported working 41.7 hours on average per week.
Women traditionally take more time off than men for raising children, and some say they fight the stigma that they are somehow less serious or committed to their work as a result. However, a December 2024 WO Pop-up Poll found that 48% of the women ODs who answered questions about household earnings say that they are the predominant or only source of household income. All of the male ODs who responded said that they were the primary breadwinner in their households.
According to a new report, Career Considerations for Optometry, conducted in 2024 by Jobson Research in conjunction with Latinos en Optometry and Transitions Optical Limited, most ODs feel financial security in their role. Slightly more men, 72%, agree with this statement than women, 68%.
And while overall, 43% of ODs said that they are highly satisfied with their earnings, the gender differences are startling. While 53% of men reported being highly satisfied with their compensation, only 35% of women said they were highly satisfied.
For some, the weight of their financial obligations has led to delayed life milestones, such as purchasing homes or starting families, further amplifying the stress. Wage growth, though steady, has not kept pace with inflation or the rising costs of living, including housing and childcare. The disparity in earnings between male and female ODs adds another layer of complexity and could erode some women’s satisfaction with career paths.
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Despite these challenges, there are large pockets of optimism. The future of optometry will depend on its ability to attract and retain a diverse group of talented individuals. Achieving this will require a concerted effort to reduce barriers to entry, support early-career ODs with financial guidance and ensure equitable opportunities for growth and advancement. As the field continues to evolve, tackling these financial dilemmas head-on will be critical to sustaining the profession’s vitality and ensuring its practitioners can thrive both personally and professionally.
The Changes & Challenges report is supported by Alcon.
