Healthcare is a big industry, and many different roles are available to pursue if you want to work in it. While many people opt to become doctors, it’s not the right path for everyone. Other options, like becoming a certified registered nurse anesthetist (CRNA), may be more appealing for some.
Both roles involve caring for patients, but the training, potential earnings, and precise roles differ. We’ll break down the key things you need to know.
What Is a Certified Registered Nurse Anesthetist?
A certified registered nurse anesthetist (CRNA) is a healthcare provider who manages anesthesia and other medications for patients. They receive specialized training in both nursing and anesthesiology and care for patients of all ages.
Education and Training
If you want to become a CRNA, the first step is to become a registered nurse (RN). Usually, this requires earning a bachelor’s degree in nursing or another appropriate field and passing a licensure exam. Typically, these requirements mean a minimum of four years in college.
Next, you need to gain some experience. Most programs require that you spend at least one year or longer working in critical care nursing. After that, you can complete an accredited program that awards a doctoral degree in nursing or nursing anesthesia practice. These doctoral programs usually take about three years, so you need a total of eight years to become a CRNA from the time you enter college.
Scope of Practice
CRNAs primarily work with patients who are about to undergo surgery, evaluating their needs and administering anesthesia to keep them sedated during the procedure. After surgery, CRNAs help patients with the recovery process and pain management plans.
Salary and Compensation
CRNAs require significantly more education and training than a typical nurse, so compensation for a CRNA will usually be much higher. In 2024, the average CRNA earned $223,210 per year, according to the Bureau of Labor Statistics. Your precise earnings will depend on factors like where you live, where you work, and how much experience you have.
Career Flexibility
CRNAs primarily work in settings where anesthesia is regularly administered—such as hospitals—though some dentists may employ CRNAs. This role is in high demand, so you’ll have flexibility with regard to where you work.
However, the doctoral program to become a CRNA is heavily focused on anesthesia, so if you want to change your specialty down the line, you’ll likely need to pursue additional education.
More information here:What Is a Doctor?
Doctors are licensed physicians who diagnose and treat a wide variety of medical conditions and illnesses. They also oversee patient care and perform medical procedures. The precise nature of their work will depend on their specialty, but doctors have a broad scope of responsibilities and practice.
Education and Training
Becoming a doctor requires a massive investment of time and money. The process begins with earning a bachelor’s degree, which takes four years, followed by four years of medical school.
After completing medical school, you’ll continue to residency, which lasts between 3-7 years depending on your chosen specialty. You can also add a subspecialty fellowship lasting 1-3 years, giving you a total of 11-18 years in education before you’re a fully fledged doctor. All of this training comes at a high cost. The average cost of medical school is $235,827, and you don’t earn any money until your residency, at which point you’ll earn somewhere in the $70,000 per year range.
Scope of Practice
Doctors have the broadest scope of practice of any healthcare professional in the American medical system. They can work independently to diagnose and treat patients, prescribe necessary medications, and perform procedures such as surgery.
Doctors are also responsible for admitting and discharging patients at hospitals and overseeing patient care while they remain in the hospital. The precise scope of a doctor’s practice will typically depend on their specialty. For example, a neurosurgeon will typically work in a hospital or surgical center and primarily focus on surgeries involving the spine, brain, and nerves. Pediatricians, on the other hand, often work in smaller practices and handle medical care and regular checkups for children.
Salary and Compensation
Becoming a doctor takes a major investment, but the payoff at the end of that training can be well worth it. According to Medscape’s Physician Compensation Report, primary care physicians earn an average of $287,000 annually, while specialists earn an average of $404,000. Overall, the average physician earns $386,000, well above the typical earnings of a CRNA. The average anesthesiologist, meanwhile, earns $543,000 per year.
However, keep in mind that those rewards usually don’t come until you’re well into your 30s, and you may be carrying significant amounts of student loan debt.
Career Flexibility
During residency, physicians spend many years working on a chosen specialty, which can make it very difficult to change specialties after completing residency. In most cases, you’d need to complete a new residency from scratch, which would take 3-7 years and crater your earnings.
However, many specialties have significant flexibility, allowing you to work in a hospital, private practice, or academic settings—or even to move into industry and research.
More information here:- Life and Financial Lessons from a ‘Bad Ass’ Nurse
- How PAs and NPs Can Make Doctor Money
- What’s Your Motivational Fire Toward Financial Literacy (and FIRE)? A Thrifty NP Sees the Light
Certified Registered Nurse Anesthetist vs. Doctor: How to Choose
Choosing between becoming a CRNA and a doctor requires careful consideration of your goals, both professionally and personally. Both options have benefits and drawbacks to consider.
If you want to get into healthcare more quickly, becoming a CRNA is the better choice. You can start working as a nurse after getting a four-year degree, and becoming a CRNA only takes roughly three more years of education. If you’re already a nurse, becoming a CRNA will only require the additional years of education, meaning you have a strong head start.
Becoming a physician gives you far more authority when it comes to handling and caring for patients and far more options when it comes to choosing an area of focus, but it takes far longer and costs much more. However, the income potential is also much higher.
Both options provide well-compensated, meaningful work, so you should choose the one that best aligns with your desired role in the industry.
The White Coat Investor is filled with posts like this, whether it’s increasing your financial literacy, showing you the best strategies on your path to financial success, or discussing the topic of mental wellness. To discover just how much The White Coat Investor can help you in your financial journey, start here to read some of our most popular posts and to see everything else WCI has to offer. And make sure to sign up for our newsletters to keep up with our newest content.
Did you find this article helpful? Share it!
