Phd Nursing vs MD financially

  1. 0
    hey, guys

    I know there's a lot of nurses in here. Please tell me from what you know or heard. How much money someone with any of these degrees make????
    M.D.
    PhD Nursing
    MSN
    ARNP
    CRNA
    Who makes more and how about the job opportuities. I don't know what to go for when I graduate.
    Last edit by thenurse2b08 on Sep 4, '07 : Reason: forgot to mention CRNA
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  4. 25 Comments so far...

  5. 0
    If money wasn't in the equation, what would you want to do? Having a lot of money is nice, but if you are not doing what you want to be doing, you will have a very miserable life. I say go for what you WANT, rather than the largest money maker.
  6. 0
    I would guess MDs make the most, followed by CRNAs. But I would think the MSN or PhD or ARNP would have better job prospects.

    I would also agree with the above post, and caution you about basing too much of your decision on expected salary.
  7. 0
    Do not forget to factor in how much in debt you will be once you graduate. Some med schools cost $50K a year in tuition and fees alone. Once you graduate, residents at my hospital start at $40, 000 a year- they earn less than the nurses. The MD route pays off in the long run if you stick it out and depending on your speciality.
  8. 1
    I absolutely agree with the advice to figure out which one would make you the happiest. You'll definitely be pretty darn well off doing any of those. I know from experience not to choose the moneymaking career over what you really want to do. I'm now changing fields to nursing because I made a mistake. Also, don't assume that the MD will be making the most money. There is a great difference in pay between specialties.

    I personally chose NP over MD because I felt I could get paid a good salary while still being able to have decent hours or the possiblity of working part time. 3 years of nursing school (I have a BS in another field), being able to work during school (as an RN the 3rd!) and NO residency for master's in nursing vs. 4 yrs of med. school & getting paid crap (relative to the hrs worked) for 3-7 yrs of residency was also a huge factor in my decision...
    sharona97 likes this.
  9. 0
    I am surely not basing myself on salary alone. Now, I want to do CRNA, but the thing is I don't wanna do something that's gonna put me through more trouble. I should have clarified. I wanna have time for my family and all. I was thinking about MD, but I just don't like their attitude towards patients. I was talking about CRNA or PhD. I am just confused. Money is surely not an issue.
  10. 0
    I'm assuming you arent a nurse yet, am I correct? I added RN schooling into each of my responses below since that is where you will need to start..

    A MD obviously makes the most, but they also sacrifice most of their time to their program, residencies, and studying. Its 4 years pre med, then med school, then residency, then practicing on their own.

    As for a CRNA, realize that its a full time program. You would also need to get your RN first, then return to school for 2 years to become a CRNA. You will most likely need 1-2 years experience in an ICU type setting. Yes, they make good money, but its also very time consuming.

    For your MSN, you'll have to have your RN followed by 1-2 years experience, followed by 2+ years of schooling (full time). This Route also allows you to become a nurse practitioner, which has flexible hours as boomer has stated. Its still nursing, but advanced practice. You have more autonomy and work with a Dr in this position such as in a Dr's office, clinic, or in the hospital setting.

    A PHD in nursing will mostly allow you to teach, or assume a higher role as a nurse in a hospital/nursing home/rehab center such as Director, or Dean of nursing.

    Good luck in whatever you choose!
    Last edit by TexasPediRN on Sep 4, '07
  11. 0
    Quote from thenurse2b08
    I am surely not basing myself on salary alone. Now, I want to do CRNA, but the thing is I don't wanna do something that's gonna put me through more trouble. I should have clarified. I wanna have time for my family and all. I was thinking about MD, but I just don't like their attitude towards patients. I was talking about CRNA or PhD. I am just confused. Money is surely not an issue.
    Honestly, sometimes I wish I would have stayed with my biology/pre-med major when I started college. If I could be out of med school and out of residency by the age of 30 (not possible anymore for me), I would pursue medical school in a heartbeat. Yes, money is a big plus when pursuing medicine... but what attracts me is the fact that you learn an incredible amount in medical school and residency.

    You need to decide what you enjoy in life because CRNA and Ph.D. are two totally different degrees. CRNA is basically another clinical degree and you will be in the clinical setting. A Ph.D. can offer you the benefit that you can use it in many different aspects. A Ph.D. tends to take 4 - 6 years and doesn't offer the financial rewards as a CRNA or MD would offer. I am sure there are certain career fields a Ph.D. would happen to pull in a great deal of money, but definitely not academics (not initially anyway).
  12. 0
    Quote from MeghanRN
    I'm assuming you arent a nurse yet, am I correct? I added RN schooling into each of my responses below since that is where you will need to start..

    A MD obviously makes the most, but they also sacrifice most of their time to their program, residencies, and studying. Its 4 years pre med, then med school, then residency, then practicing on their own.

    As for a CRNA, realize that its a full time program. You would also need to get your RN first, then return to school for 2 years to become a CRNA. You will most likely need 1-2 years experience in an ICU type setting. Yes, they make good money, but its also very time consuming.

    For your MSN, you'll have to have your RN followed by 1-2 years experience, followed by 2+ years of schooling (full time). This Route also allows you to become a nurse practitioner, which has flexible hours as boomer has stated. Its still nursing, but advanced practice. You have more autonomy and work with a Dr in this position such as in a Dr's office, clinic, or in the hospital setting.

    A PHD in nursing will mostly allow you to teach, or assume a higher role as a nurse in a hospital/nursing home/rehab center such as Director, or Dean of nursing.

    Good luck in whatever you choose!

    I want to point out that an MSN doesn't automatically define one as an advanced practice nurse (nurse practitioner). You can pursue many different routes -- nurse practitioner, education, management, research, etc. The same is true for the Ph.D. route.
  13. 0
    Quote from sistermike
    I want to point out that an MSN doesn't automatically define one as an advanced practice nurse (nurse practitioner). You can pursue many different routes -- nurse practitioner, education, management, research, etc. The same is true for the Ph.D. route.

    Very true. I should have added some of those into my response. I was just trying to give an overview of it as well as I could. Thanks for adding to it though!

    -Meghan


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