This paper examines the costs and benefits the dental school applicant might consider before selecting dentistry as a career. The costs and benefits of pursuing dentistry are compared to those of selecting engineering. The rate of return to dentistry when compared to engineering is calculated for three time periods: 1974, 1978, and 1982. The rate is a proxy for the financial returns an applicant expects to recognize if he or she decides to become a dentist. The study finds that the rate of return to dentistry has declined from 23.6 percent in 1974 to 18.7 percent in 1978 and to 14.3 percent in 1982. The decline in the rate of return is greater on average for students attending private dental schools than for those attending publicly supported dental schools.