The quirk with UC Davis is that the only way to become dual certified is if you are an RN. If you apply to their PA program and get in, you only can work as a PA. If an RN applies and gets into the UC Davis' NP program (which is separate from the PA program), then IF there is available space, they can take a semester of the NP program, and then apply to get into the PA program. When they graduate, these RN's can take the exam for the NP and PA licenses if they would want to. The main benefit that I see for an RN through this program would be to get the excellent education and training that PA programs provide. If they also wanted to work in an area where there is an extremely high preference for PA's, I guess this might be useful as well, but I have my doubts as to how much farther they could go as a PA vs an NP. Maybe work as a surgical PA helping surgeons. I think they wouldn't even need to get licensed and certified as a PA either, just show up and tell the physician that they are trained as a PA, but are an NP. That would probably be enough for any PA fanboy physician, if any of them even care. Malpractice insurance alone as a PA is at least 6 times what NP malpractice is, so that's reason enough to not go through the hassle of getting any license besides the NP. I guess it would be kind of cool to be able to say you are both, which for me would be appealing. To be honest, I don't know if in an independent state like mine, whether a dual certified and licensed NP/PA would have to function as a PA with a supervising physician, or could just work independently like NP's can. If I were limited to the scope of a PA, I certainly would forgo going through licensure as a PA, and opt for NP.
But like i said, if you aren't already an RN and go to the UC Davis PA program, you don't get the benefit of being able to sit for the NP exam and become an NP. Its just a PA program with extra stuff that PA's complain that count as nursing fluff courses (which is accurate to some degree).
And like Boatswain said, getting into PA school is incredibly hard. UC Davis is likely to be one of the harder programs in the nation to get into because of the fact that there are nurses gunning for positions there as well. There's a reason why so many folks applying to PA school apply to 8-12 of them.
I can only speculate on how the market is in California, but from what I've heard, it seems to be good for both PA's and NP's. NP's there aren't independent, but the California Nurses Association is the most powerful nurses union in the country, and makes sure NP's are taken care of. I've not heard horror stories, except in terms of the high cost of living areas and the tightened job markets in places where folks seem to want to live. Outside of the main drags, I've heard there are great opportunities where cost of living is lower, and the pay is quite good. I don't pay much attention to California, because I wouldn't live there even if it paid double, and cost of living came down significantly.
I think the future of being a PA or NP is as bright as a future can be for just about any career, but I think one must have expectations that things will just be more complicated. Folks need to temper their expectations in a lot of regards. Take being an RN for example... I don't think anyone can name a career that one can walk into where you can have as many options about where you live, how much you want to work, or what schedule you want to work, compared to what an RN has. For the most part, you can get plenty of overtime, and the harder you work, the more you get paid. In most places, its not unheard of to make $100k if you are willing to work more. Even at that, you wouldn't have to work even an extra shift every week to make $100k. There was a time when my hospital was frustrated when I quit working overtime, even after they would literally throw money at me. But I was burned out at the job. You know you are burned out when they are offering you 2.5 times your base rate with your differentials added if you come in, and you turn them down. Some of the "complications" I'm referring to that might have to be considered as an NP or PA surround wages. Overall, I see that with 20,000 new NP's coming out every year from school (which is actually close to the 23,000 physicians that are churned out of medical schools), and the 6500 PA's as being something that will usher out the era of being able to name your price in whatever location you want, in whatever specialty, and have you dictate what the terms are for hours and call. And I think folks should expect to start to network and compete for jobs, as well as have employers drive more of a hard bargain. NP's and PA's will be reminded that they are employees, and will start to be treated increasingly more like the rest of the employees, albeit among the best paid employees. I'm already seeing this with physicians. These kinds of things are happening in many industries, not just medicine.
Either way, I don't think that someone can go wrong with either PA or NP, but I personally would rather join the group that has more members. Think of it this way... just in new grads alone, NP's dominate. Year one: 20,000 NP's, 6500 PAs. Year Two: 40,000 NP's, 13,000 PAs. Year 3: 60,000 NP's, 19,500 PA's. So it takes PA's 3 years to match how many NP's graduate every year (and new NP programs are popping up as quickly as new PA programs). That disparity will take its toll on PA's if there ever is a severe tightening of the workforce, although I don't see that happening... we will actually be behind on how many providers we need, unless the landscape changes due to the influence of artificial intelligence.