By Jamie Johnson, WCI ContributorNursing can be a rewarding and stable career, thanks to the growing need for nurses and diverse career path opportunities. The demand for nurses is growing faster than other occupations with a growth rate of 6%. In comparison, most jobs have an annual growth rate of 3%.
Nurses can also earn a high annual salary, depending on their education, specialty, and location. According to the Bureau of Labor Statistics, the median pay for a registered nurse (RN) is $86,070 per year or $41.38 per hour. RN salaries grew more than 19% from 2019-2023 and 39% over the last 10 years. However, the average annual nursing salary doesn’t tell the entire story, and it’s better to think of the average nursing income as a spectrum. Most nurses earn somewhere between $61,250-$129,400, depending on various factors.
How Does Education Level Affect Income?
Your education level is probably the No. 1 factor affecting how much you can earn as a nurse. RNs are licensed by the National Council of State Boards in Nursing (NCSBN) to practice in the US.
You only need an RN diploma or Associate Degree in Nursing (ADN) to get started as a registered nurse. This is the easiest way to get started since these programs take less time to complete than earning a Bachelor of Science in Nursing (BSN).
However, nurses with a BSN are more likely to get hired by hospitals, and they have higher earning potential than nurses with an ADN. The average annual salary for a nurse with an ADN is $76,000, compared to an average annual salary of $94,000 for a nurse with a BSN. This is probably because nurses with a BSN can take on more management roles.
Nurses who complete a Master of Science in Nursing (MSN) have the highest earning potential. Nurses with an MSN can work as nurse practitioners, earning an average annual income of $115,800, or as a nurse anesthetist, making an average annual income of $174,790.
More information here:
Life and Financial Lessons from a ‘Bad Ass’ Nurse
What Different Nursing Specialties Earn
One of the benefits of choosing a nursing career is that there are many different career paths you can choose. Once you become an RN, you can choose to specialize in a specific field. Some of the highest-paid specialties for RNs include family health, critical care, and trauma.
Pediatrics is the lowest-paid specialty for RNs. Nurses working in outpatient care centers and medical or surgical hospitals also tend to make more than RNs working in a physician’s office or nursing care facility.
Which States Pay Nurses the Most Money?
Your salary as an RN can also vary substantially depending on where you live. Western states tend to offer the highest nursing salaries, while southern and midwestern states tend to pay the least. However, you also have to consider the cost of living when you’re comparing different salaries.
Here are the five highest-paying states for nurses:
- California: $132,660 median annual salary
- Hawaii: $120,100 median annual salary
- Oregon: $106,680 median annual salary
- Alaska: $102,260 median annual salary
- Washington: $101,230 median annual salary
California, Hawaii, Oregon, Nevada, and Alaska have the highest median annual salaries when adjusted for the cost of living.
More information here:
Disability Insurance for Nurses
How Much Do Travel Nurses Make?
Travel nursing positions gained traction at the end of the 1980s due to a nursing shortage. ICU travel nurses were also in high demand during the COVID pandemic, especially in areas with the highest rates of infections and hospitalizations.
Travel nurses are usually employed by an agency and work different assignments across the country. The salary can vary depending on the assignment and the location, but travel nurses tend to earn more than staff nurses. Travel nurses earn an average annual salary of $101,132. New York, Pennsylvania, New Hampshire, New Jersey, and Wyoming are the best-paying states for travel nurses.
More information here:
How Much Do Nurse Practitioners Make?
How Much Money Do Doctors Make a Year? Salaries Rise (Slightly) But Not Enough to Satisfy Them
How to Increase Your Nursing Income
If you’re an RN and aren’t happy with your current salary, there are many ways you can increase your nursing income. The best way to do this is to receive an advanced education. For example, if you’re an APN, consider earning your BSN, and if you have a BSN, consider earning an MSN. Obviously, furthering your education takes time, but it’s the best way to maximize your earning potential as a nurse. Getting certified in a specific area is another way to strengthen your skills and increase your earning potential.
However, getting certified and furthering your education involves playing the long game. If you need an immediate win, you might consider taking on per diem shifts at a hospital or clinic in your area. There are no scheduling requirements, and you can pick where and when you want to work.
It’s also important to regularly negotiate your salary as you gain more skills and experience. With the right mindset and strategy, you can maximize your earnings as a nurse while enjoying the fulfillment that comes from helping others.
In need of help on your financial journey? Over the years, The White Coat Investor has carefully curated a recommended list of professionals who have been thoroughly vetted and trusted by thousands of readers. Explore our handpicked selections today, and get the exceptional support you deserve.
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.
