How Much Does a Nurse Practitioner Make?
This guide provides detailed information about the earnings of nurse practitioners (NPs). It covers the average salary for NPs and how it varies based on factors like education, specialization, and location.
Nurse practitioners are highly trained professionals among the highest-paid nurses, often making over $100,000 a year. They have advanced practice registered nurse (APRN) licensure, which allows them to care for patients within their specialized areas.
Nurse Practitioner Programs
Nurse Practitioner Salaries Explained
We’ve used 2023 data from the U.S. Bureau of Labor Statistics (BLS) and selected surveys to break down NP salary data by degree level, geographic region, areas of specialization, and work settings.
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Quick Facts About Nurse Practitioners
– In 2020, the median salary for full-time NPs was $110,000.
– Most full-time NPs typically see a minimum of three patients per hour.
– The majority of NPs have an average of 11 years of professional experience.
Source: American Association of Nurse Practitioners NP Fact Sheet
Average Salaries for Nurse Practitioners
A 2020 Clinical Advisor Salary Survey reveals that 73% of NPs hold a master of science in nursing (MSN) degree. Many NPs are also pursuing doctor of nursing practice (DNP) degrees.
As shown in the graphic below, those with DNP degrees experience a significant increase in their annual salaries. While an MSN degree remains the minimum educational requirement for NPs, this requirement might soon shift toward the DNP.
$111,260
SOURCE: Clinical Advisor Salary Survey, 2020
$120,660
Doctor of Nursing Practice
SOURCE: Clinical Advisor Salary Survey, 2020
Impact of COVID-19 on NP Salaries and Employment
The COVID-19 pandemic had a significant impact on the work lives of NPs. About 20% of advanced practice registered nurses (APRNs) reported working fewer hours in 2020 due to COVID-19, and nearly 75% of respondents from the 2020 Clinical Advisor Salary Survey worked between 31-50 hours per week. Before the pandemic, most NPs worked an average of 40 hours per week. The Medscape report noted that 8% of APRNs were furloughed or lost their jobs, while others transitioned to different practice areas.
Just over 40% of NPs reported earning more in 2020, with a similar percentage expecting their salaries to remain the same in the following year. More than 50% of NP respondents did not experience reduced salaries, but nearly 30% of those who did were NPs or physician assistants (PAs).
Nurse Practitioner Salaries by Specialization
NP salaries also vary depending on their area of specialization. Psychiatric Nursing Practitioners earn the highest average salaries, making nearly $40,000 more than NPs specializing in pediatric nursing.
Salary Growth for Nurse Practitioners
The salary growth and rate of increase for NPs depend on various factors, including certification, education level, clinical focus, and work environment. Experience is another significant factor that influences NP salaries. On average, NP incomes increase by almost 35% during the first five years of practice, followed by a 9-18.5% climb in earnings.
– Highest-Paying States for Nurse Practitioners
Geography plays a substantial role in determining NP salaries. NPs in the Western United States earn an average salary of $127,120, followed by those in the Northeast at $114,560, and the South and Midwest at close to $108,370.
Salary levels also differ at the state level. The top-paying states align with the regional trends, with two in the West and three in the Northeast.
– Top-Paying States for Nurse Practitioners
– California: $151,830
– New Jersey: $137,010
– New York: $133,940
– Washington: $130,840
– Massachusetts: $129,540
Source: BLS
Highest-Paying Metropolitan Areas for Nurse Practitioners
NPs should also consider variations in salaries among metropolitan areas. Northern California hosts the top five highest-paying metropolitan areas for NPs, with most of them located in the San Francisco Bay Area.
Data on employment levels suggests robust job opportunities for NPs. The BLS lists the top five metropolitan areas with the highest employment levels as New York — Newark — Jersey City, Boston — Cambridge — Nashua, Los Angeles — Long Beach — Anaheim, Chicago — Naperville — Elgin, and Dallas — Fort Worth — Arlington. Major urban areas offer the most options for NPs.
– Highest-Paying Cities for Nurse Practitioners
– San Jose — Sunnyvale — Santa Clara, CA: $197,870
– Napa, CA: $184,700
– Vallejo — Fairfield, CA: $180,380
– San Francisco — Oakland — Hayward, CA: $177,160
– Yuba City, CA: $159,260
Source: BLS
Highest-Paying Workplaces for Nurse Practitioners
NP salaries also differ based on workplace settings. However, the most common industries employing NPs, including physicians’ offices, hospitals, and higher education institutions, do not always offer the highest salaries. Job seekers aiming for higher incomes may want to explore workplaces listed in the table below.
– Top-Paying Workplace Settings for Nurse Practitioners
– Accounting, Tax Preparation, Bookkeeping, and Payroll Services: $148,980
– Business, Professional, Labor, Political, and Similar Organizations: $133,800
– Home Health Care Services: $133,170
– Psychiatric and Substance Abuse Hospitals: $131,830
– Outpatient Care Centers: $129,190
Source: BLS
How Do NP Salaries Compare to Other Nursing Roles?
Nurse practitioners earn significantly more than registered nurses (RNs) and clinical nurse specialists (CNSs), with a mean annual wage of $118,040. The chart below provides a comparison of salaries between NPs, RNs, CNSs, and various other nursing roles, including nurse administrators, anesthetists, and midwives.
Physician assistants, listed for reference, perform similar tasks as NPs but have a distinct educational path and credentialing process that involves more practical experience and clinical hours. Certification, education, and specialization areas also impact NP compensation.
4 Strategies to Increase NP Income
According to BLS data, Nursing Practitioners can expect a salary range from $79,470 for the lowest 10% to $163,350 for the highest 10%. Within this range, several factors influence NP salary levels, such as certifications, education level, years of experience, or type of experience, and the practice setting.
Here are four key strategies for NPs to boost their earnings:
1. Consider Earning Certifications
NPs can obtain national board certifications in specific patient populations, such as critical care, hospice and palliative nursing, oncology, and pediatrics. State licensure boards require NPs to obtain and maintain these certifications, allowing them to practice as APRNs and earn higher salaries.
2. Pursue Higher Education
While an MSN degree is the minimum requirement to become an NP, many NPs choose to earn DNPs. Obtaining a DNP opens doors to more roles with increased responsibility and compensation. Additionally, the American Association of Nurse Practitioners supports a transition from an MSN to a DNP as the minimum degree for APRN licensure.
3. Gain Experience in Administrative Roles
Nurse administrators earn an average salary of $119,840. These professionals take on management and leadership positions in hospitals, healthcare facilities, and physician group practices, resulting in higher compensation. Nurse administrators often pursue dual degrees such as MSN/MBA or MSN/master of health administration and apply for certification as nurse executives.
4. Explore Different Practice Settings
While many NPs specialize in areas like family nurse practice, pediatrics, primary care, and obstetrics/gynecology, these positions do not typically offer the highest salaries. NPs who wish to maximize their income when choosing a nursing specialty should consider fields like psychiatry, urgent care, acute care, and adult medicine.
Frequently Asked Questions: NP Salaries
– Which nurse practitioner specialty earns the highest salary?
– Psychiatric NPs earn the highest average salary, approximately $138,450 on average. Psychiatric NPs focus on caring for patients with mental health challenges, diagnosing their conditions, managing medications, and referring patients to psychotherapists and other mental health professionals.
– Who earns more, physician assistants (PAs) or nurse practitioners (NPs)?
– Physician assistants earn a median annual salary of $121,530, whereas nurse practitioners earn $123,780 on average. NPs and PAs perform similar roles in physicians’ offices, hospitals, and clinics. Both professions require graduate degrees and certifications, but PAs need to complete at least 2,000 hours of clinical experience to maintain their certification, compared to the 500-hour requirement for NPs.
– What is the starting salary for a nurse practitioner?
– The average starting salary for NPs is approximately $104,440 per year, though actual compensation rates vary depending on education level, certification, specialization area, work setting, and geographic location. NPs in California typically earn higher starting salaries than those in Kentucky, and psychiatric NPs earn more on average than family nurse practitioners.
– How much do NPs make per hour?
– NPs earn an average hourly wage of $56.75. Median wage estimates show a range from $38.21 per hour for the lowest 10%, increasing to $68.54 per hour for the top 10%. NPs working in accounting and other payroll services earn the highest hourly pay.
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