Nurse Practitioner (NP) pay is on the rise, with a 7% increase from 2015 to 2016. The average national annual pay is 104,600 with NP’s working in hospital settings averaging 115,000 and non hospital NP’s averaging 103,000.
Those NP’s with Doctorate degrees earn on average 112,000 vs. NP’s with a Masters’ degrees earning 105,000. If you take into consideration the cost of a Doctorate degree of approximately 30,000 in tuition and costs , it would take an additional 4-5 years of working to realize payback on your investment.
Regions that pay the highest include the West, Northwest, Northeast, Mid-Atlantic and South Central. Within those regions the states with the highest pay are CA, WA, OR, WY, AK, HI, TX, NH, MA, CT, ME, and NJ. The lowest paying states are MT, KS, OK, MO, AR, LA, TN, KY, AL, SC, PA and WV. Keep in mind the highest paying areas also usually have the highest cost of living.
Pay isn’t the only thing you should be looking at when choosing a region or specific employer. It is important to look at the whole compensation package including tuition reimbursement, paid time off, retirement savings plans, professional liability coverage, health insurance, professional membership dues, and paid parental leave.
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1. US Department of Labor, Bureau of Labor Statistics. Occupational employment and wages, May 2016. 29-1171 nurse practitioners. https://www.bls.gov/oes/current/oes291171.htm Accessed May 16, 2018.
2. Medscape APRN Compensation Report 2017 https://www.medscape.com/slideshow/2017-aprn-compensation-report-6009192 Accessed May 16, 2018.