It’s no secret that obtaining a Master’s degree is hard work. Classes become a priority, and social engagements decrease as you take that extra time to study or do homework. You want to be sure that before you make the decision to work towards your Master’s in Nursing, the increase in pay is fair in comparison with the rigor of the program. Luckily, MSN degrees are rewarded with a comfortable pay rate per the national average, as well as within Connecticut. Here’s what to expect for earning potential with an MSN degree, depending on your specialty.
You can set your sights on the future by evaluating what you make now as a Registered Nurse. According to the Bureau of Labor Statistics, the median RN salary for registered nurses nationwide is $68,450 – and that’s with just an undergraduate degree. In Connecticut specifically, RNs make more than the national average, at $76,340. The job outlook for this field is rising incredibly fast (much faster than the national average), and you’re already jumping on that bandwagon. Between 2014 and 2016, the change in employment rose 16 percent. The national average is less than half this number, at 7 percent. With this clear understanding that the nursing field is expanding, we can see that there is a sure necessity for nursing specialists.
With this all as the baseline prior to earning an MSN, it makes sense that nurses have an especially high earning potential with a Master’s degree. Depending on your specialization, your physical location, and your industry, MSN salaries can range greatly. Regardless, the national average paints a pretty picture. The national average for Nurse Anesthetists, Nurse Midwives, and Nurse Practitioners, also known as Advanced Practice Registered Nurses, is $107,460.
If you thought that 16 percent sounded like an impressive job upswing, consider this: nurses with advanced nursing degrees are at a 31 percent demand rate – almost double that of RNs. And earning this MSN salary is far from being a “unicorn” – it is an attainable reality. If you continue your nursing education with a Master’s, the likelihood of finding a job with this type of payoff is very high.
Now, the national average varies across the country, with nurses in big cities having particularly high earning potential. In Connecticut specifically, Nurse Anesthetists make a mind-boggling average of $180,835 a year, as the highest paying advanced nursing specialty. Nurse Midwives also make $83,430 per year, while Nurse Practitioners’ average salary is an impressive $98,550 annually. Even with a good starting salary as an RN, any of these increases sound appealing. Earning an MSN degree opens the door to surefire increased earning potential. With Nursing as the top-growing field in the nation, the demand for qualified professionals is equivalent.
Besides clinical nursing jobs, perhaps the administrative, leadership, and educational world of nursing interests you. If becoming a “head nurse”, coordinating other nurses, preparing students for their own careers, recruiting new nurses, and supervising patient care sounds good to you, this branch of nursing may be something you want to consider. Thankfully, these roles also include lucrative compensation, ranging between $60,000 and $80,000. Some positions in this specialty include: Clinical Nurse Leader, Nurse Administrator, Nurse Educator, and Nurse Manager. If you can picture yourself directing affairs at your hospital, making community connections, and keeping clinics running smoothly, this may be the right path. Ultimately, if you work on the policy side of nursing, you can have an effect on the efficiency, productivity, and innovation of not only your clinic, but on the greater field of healthcare.
Regardless of whether you’re interested in the clinical or administrative side, earning your Master’s of Nursing in Connecticut is a good choice that can quickly forward your career goals. Goodwin College’s MSN program is flexible, allowing you to learn online and balance your studies with your work and home life. We also offer a lifetime of career services to help you get where you want to go, and earn the salary you deserve.
Call 800-889-3282 or contact us today to learn about earning your MSN degree at Goodwin College.
Goodwin College is a nonprofit institution of higher education and is accredited by the New England Commission of Higher Education (NECHE), formerly known as the New England Association of Schools and Colleges (NEASC). Goodwin College was founded in 1999, with the goal of serving a diverse student population with career-focused degree programs that lead to strong employment outcomes.