Phd Nursing vs MD financially

oMerMero · Sep 4, 2007

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.

Joe NightingMale, MSN, RN · Sep 4, 2007

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.

RNperdiem, RN · Sep 4, 2007

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.

boomer28 · Sep 4, 2007

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...

thenurse2b08 · Sep 4, 2007

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.

TexasPediRN · Sep 5, 2007

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!

MikeyJ, RN · Sep 5, 2007

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).

MikeyJ, RN · Sep 5, 2007

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.

TexasPediRN · Sep 5, 2007

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

regularRN · Sep 5, 2007

If not surely basing you decision on money, why the "Phd Nursing vs MD financially" thread?

TheOldGuy · Sep 5, 2007

What's wrong with talking about money?

If you talk to MD's or wander through an MD or student MD site, you'll hear plenty of discussion about money. Let's face it, medicine is a business. The reason the AMA is as powerful as it is and the reason that nurses make less than docs is that the AMA has worked very hard to define the scope of practice that docs and nurses are allowed to work.

They also fight tooth and nail whenever they perceive a threat to their income. Nurses need to do the same thing. Right now in many parts of the country, its harder to get into nursing school than it is law school or medical school.

There are lifestyle advantages and disadvantages to both nursing and medicine. Nursing characterizes itself as the "caring" profession as though nurses are the only ones who care....give me a break! There are lots of emotional rewards to nursing - but bottom line, show me the money! You can't buy groceries or pay your mortgage with platitudes and warm fuzzies.

Nurses need to feel comfortable standing up for themselves and demanding compensation and respect consistent with the preparation, challenges and demands (intellectual, physical and emotional) of nursing.