My decision to complete NP school was not a hasty one. I took 4 years to decide if I should go for MSN Ed or NP, versus staying as a bedside RN in the ICU at a Magnet Children's Hospital...where I make excellent money after 16 years now. I chose an affordable, highly ranked NP program and paid my way through. Debt free. This was critical because I want to retire in 15 years. I'm in my late 40's.
Now, I'm an official PNP, all certified and looking at jobs, but having second thoughts -almost panic attacks. The NP money & schedule, not so great. I make the same pay at bedside or even MORE than the NPs! I knew this pay gap may be an issue when applying to school, but didn't think I'd be demoted. It's insulting. I ultimately finished MSN to have options, an ace in the hole. (That was my deciding factor). But, do I need to play my hand now?
Not sure how to move forward. Co-workers keep asking why I'm still there. Anyone else have this dilemma? Would love some insight. Every NP I talk to basically hates their job, but won't admit it until the newness wears off. We need some truth sharing.
I spent less on my master's education than I did on my honda accord, which will eventually wear out. A much better return on money spent, imo. But, yes, I weighed the cost to benefit ratio before applying to school. Much better return than a luxury vehicle or larger home (of which mine is paid for). I do understand your POV, though. However, it does give me more options for non-clinical positions which may be enticing as I get older, according to djmatte's advice.
If I were to get my NP now I would start out making significantly less than what I make now and I am nearly 10 years older than you. I would have to work well past retirement age to make any reasonable difference in my salary.
This isn't guaranteed and with the way supply vs demand in the very near future is headed ie OPs target retirement date probably unlikely imo. While there are definitely plusses and minuses to justify working for the less, the same or nearly the same rate as a RN while taking on the education cost and liability of being a NP makes no sense to me. Who knows how it will shake out over the long term but my money is on remaining a RN might actually be a better overall return in the next 10-15 years or at least until the fad of becoming a NP corrects similar to the lawyer glut years back.
Financially and more risky perhaps- although another thing to consider is the physical demands of a RN in-patient job. Even kids in the PICU can weigh a lot and may not be suited for everyone long-term. Of course, not so much in NICU world : )
Specializes in ACNP-BC, Adult Critical Care, Cardiology.
I think this particular issue is more pronounced with PNP-PC's. I remember being an ACNP student around 2002-2003 and the PNP-PC students I shared some of our graduate courses with were lamenting the fact that they will likely take a pay cut when they start practicing as PNP's just because of the nature of the specialty (Pediatricians themselves are lower on the overall salary scale for physicians).
Not to make the OP question their decision but this is one of those situations where an FNP or PNP-AC would have opened up more opportunities. OP, since you don't have school debt for your MSN, I think you're still in a good spot to continue your RN position for now until a more lucrative opportunity comes along either in the from of practicing as an NP, education, administration, or even industry-related roles. I wouldn't rush to change careers and ignore the RN's who are questioning why you haven't moved on.
In broad terms, most of the NP's are know are quite satisfied with their jobs. Even those with relatively low pay. Becoming an NP has never been a guarantee of a significant raise, depending on your RN job.
My first year out, I made exactly the same, except I didn't have to work Saturday any longer. So there was an improvement in quality of life.
A couple of years later, I was making about 30% more than my RN pay. Then double.
It came together, and it was a long road.
The way I see it, in my late 50's, being an NP extends my career by several years. At least.
All worth it, but I also hated the bedside role.
You have a big advantage of not having borrowed to go to school.
Specializes in in primary care pediatrics and NICU.
"Not to make the OP question their decision but this is one of those situations where an FNP or PNP-AC would have opened up more opportunities. OP, since you don't have school debt for your MSN, I think you're still in a good spot to continue your RN position for now until a more lucrative opportunity comes along either in the from of practicing as an NP, education, administration, or even industry-related roles. I wouldn't rush to change careers and ignore the RN's who are questioning why you haven't moved on."
I appreciate the good advice. Definitely there's no rush to move on to imaginary greener pastures! Hoping I can find a nice per diem NP while keeping my fully vested, part time position in NICU for now. Agreed that FNP would've opened more doors. However, I did not pursue FNP because I have ZERO experience with adults. Just not my thing. Ever since I began as a LPN 27 years ago...always Peds. That's where my heart is. Guess that's where my paycheck is, too. With all the Medicaid insured kids.
Where are you at in Florida? All Children's in St. Pete, Nicklaus in Miami, or Nemours over in Orlando? I'm trying to think of Magnet Peds in FL. I ask because I'm in Tampa, and we have Pedi Urgent Cares in this area looking for NPs...
In broad terms, most of the NP's are know are quite satisfied with their jobs. Even those with relatively low pay. Becoming an NP has never been a guarantee of a significant raise, depending on your RN job.
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Maybe it is just me but I can't imagine why anyone would take on the education time, expense and liability if there wasn't a significant increase in compensation. Check out the APRN Medscape 2018 compensation report. Just over 50% were happy with their compensation, most NPs are taking call without pay and most don't carry their own Liability Insurance. It is unprofessional and unnecessary especially with the CRNP model that we could have easily followed. Interesting that few work in the rural areas which we tout as our indication of need and before someone mentions the large percentage of those with higher pay this year note that it didn't specify how much more which makes those graphs of minimal use to me.
And of course dudes make more than dudettes. We seem to be a rather unprofessional group which will continue to make it difficult for us to be taken seriously.
Maybe it is just me but I can't imagine why anyone would take on the education time, expense and liability if there wasn't a significant increase in compensation. Check out the APRN Medscape 2018 compensation report. Just over 50% were happy with their compensation, most NPs are taking call without pay and most don't carry their own liability insurance.
No its not just you. Its just that some of us are in serious denial about whats really happening to this profession. It is a slow decline that's not yet as visible in certain areas, but the creep is on. I don't believe that most nurses who became NPs expected to be earning less as a provider than they did at the bedside...especially the ones who went into large student loan debt to become NPs. I cannot imagine why any self-respecting person would be satisfied with 'relatively low pay' after spending all that time and money on NP school. Its one thing to accept a low paying job because you are in a bad market and the pickins are slim, but quite another to be satisfied with crappy pay, zero benefits, and horrible working conditions by choice.
I wouldn't put much faith into what the health publications say about NP salaries because I know for a fact that some NPs do not tell the truth about their actual earnings when responding to these surveys. I have seen this a lot.
We seem to be a rather unprofessional group...
Bingo! When one is willing to accept and settle as less than then that is how one should expect to be treated. Its just the way the world is. Why would an employer pay more to an NP who is willing and satisfied with working for less? In places like south Florida its cut throat competition for some of the most ridiculous NP jobs, but the employers love it because at the end of the day they know that they will be able to pick and choose and offer low pay with nothing else---and there will be a whole lot of NPs there willing to take it.
I doubt anyone is satisfied with crappy pay, but if they can't move, they may be stuck with it, until something better comes along.
Personally, I can't see how any NP who can actually do the job, and see 20 pts a day, which most of us do, should make less than 150k with decent benefits. The employer still comes out way on top in that scenario.The NP brings in more than twice that much.
I also think a prospective NP student can research the market before going into it, but they can't really know the market until they graduate and start looking for work.
We have a huge medical clinic here in town. They have 12 NP positions open and the the salary is 80k I was told. They would rather not fill the positions than raise the pay. That is crazy, it makes no sense from a business perspective.
I also think people are cagey about their salary. We talk sex very freely now in our society, but not money. If people are making crap, they are ashamed of it and don't say anything, and if they are doing very well, they are afraid to let that secret out for fear of the competition.
I fear the profession will soon go the way of law. Law school became "the thing" and less selective, leading to a massive glut of lawyers. People are either not working as lawyers, or working for so little it brings a tear to the eye.
A state school in my town has had an FNP program for decades. Now I have heard that they are starting a post master's Psych NP program. Who is going to teach it for about 60k, and how will students get clinical hours? I know what I went through to get my clinical hours and it wasn't pretty. Especially considering that the Psych NP role now includes children.
I think there is a very serious lack of understanding what is involved in becoming a competent practitioner. The bar to entry is much too low, the exams are not proctored, and the clinical hours are probably on an honor system, with your friend as your preceptor. We are getting the respect we probably deserve and low salaries are a part of that.
Specializes in Vascular Neurology and Neurocritical Care.
I'll be honest here. I've never seen a primary care NP job that paid anything. That's the real problem in my book. Plus your location. I agree inpatient is best. There aren't that many acute care PNPs around yet. That is a very very new NP area.
BabyBoss19- Congratulations first of all on finishing your PNP! Whatever you decide, your years of wonderful experience will serve your patients well in either role!
I have one year left in my NP program. I understand some of the thoughts and feelings you are having although I don't have as many years of bedside as you do. I work in critical care and one of my coworkers is a very experienced nurse/turned NP now back at the bedside after working as a NP for about 5 years for various reasons that are similar to yours.
One thing to think about and consider is how long you will physically be able to work as a bedside nurse. Nursing is a physically demanding job. One injury can be life changing. Working as a NP will allow you to work for many more years in my opinion than if you stay at the bedside. Just so something to consider. I also feel you will be able to find an employer willing to pay you more based on your experience and will provide the ability to move up as you prove yourself in your new NP role. You will have to be flexible and may have to move to find this opportunity, but it's out there! Good luck 🤗
Wuzzie
5,238 Posts
If I were to get my NP now I would start out making significantly less than what I make now and I am nearly 10 years older than you. I would have to work well past retirement age to make any reasonable difference in my salary.