Cost analysis of RN vs NP

Trauma Columnist · Jun 19, 2007

I think its great that you are going this. I'll tell you how I figured this:

I made $58,000 as an ER staff nurse with 12 years of RN experience. As a new CNS, I made $75,000 per year plus no insurance, no out of pocket expenses for insurance at all, plus additional monies totally $96,000. My education involved a BSN, MSN, and post-MSN certificate. My total student loans were $36,000. However, I will recoup that in two years! So...yes, even at the age of 47, it was well worth it.

smirn80 · Jul 16, 2007

ive also thought about this, im in the processof starting NP school for spring next year, n have looked around. I read somewhere that the national average of salary increase from being FT RN and FT NP is $30,000 a year. If u ask me, it definitely pays off, plus u cant put a value on education anways.

core0 · Jul 16, 2007

ive also thought about this, im in the processof starting NP school for spring next year, n have looked around. I read somewhere that the national average of salary increase from being FT RN and FT NP is $30,000 a year. If u ask me, it definitely pays off, plus u cant put a value on education anways.

It really depends on where you are. Average salary around here for an experienced RN is more than new grad FNP salary. If you can get into a specialty its more, but thats a pretty big if.

David Carpenter, PA-C

Trauma Columnist · Jul 16, 2007

David - you bring up a good point. When I graduated with my CNS in May 06, a hospital offered me less than I was making as an experienced nurse because they considered me a "new grad!" Nope, won't do that. That was ridiculous. Instead, I continued to work as a staff nurse for an additional three months before I found a job that paid me what I'm worth!

llg, PhD, RN · Jul 16, 2007

You also have to think about your long-term career prospects -- and not just focus on the salary differences in the first few years after school.

For example, will getting the NP education open up more possibilities for you that will keep you satisfied and working for a longer period of time? While senior level staff nurse positions often pay more than an average NP salary, maximizing the earning potential in the staff nurse category may require you to rotate shifts, work 12-hour shifts, etc. -- things that might burn you out (and wear your body out) at a younger age. The extra education may open up possibilities that may pay slightly less, but that can be maintained at a steady pace for more years - thus building up your fringe benefits, retirement benefits, savings, etc.

Switching careers in your 50's can be financially draining -- as is early retirement. Qualifying for jobs that you can work through the later years of your career can have huge financial benefits in the long run.

7starbuck7 · Jul 16, 2007

I am applying to an Adult NP program for Spring 08. I am making very good money as a RN because I work float pool with no benefits. It is possible I could actual receive a pay CUT when I graduate from the NP program. Anytime my co-workers have found out about my plans it is the first thing they say to me:rolleyes:

To me, it is more than just about money. I cannot keep up the pace of my job for the next 30 years. NP or not I have no intentions of being in acute care for any longer than 5 more years. Being a NP will give me many more options and that is what I am looking for.

GL

core0 · Jul 16, 2007

I am applying to an Adult NP program for Spring 08. I am making very good money as a RN because I work float pool with no benefits. It is possible I could actual receive a pay CUT when I graduate from the NP program. Anytime my co-workers have found out about my plans it is the first thing they say to me:rolleyes:
To me, it is more than just about money. I cannot keep up the pace of my job for the next 30 years. NP or not I have no intentions of being in acute care for any longer than 5 more years. Being a NP will give me many more options and that is what I am looking for.
GL

As long as you are realistic that is fine. What I see is that RN's around here fork out some big bucks for NP school without researching the job market. You give up some things generally as a NPP in private practice (and hospital jobs at least locally). Among them is the ability to work overtime. Also be realistic about how hard the job really is.

Observationally (having been neither an RN or NP) the NP role is not as physically demanding as the RN, but is tougher mentally and emotionally. Make no mistake, there is a tremendous amount of responsibility in the NPP role. With the continued increase in nursing salaries you could probably make more as an RN with a little overtime. You become an NP (at least in my opinion) because it is what you want to do. To do that you have to understand the role going in and what the true prospects for employment are. This is a part that I think many of the programs are being less than honest about.

David Carpenter, PA-C

7starbuck7 · Jul 16, 2007

Yes, I do think with the NP role I am trading physical stress for mental stress. Originally I was going to apply to a very expensive private school, but after much research I am opting for a large state university that will mostly be paid for by my employer.

I agree with you, I am doing it because it is what I want to do. But it has been an agonizing decision with all the outside input from my friends/co-workers. Money is great. But it isn't everything especially when you have another 30+ years to work!