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Masters in Nursing Average Salary
At a Glance
The demand is high for nurses, and consequently, the salaries of nurses with advanced education is increasing steadily. But exactly how much would a nurse with an advanced degree make per year? You may want to know this information before you commit to approximately two years’ of study and tuition debt.
The mean annual salary of registered nurses in the United States is $62,450 as of May 2008, with the middle 50% of RNs earning in the range of $51,640 and $76,570. Higher salaries can be commanded of RNs who go on to earn a master’s degree in nursing and advance to the level of advanced practice registered nurse (APRN). In 2006, the average annual salary of an APRN with a masters in nursing degree was $69,200.
With additional certification in certain specializations, including anesthesiology or midwifery, the advanced-degree nurse can draw an even larger salary. Nurse midwives, for example, can draw salaries in excess of $90,000 per year according to Salary.com. Additionally, location can help to draw a larger salary. Areas in the Northeast and along the West Coast tend to offer higher pay scales for their nurses. California RNs, for example, earn $87,480 on average.
Median Salaries by Select Types of Nurse
|Occupation||Education Requirement||Median Salary*|
|Licensed Practical Nurse||High School/Associate||$41,273|
|Staff Nurse (RN)||Associate/Bachelor’s||$65,570|
|Clinical Nurse Specialist||Master’s||$87,975|
|Certified Nurse Midwife||Master’s||$91,355|
|Certified Nurse Anesthetist||Master’s||$156,226|
|* According to Salary.com|
Other Factors that Affect Salary
Length of time in the field also affects salaries. For instance, after five years of practice, the salary range for APRNs stretches from $60,000 to $100,000 a year. Again, it depends on location. After five years, nurse midwives earn salaries ranging from $65,000 to $120,000 annually.
If you prefer to combine a business degree (such as an MBA or MHA) with your MSN, you may realize a higher salary as well. Nursing directors on average earn more than $120,000 per year, compared to a cardiovascular ARNP who may make $78,428 per year.
Location is everything in this career, even when it comes to overtime. Certain medical facilities reimburse overtime by paying a high hourly rate, while others compensate the time by increasing time off. If the reimbursement comes as an hourly pay, the pay rate will differ from one specialty to another. Nurses may acquire their hourly pay by the number of beds or by the size of the supervised staff.
Whether you want to continue your education to be at the forefront of administration or research depends upon your willingness to pay for that master’s degree and a commitment to a specialty. When you earn a master’s degree in nursing, you show a commitment that many nurses may not be willing or able to take on. This desire often is one of the requirements that many health facitilities look for when hiring the best personnel.