Working as a nurse practitioner is a lucrative and rewarding career in more ways than one. It provides you with job security, it is emotionally and professionally gratifying, and of course, offers you high salary experiences. Do you want to know about nurse practitioner salary? If you do, just read on.
How Much Do Nurse Practitioners Make
According to the Bureau of Labor Statistics (BLS), the average salary of nurse practitioners in 2020 is $111,840. This puts nurse practitioners among the highest-paying professions in the field.
Not only that, even nurse practitioners who just starting their careers can earn well over $100,000 annually. When it comes to range, the lowest end of the nurse practitioner salary range is $81,410 the highest end is $152,160.
Notice that even the lowest end of the salary range is significantly higher than the average national income. This shows how financially rewarding career nurse practitioners are.
Average Nursing Starting Salary
What about the average starting salary? Nurse practitioners are still a financially rewarding career regardless of your work experience. That’s right. It is financially rewarding even for those who just starting their career.
According to a survey conducted by the American Association of Nurse Practitioners in 2019, nurse practitioners who have five or fewer working experience earn a base annual salary of $104,000.
How Does Nurse Practitioner Salary Compare to Other
When it comes to the salary of a certain job, you might want to compare it with the salary of similar jobs just to know how it measures. So, let compare NP salary with that of a nurse anesthetist, medical and health services manager, physician’s assistant, nurse midwife, and registered nurse.
⦁ Nurse anesthetist salary: $174,790
⦁ Medical and health services manager: $115,160
⦁ Physician’s assistant: $112,410
⦁ Nurse midwife: $108,810
⦁ Registered nurse: $77,460
Another great thing about becoming a nurse practitioner is that you will earn more salary as you gain more experience. A survey conducted by the American Association of Nurse Practitioners confirms this.
Nurse practitioner respondents who have 0 to 5 years of working experience earn a median base annual salary of $104,000, while respondents who have 6 to 10 years of working experience earn $110,000 annually.
In the second decade, the salary of nurse practitioner stays steady. Nurse practitioners who have 11 to 20 years of working experience have an average salary of $118,000 while those who have more than 20 years of working experience have an average salary of $121,000.
Salary by States
Nurse practitioners have a high annual salary. The amount that nurse practitioners earn, however, varies depending on multiple factors. Two of them are state of practice and roles.
Top 4 States with the Highest Pay
The followings are the highest paid nurse practitioners average yearly salary in California, Washington State, New Jersey, and Minnesota.
⦁ California: $138,660
⦁ Washington State: $126,920
⦁ New Jersey: $123,810
⦁ Minnesota: $122,850
The high salary is not exclusive to metro areas, however. Nurse practitioners are among the professions that are well-compensated even in rural areas.
Salary by Roles
The amount of nurse practitioner salary also depends on their roles. Below, we listed some of the annual salaries of nurse practitioners by roles, from highest to lowest.
⦁ Mental health (adult) nurse practitioner: $125,000
⦁ Neonatal nurse practitioner: $122,500
⦁ Acute care nurse practitioner: $120,000
⦁ Mental health (family) nurse practitioner: $119,000
⦁ Oncology nurse practitioner: $119,000
⦁ Gerontology nurse practitioner: $118,000
⦁ Adult nurse practitioner: $115,000
⦁ Pediatrics nurse practitioner: $108,500
⦁ Family nurse practitioner: $107,000
⦁ Women’s health nurse practitioner: $105,000
Ways to Increase Salary
What if you want to increase your salary? How do you do it? There are three ways to do so: certification, administrative duties, and advancing education.
You can increase your salary as a nurse practitioner by getting certification, especially in an area where nurse practitioners are highly compensated.
⦁ Administrative duties
Taking on administrative duties can also help. According to surveys, those who take on administrative duties alongside their clinical responsibilities are reported to earn higher base salaries.
⦁ Advancing education
Advancing your education is another way to increase your salary. In fact, this can have a significant impact on your salary. According to the Salary Survey in 2017, nurse practitioners who have DNP degrees earn $10,000 more on average than those who have MSN degrees.
In short, nurse practitioner salary is quite high. The amount, however, depends on several factors, including state of practice and roles. It is a financially rewarding career that offers job security as the demand for nurse practitioners is increasing across the states.