If you’re envisioning earning your Master of Science in Nursing (MSN), you may be researching the return on investment of your prospective education and the realities of a professional MSN salary.
Fortunately, many MSN graduates are happy with their decision to earn a master’s degree, due to the increased career opportunities and earning potential in the field. If you are wondering, “How much can I earn with an MSN degree?”, you are in the right place.
Read on to discover the MSN salary opportunities available to graduates.
Comparing Careers: BSN vs. MSN Salary
According to the Bureau of Labor Statistics (BLS), in 2021, a registered nurse (RN) with a Bachelor of Science in Nursing (BSN) made a median annual salary of $77,600. In Connecticut, a registered nurse made a median yearly wage of $83,860.
The Bureau of Labor Statistics also highlights that the job outlook for registered nurses is projected to grow nine percent from 2020 to 2030, with 194,500 job openings estimated each year.
Advanced practice registered nurses (APRNs) are RNs who have completed a Master of Science in Nursing (MSN) and are pursuing a specialized area of patient care. For a registered nurse with an associate degree in Nursing (ADN), it typically takes three additional years to complete an MSN degree. Generally, it takes nurses with their BSN degree two years to earn an MSN degree. Registered nurses with bachelor’s degrees in non-nursing disciplines can also achieve their MSN through bridge pathways like RN-to-MSN programs.
The BLS reported that the annual wage for APRNs in 2021 was $123,780 – 60% higher than the average RN salary. The top three paying industries for advanced nurse practitioners nationally were listed as follows:
- Accounting, bookkeeping, and payroll services — Average annual wage: $148,980
- Business, professional, and political organizations — Average annual wage: $133,800
- Home health care services — Average annual wage: $133,170
The Bureau of Labor Statistics also acknowledged that the APRN field is projected to grow 45% from 2020 to 2030, with a notable 29,400 job openings annually over the decade.
It’s also worth noting that an APRN is not the only career outcome available with an MSN. For those who wish to advance beyond the path of patient care, those with an MSN degree can also pursue careers in nurse leadership and administration. According to the BLS, nurses in this profession have the potential to earn $101,340 per year, more than 30 percent above the average, national RN salary.
Mastering Your MSN: A Meaningful [and Profitable] Nursing Program
Going back to school to earn a graduate degree can elevate a registered nurse’s career confidence, professional opportunities, and salary potential.
Flexible MSN programs, like those offered at Goodwin University, allow nurses with full-time jobs and families to study on their schedule. Whether a student seeks to achieve their MSN degree, and become a nurse administrator, family nurse practitioner (FNP), or a psychiatric mental health nurse practitioner (PMHNP), their curriculum is as convenient as possible. The good news at Goodwin? Earning an MSN can be completed in as few as 20 months part-time and entirely online.
After graduation, individual MSN salaries can depend on various factors such as job title and specialization, geographic location, employer industry, years of experience, and place of work. For instance, depending on the employment elements mentioned above, a family nurse practitioner’s salary may differ considerably from a career as a psychiatric mental health nurse practitioner.
Although salary attainment varies per person, the Bureau of Labor Statistics confirmed that education pays — with master’s degree holders making a median of $240 more per week than those with bachelor’s degrees.
How Much Do MSN Nurses Make?: Paychecks Per Profession
The following are roles can be attained with an MSN degree in hand, and are accompanied by the occupation’s national median annual salary. For a side-by-side comparison, the median yearly wage for the same job, specifically in Connecticut, is also included.
Nurse Managers and Administrators:
**Please note that the entry-level education listed for the national nurse manager role is a bachelor’s degree. In 2021, the highest ten percent of nurse managers earned more than $205,620 annually — with MSN and doctoral nurses most likely to make the mid-to-upper-level of the listed wage.
Income Inquiry: MSN vs. DNP Salary
If you’re looking further down the road and wondering what you can do after earning your MSN, you might consider a Doctor of Nursing Practice (DNP) program.
A DNP program prepares students for advanced nursing leadership roles, with added responsibilities and returns. For example, a DNP preventative medicine physician earns a median salary of over $208,000 per year.
Achieving a Prosperous Career with an MSN
Nurses with MSN degrees are essential to supporting and sustaining the holistic well-being of the American public. Between an aging baby boomer generation, an uptick in chronic conditions, and the pandemic, MSN-holding healthcare professionals are in-demand.
When RNs expand their education, the national health of the population prospers. With extra education, MSN nurses propel their practice, improve patient care, and uphold the honorable nursing profession.
Are you ready to do great things with a graduate degree in nursing?
Click here to learn more about a meaningful MSN career!