Employment and salaries of nurse practitioners continues to grow. The Nurse Practitioner Compensation Survey (2019) stated that nurse practitioners earn a median salary of approximately $104,000 every year for a total work experience of a full five years on the job.
Being a highly paid profession, nurse practitioners also experience job satisfaction because of the focal points like clinical set-up, certification levels, education qualifications, level of expertise, and so forth.
On average, as per the American Association of Nurse Practitioners, the salary earned by a Nurse Practitioner is $111,840 annually. The total number can vary due to numerous factors in play.
The official training duration is two-three years, depending upon the area of specialization. Some institutes offer various options like lucrative career growth options, higher salaries drawn, and even online programs assistance.
Nurse Practitioner Salaries and Corresponding Specializations
It’s a widely known fact that nurse practitioners’ salaries are more generous in terms of value than their counterparts. Though the qualification and required training level is a deciding factor, some relatively new practitioners earn a sizable amount, sometimes as high as $100,000 a year.
With appropriate training, the salary rate transition from being registered nurses to nursing practitioners is quite evident. The annual earnings certainly increase with experience and level of educational qualification as well.
In the competitive sector, the range of salary varies from $108,000 to $124,000. Various specializations derive interest, including primary healthcare givers and acute care or critical illnesses.
To observe the apparent difference in the salary amounts, the family nurse practitioners earn $1,19,000 annually while the same practitioners in the mental health sector earn $1, 25,000 in a year.
Also, the nurse practitioners involved in neonates’ care earn $122,500 and $120,000 for adult care, respectively.
Growth Trends and Career Prospects For Nurse Practitioners
From the year 2018 till 2028, the Bureau of Labour Statistics has predicted that there will be a significant increase of about 28% in the salaries drawn by the nurse practitioner.
Expectations for the marked rise are highly probable, with an enhancement in career attributes like upgrades in the level of expertise and designation accordingly. Experience in work also affects the earning potential of the Nurse Practitioners.
The Nurse Practitioner with experience varying between 6-10 years can expect a salary range of $110,000 to $120,000. Nurse Practitioners earn a higher salary with a higher work experience.
The salary levels keep fluctuating with different levels of specialization. The compensation report prepared by the Association of Nurse Practitioners clearly states the additional salaries of different types of Nurse Practitioners.
The numbers below gives a better idea about the nurst practitioner specialty and its corresponding average salary:
Family Nurse Practitioner- $119,000
Psychiatric Nurse Practitioner- $125,000
Acute Care Nurse Practitioner- $110,000
Emergency Nurse Practitioner- $113,840
Women’s Health Nurse Practitioners- $91,454
Increase in Salaries with Location
There is a significant impact on the salaries with respect to the geographical area you belong to. Hence, with respect to the cost of living, you can expect a related increase in salary too.
Across the 50 states of the U.S., the average annual pay given to the Nurse Practitioner is lowest in Kentucky, paying about $100,000. In contrast, earning a high income is possibly in California, with a salary of $145,000.
Hence, the states in the South have a low cost of living and, in turn, a low income as well. The Western region offers a considerably high salaries to nurse practitioners. Further, the population of the state also has a significant influence on the salary levels of a nurse practitioner.
The state of California pays even as high as $175,000 for the Nurse Practitioners working in the clinics or the centers. Another factor that comes into play is that the metropolitan cities have the capacity to provide higher pay than the remote areas in the countryside or the rural region.
The following cities boast of a higher income group of Nurse Practitioners: Vallejo-Fairfield, Oakland, Longview, and so forth.
Nurse Practitioner as a Career
The question glaring many Nurse practitioners in the face is that whether the profession as such is rewarding or not. Considering it to be a worthwhile investment requires you to have a complete understanding of the field.
After weighing in all the factors, considering the career options is possible as a fruitful investment in time and money. Whether you’re working independently or in collaboration with another healthcare worker, a Nurse Practitioner has complete autonomy and responsibility for their share of the work.
They’re accountable for the number of working hours, and when done with sincerity, the payoffs and payouts are ideal in the current working climate. The next option in the hands of a Nurse Practitioner is the choice of the functional area. Whether you are committed to a clinic or an institute, you can demand flexibility and the possibility of a better schedule in general.
After becoming a Registered Nurse, the next best thing in your area of expertise is becoming a Registered Nurse Practitioner. With the vastness of knowledge and experience at your disposal, you can only help the public address their needs.
Ways To Increase Your Earnings As a Nurse Practitioner
When you’re an ambitious individual, you’re continually looking for ways to increase your income and enhance your scope of learning. Here are a few ways:
-When you obtain certification in a specialization that has a higher compensation rate, you can rest assured that you will benefit from it.
-Further, if you’re unable to thrive as a nurse practitioner, you can always look for leadership roles and administrative responsibilities where you earn higher than your current position.
-The best way to ensure a high pay package is never to stop learning. Educating yourself in the process is a brilliant way to upgrade and move ahead in your career path. Hence, keep yourself updated with examinations and other qualifications so that you can stay prepared.