With a higher degree of training and more responsibilities, nurse practitioners, or NPs, can expect to earn around $124,680 a year. In addition to a good salary, NPs may also enjoy a degree of job security, as the need for the profession continues to grow. According to the most recent figures from the Bureau of Labor Statistics, the number of NP jobs is expected to grow 45% over the next decade — faster than any other occupation in the U.S.
Read on to better understand what it’s like to work as a nurse practitioner and what your earning potential may be.
What Are Nurse Practitioners
A nurse practitioner works with patients to help coordinate and execute their care. The exact tasks an NP can take on depend on what is allowed in the state they are working in, but in many states, they can order medical tests, provide patient diagnoses, and even prescribe medications.
Some of the work nurse practitioners do will be independent, but usually their jobs involve a lot of patient interaction and collaboration with physicians and other medical professionals. Because this role requires so much human interaction, it may not be a great fit for anyone who is an introvert.
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How Much Do Starting Nurse Practitioners Make?
How much money does a nurse practitioner make in the early days of their career? The lowest 10% of earners in this field typically make less than $87,340, but it’s crucial to remember their entry-level salary can rise as they gain experience. The highest 10% of earners stand to make more than $165,240 a year.
As you move up in your career, so can your salary. A money tracker app can help keep tabs on your spending and make progress toward your financial goals.
What Is the Average Salary for a Nurse Practitioner?
How much does a nurse practitioner make an hour? The median hourly wage for nurse practitioners is $59.94. The actual amount someone stands to earn as a nurse practitioner can vary depending on what industry they work in.
Those looking to earn a more competitive wage can tailor their job search to a more lucrative field. For example, this is what the median annual wage looks like for nurse practitioners in a few different industries:
- Home health care services: $148,960
- Outpatient care centers: $134,030
- Hospitals: $129,330
- Offices of physicians: $121,880
- Offices of other health practitioners: $112,660
What Is the Average Nurse Practitioner Salary by State for 2022?
The state that nurse practitioners work in can also affect their earnings. This table outlines the average nurse practitioner salary by state:
Nurse Practitioner Job Considerations for Pay and Benefits
Alongside earning a median annual wage of $124,680, many nurse practitioners qualify for valuable employee benefits like paid vacation, medical and dental insurance, and retirement contribution matching. It’s very common to work full time as a nurse practitioner, and many salaried roles come with benefits.
Pros and Cons of Nurse Practitioner Salary
Before rushing head first into a new career path, potential NPs will want to consider both the advantages and disadvantages of the profession.
Pros:
- High rate of employment growth (45% projected from 2022 to 2032)
- Large amount of job openings (29,200 each year)
- Full-time roles with benefits available
- High earning potential
Cons:
- May need to work nights, weekends, or holidays
- Physically and emotionally demanding job
- Exposure to germs
- May need to be on call
- Need a master’s degree or better
- Requires a professional license
The Takeaway
If someone has a passion for practicing medicine and providing patient care, then they may find that working as a nurse practitioner is emotionally and fiscally rewarding. They can expect to earn a median annual salary of almost $124,680, but with time and more experience, they can see their salary increase.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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States with the highest (& lowest) average pay
Whether you’re deciding on a new career path or wondering whether you’re being paid enough, it can help to know what the typical American worker earns per year.
Based on the latest data available from the Social Security Administration (SSA), the average annual pay in the U.S. in 2021 was $60,575 — an 8.89% jump from the previous year. The U.S. Bureau of Labor Statistics (BLS) estimates the average worker made closer to $67,610 that same year. The amount you make may depend on a number of factors, including your occupation, where you live, your gender, and your level of education.
AndreyPopov / iStock
Let’s take a closer look at how the average annual pay in the U.S. has changed over a three-year period based on data from both the SSA and BLS.
Average Annual Salary per SSA, per BLS:
- 2019: $54,099.99, $59,209
- 2020: $55,628.60, $64,021
- 2021: $60,575.07, $67,610
It can also be helpful to look at median earnings, which represent the midpoint of salaries in the U.S. In other words, half of the salaries fall below the median, and half are higher than the median.
The following table shows the median annual salary for a three-year period.
Median Annual Salary by Year:
- 2022: $54,132
- 2021: $51,896
- 2020: $51,168
As you can see, average and median incomes have risen each year. However, average salaries can be affected by various factors such as your occupation, age, and gender. Note that the numbers above also don’t include unearned income.
PeopleImages/istockphoto
Some industries tend to pay more than others, which means the career you choose may affect how much you earn. Here’s a sampling of high-paying jobs and their average annual salary, according to the BLS:
- Cardiologist, $353,970 per year
- Dentist, $177,770
- Aircraft pilots and flight engineer, $169,540
- Lawyer and judicial law clerk, $146,220
- Public relations manager, $138,000
- Air traffic controller, $127,920
(Learn more atHome Affordability Calculator).
PeopleImages/istockphoto
While salaries tend to vary based on geography, seeing how much certain types of jobs pay can be informative. Let’s take a look at different occupations and how much they typically pay.
Keep in mind that average salaries may differ depending on the specific occupation you have. For example, although claims adjusters fall under the business and financial operations category, their average salary is around $70,960.
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Demographics, specifically gender, are another factor to consider. By and large, men tend to outearn women throughout their career. The median annual salary for a 16- to 24-year-old man is $33,800; a woman of the same age earns $31,460, per the latest data available from the BLS. Likewise, the median annual salary for a man aged 25 and older is $60,320; a woman of the same age earns $49,608.
stefanamer/istockphoto
Wages often vary based on where you live. In many cases, states with higher costs of living also have higher wages. For example, the median annual income in Hawaii is $100,532 — much higher than Mississippi’s median annual income of $61,205.
Below is the median income by state for a household of three people, according to data compiled by the Census Bureau between April 1 and May 14, 2022.
rez-art/istockphoto
Average pay: $70,250
Sean Pavone/istockphoto
Average pay: $108,072
chaolik/istockphoto
Average pay: $79,110
Davel5957/istockphoto
Average pay: $70,169
Sean Pavone/istockphoto
Average pay: $97,092
Spondylolithesis/istockphoto
Average pay: $100,744
milehightraveler/istockphoto
Average pay: $108,409
DenisTangneyJr/istockphoto
Average pay: $96,841
pabradyphoto/istockphoto
Average pay: $138,342
Sean Pavone/istockphoto
Average pay: $75,057
DoxaDigital/istockphoto
Average pay: $75,057
SeanPavonePhoto/istockphoto
Average pay: $100,532
Art Wager/istockphoto
Average pay: $76,635
Sean Pavone/istockphoto
Average pay: $97,067
Shelly Bychowski/istockphoto
Average pay: $81,783
Sean Pavone/istockphoto
Average pay: $85,758
Jacob Boomsma/istockphoto
Average pay: $88,369
TriggerPhoto/istockphoto
Average pay: $71,501
Davel5957/istockphoto
Average pay: $71,371
ghornephoto/istockphoto
Average pay: $87,051
Sean Pavone/istockphoto
Average pay: $113,994
ferrantraite/istockphoto
Average pay: $117,415
ivanastar/istockphoto
Average pay: $84,245
pawel.gaul/istockphoto
Average pay: $106,445
Davel5957/istockphoto
Average pay: $61,205
peeterv/istockphoto
Average pay: $80,022 (Learn more atThings to do in St Louis)
Art Wager/istockphoto
Average pay: $79,652
powerofforever/istockphoto
Average pay: $91,076
Matt Bills/istockphoto
Average pay: $113,013
DenisTangneyJr/istockphoto
Average pay: $91,076
4kodiak/istockphoto
Average pay: $117,697
Ultima_Gaina/istockphoto
Average pay: $66,183
Sean Pavone/istockphoto
Average pay: $96,854
TriggerPhoto / istockphoto
Average pay: $76,386
Sean Pavone/istockphoto
Average pay: $94,950
Solange_Z/istockphoto
Average pay: $82,734
Jeremy Poland/istockphoto
Average pay: $71,397
Tiago_Fernandez/istockphoto
Average pay: $93,773
BruceBlock/istockphoto
Average pay: $92,441
Sean Pavone/istockphoto
Average pay: $101,104
SeanPavonePhoto/istockphoto
Average pay: $75,128
SeanPavonePhoto/istockphoto
Average pay: $87,475
DenisTangneyJr/istockphoto
Average pay: $75,394
benedek/istockphoto
Average pay: $80,733
Sean Pavone/istockphoto
Average pay: $90,629
f11photo/istockphoto
Average pay: $92,628
DenisTangneyJr/istockphoto
Average pay: $102,869
ferrantraite/istockphoto
Average pay: $104,644
400tmax/istockphoto
Average pay: $71,757
DenisTangneyJr/istockphoto
Average pay: $92,586
benkrut/istockphoto
Average pay: $88,902
DenisTangneyJr/istockphoto
As the BLS data below shows, there is often a pay disparity among workers of different races and ethnicities.
- Asian, $69,056 per year
- White, $52,936
- Black or African American, $41,652
- Hispanic or Latino, $40,404
Sanja Radin/istockphoto
Now that you’ve seen some of the average and median annual salaries by occupation, location, gender, and race or ethnicity, how does yours compare? If you’re not making as much as you’d like, you may want to research wages in your industry and region, and use that information to help you negotiate a higher salary. If you’re ready to make a bigger change, you can use this data as you consider whether to switch to a more lucrative field or relocate to a higher-paying region.
Drazen Zigic/istockphoto
Here are some different strategies to help you make the most of the money you make:
Track Your Spending
Understanding exactly where your money is going can help you keep tabs on where your money is going and identify areas where you can cut back. Consider using a spending app to track your spending and saving.
Negotiate Bills
Want to lower monthly expenses, such as your cell phone or internet services? Consider calling up various providers to see if you’re able to get a better deal or if there are promotions you can take advantage of.
Cut Back on Large Expenses
Housing, food, and transportation tend to be the largest line budget items. Explore ways to trim your biggest costs. Examples include refinancing your mortgage, negotiating your rent, shopping at discount grocery stores, and taking public transportation when possible.
Sharpen Your Marketable Skills
Accepting networking opportunities and taking professional development courses could help you become more marketable as an employee. This in turn could set you up to earn more in the long run. If you’re on a tight budget, look into no- or low-cost ways to cultivate high-income skills, and ask your employer if there are any free resources are available.
SARINYAPINNGAM/istockphoto
A high income can be great, but it does come with some downsides.
Pros:
- Improved quality of life: With more money, you can afford a higher standard of living and be able to afford different amenities such as better access to healthcare and food.
- Financial security: The more you earn, the more you can feel secure you have enough money to afford the things you want and need.
- Ability to achieve financial goals faster: Having more disposable income could mean you can set more money aside for long- and short-term savings goals, like retirement or going on a family vacation.
Cons:
- Higher taxes: Earning more can put you in a higher tax bracket. However, there are ways to reduce your taxable income.
- Pressure to maintain income: If you’re accustomed to a certain living standard, you may feel like you need to keep earning the same amount or more to maintain it.
- More work stress: In many cases, higher-paying jobs come with more responsibilities and at times, longer hours.
Drazen Zigic/istockphoto
Understanding what the average American worker makes in a year can come in handy, especially if you’re considering a new career path, negotiating a higher salary, or looking for a new place to live. According to the latest data from the Social Security Administration, the average annual pay in the U.S. is $60,575. But the amount you earn may depend on a wide range of factors, such as the industry you work in, where you live, your gender, and your race or ethnicity.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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