How Can You Make More Money in Nursing?

You can make more money nursing by becoming specialized in a focused area of nursing and by earning a higher degree. Are you a soon-to-be college graduate or career seeker who wants to know how to make more money in nursing, you have come to the right place. Here, you will be informed about how a prospective student or job seeker can find different ways to make money as a nurse. Let’s dive in to answer some of these pertinent questions.

How To Make More Money In Nursing?

Want to know how to make more money in nursing? You probably want to know the earnings for a specialized degree such as nursing. How much does a nurse earn is a very popular question in this medical profession? In fact, nursing is one of the most demanded professions in many countries due to the great work it requires. But there are different levels and ranks in this profession and so there are different salaries for each category performed. Other factors influencing salary are work experience, certifications, specialized functions, and specialties. Generally, the various salary ranges for a nurse depend on a net or base salary.

What is A Nurse’s Median Salary?

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In 2020, a registered nurse earns a national median salary of approximately $77,460 annually. This is about $37.24 on an hourly basis. This data was published by United States Bureau of Labor Statistics in March 2020. This is an increase of nearly one dollar between 2018 and 2019. Ten percent of the registered nurses in recent years earned about $52,080 and the top ten percent got about $111,220 annually. The median salaries for the RNs do comparatively well with the national average in the United States. That would be about $53,490 on a yearly basis; working out to be $25.72 in an hourly salary. Out of all the healthcare workers, though, RNs earn a little less.

What Is The Growth In Salary for Registered Nurses?

A registered nurse has seen an average growth each year of 1.51 percent during the years 2010 to 2019, according to the BLS or the United States Bureau of Labor Statistics. And, the expected growth for nurses’ salaries will depend on the demand for essential workers. Other factors can increase growth such as baby boomers retiring, preventative care, and improved medical technology. So, if you want to know how to make more money as a nurse, you should consider improving your prospects of being one of those registered nurses that fall into the category of growth.

What Are Some Of The Specialized Categories To Consider?

Below are some of the specialized nursing categories to consider. Vocational nurses or Licensed Practical nurses have average earnings of $48,500 annually or $23.32 an hour. Nursing assistants though, see an average salary of $30,720 annually.

Nurse Practitioners

Most nurse practitioners, but not the nurse anesthetists enjoy earnings of $110,840 annually or $53.77 an hour on average.  These nurses have specialized education for the diagnosis and treatment of acute or chronic sicknesses. They do so as part of a team of healthcare professionals or independently. The top ten percent have earned $152,160 as an annual average. If you want to know how making more money as a nurse is possible, then you should consider getting certification as a nurse practitioner.

Certified Nurse-Midwives (CNM)

Only two-thirds of the country have nurse-midwives. For that reason, they are in demand in another one-third of the country. Their annual salary on average is about $108,810, or $52.31 an hour. Those annual earnings are a little lower than other advanced registered nurses. You can make more money as a nurse by becoming a certified nurse-midwife. This is one of the best nursing certifications you could think about.

What Location Pays The Most?

If you want to know how to make money as a nurse, consider the location. It is important to note that not all nurses have similar earnings. The specific location has a major influence on the earned salary.  When considering how to make more money in nursing, it is also very important to consider the cost of living in a specific state. Some of the states that have the highest earning potential for nurses (between $90,000 and $115,000) are Massachusetts, Oregon, California, Hawaii, Washington D.C., and Alaska. Major cities also have higher pay for nurses.

Who Is The Employer?

If you want to know how to make more money in nursing, other things need to be considered such as the employer. Different employers pay different salaries to their healthcare professionals. The group that earns the most is those working in surgery, hospitals, and general practice. 31 percent earn $79,460 as the median salary. For those working in ambulatory care centers, the median average is about $84,720. For those working in-home healthcare services, doctor’s offices, or as a school nurses, the earnings are a little lower. For example school, nurses may earn $67,870 as their annual average. The best nursing certifications are essential; no matter which employer you work for as a nurse.

What Type of Education Earns The Most?

Making more money as a nurse also depends on education and qualification as an RN. The nurse who has a diploma could earn $61,000 in comparison to the nurse with an Associate Degree could see earnings of $69,000 per year. There is a noteworthy salary increase between a nurse with a diploma and one with a Bachelor of Science Degree in Nursing. With a Bachelor of Science, a nurse can earn an average of $ 83,000.

With a Master of Science in Nursing, you can make more money as a nurse for an annual salary between $94,000 and $103,000 on average, but it all depends on the specialty. The higher up on the educational scale you go such as Doctor of Nursing Science and Doctor of Nursing Practice, the respective salaries are $99,000 and $102,000. This is an important factor in making more money as a nurse.

Does Experience Count In Improving Chances For More Money?

Another factor in how to make more money in nursing is to consider experience. A nurse who has been on the job for two or more years tends to earn more. If she works in the ICU, her earning potential is even higher in comparison to a nurse who works in a doctor’s office. Therefore, while experience should be noted, it depends on where the experience is gained and in what capacity.

Does Gender Play A Role?

Gender does play a role in earning more money as a nurse. The field is dominated by women because just twelve percent of the workforce in nursing is male. Women tend to get 9 percent more in salary than male nurses do. Nurses, in general, are ranked by variables, which includes potential for advancement, job performance, level of stress-ability and much more.