Classmates bailing on Optomtry School

[iiii]

I have 2 classmates planning to leave after 2 years in of optometry school.
Both were in the top half of our class academically.
One is switching to a PA program & the other undecided.

Both site the poor prognosis for future employment that will cover their loan debt.
If I didn't have a job waiting for me, I'd consider joining them.

The math of what income is going to be required to service the average loan is getting scary.

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[EyeCaptain]

Did they tell you why it took them two years of school to reach that conclusion?

 

[aweimer]

I've been doing a lot of research myself on job prognosis upon graduation. A lot of people cite that there are "too many universities graduating too many ODs." But I really don't think that is the case. Sure, the market in a lot of high population density areas is already flooded with ODs and may be a lot more competitive. But there is still a gigantic land mass / population base that isn't being served! As far as I'm concerned, if you are willing to work in a more niche market and make a name for yourself or work somewhere more rural- the job prospects are great!

 

[optsuker]

I've been doing a lot of research myself on job prognosis upon graduation. A lot of people cite that there are "too many universities graduating too many ODs." But I really don't think that is the case. !

The comprehensive study that came out just last week states there is a surplus 9100 OD's. What part of your research disputes this?

But there is still a gigantic land mass / population base that isn't being served!

Name the place where the population isn't being served.
Most studies list OD's by county. Counties with low OD numbers are almost always adjacent to large population centers (Bedroom communities where residents commute into town for everything: healthcare, shopping, etc).
Y0u may find a few border towns where the population goes across into Mexico for their care.

As far as I'm concerned, if you are willing to work in a more niche market and make a name for yourself or work somewhere more rural- the job prospects are great

I'm the advisor for a college's pre-opt club & help new grad find opportunities. The vast majority of unfilled positions are retail locations that can't support an OD by themselves (Sam's Club that averages 2-3 patients/day) or PT fill-in work for other OD's (working 6 days/week at 4 different locations w/ no benefits).
Most offer the same pay rate they did 10 years ago.

I now advise students to only consider optometry if they 1) have a job lined up before starting (inherit dad's practice) 2) Can pay cash for 50% of their school & come out with manageable debt 3) love it so much they're willing to do it for 20 years before being financially rewarded for it.

 

[EyeCaptain]

I've been doing a lot of research myself on job prognosis upon graduation. A lot of people cite that there are "too many universities graduating too many ODs." But I really don't think that is the case. Sure, the market in a lot of high population density areas is already flooded with ODs and may be a lot more competitive. But there is still a gigantic land mass / population base that isn't being served! As far as I'm concerned, if you are willing to work in a more niche market and make a name for yourself or work somewhere more rural- the job prospects are great!

There are absolutely too many universities graduating too many ODs. As optsuker pointed out, the recent manpower study supports this. Yes, they say there is an "adequate" supply, which is true. If there were one OD per US citizen, that would also be an adequate supply. If you read further you will find that there is indeed a surplus, and that a large percentage of ODs could easily take on another 20 patients per week. You are right in thinking that saturation varies from region to region, but I think you would be hard pressed to find an "underserved" area. There are bound to be some, very far removed from civilization, but very few. Of course, you don't need to be in an underserved area to make a living either. If you can manage to accrue minimal debt, and are willing to go where the opportunities are, then it is still worth the investment in my opinion.

 

[deleted480308]

I have 2 classmates planning to leave after 2 years in of optometry school.
Both were in the top half of our class academically.
One is switching to a PA program & the other undecided.

Both site the poor prognosis for future employment that will cover their loan debt.
If I didn't have a job waiting for me, I'd consider joining them.

The math of what income is going to be required to service the average loan is getting scary.

IBR and PAYE...just look into it

 

[optsuker]

IBR and PAYE...just look into it

With IBR, you only pay a % of your income towards loan repayment. After 25 years the balance MAY be forgiven (if you follow the rules to the letter).
The problem: It's like the mortgage loan collapse of the last decade.
You owe $175K, after 5 years you owe $200K (you weren't even covering the interest). After 25 years, the loan forgiveness is a lump income on your tax return (BIG tax bill that year!)
Plus, for 25 years you'll have trouble qualifying for a decent rate on any other kind of loan because of the anchor around your neck.

It only works well if your income far exceeds your loan principal, whick is why OD's are screwed. Their income is going to drop as the oversupply grows.

 

[Groucho Marx]

I have 2 classmates planning to leave after 2 years in of optometry school.
Both were in the top half of our class academically.
One is switching to a PA program & the other undecided.

Both site the poor prognosis for future employment that will cover their loan debt.
If I didn't have a job waiting for me, I'd consider joining them.

The math of what income is going to be required to service the average loan is getting scary.

It sucks that they decided in the second year, but if they think it's best, then I can't blame them. I like the career, and I believe in it. I also am doing well in my program, but if I could do my life over knowing what I know now, then I don't know that I would have gone for this career. Yes, the tuition prices are ridiculous, but even more than that, I think that the schools make things more convoluted than they need to be. I didn't expect to be so unhappy during this educational process. It's what I would have expected from an MD program. I feel like I'm putting in so much work and that the reward just won't be there. We sadly aren't even that well respected in the medical community (I think because most people don't realize how intense the schooling is.) I thought several times of leaving this profession. I also have been rather disappointed by my school, so I think that probably plays a part in my questioning of whether I made the right decision. I know that I would definitely pick a different school if I could hit a re-do button.

Anyway, I suppose that only time will tell in whether or not this career was a good decision, but I think that you have to be wearing rose-colored glasses not to have your days of doubt. I can't say that I plan to do this job forever. I really don't know that it's sustainable, but I hope to be able to practice in some capacity, even if it's just part time. I also have a bit of a job connection and have had help with tuition costs from family. If I didn't have those, then I would probably would have gotten out. I feel sad for the future of this profession, and I hope that some of the bigger problems get ironed out, but when I see the lack of organization even at the schooling level, I do start to get worried.

With all of that said, I wouldn't recommend people to get into this profession right now--not because I don't like it, but because I just don't think that the effort and high tuition prices will be worth the job prospects. Nearly every OD that I shadowed during undergrad told me to choose something else. Perhaps I should have asked them more about why they felt that way.

 

[EyeCaptain]

Which school are you attending?

 

[KHE]

With all of that said, I wouldn't recommend people to get into this profession right now--not because I don't like it, but because I just don't think that the effort and high tuition prices will be worth the job prospects. Nearly every OD that I shadowed during undergrad told me to choose something else. Perhaps I should have asked them more about why they felt that way.

So why didn't you? And what do you think it was that made you ignore all those peoples' advice?