The healthcare industry is experiencing rapid growth, leading to an increased demand for confident, highly skilled nurses with advanced degrees. A Master of Science in Nursing (MSN) is a graduate-level degree that prepares nurses for roles in various healthcare settings, including direct patient care, administration, education and research. Nurses pursue an MSN to expand their options for career advancement into specialized fields, gain clinical expertise, develop strong leadership, and management skills and increase their earning potential.
This guide will discuss career options and opportunities, average salary ranges, what influences salaries, the current job outlook for MSN-prepared students, and how the accelerated online MSN program from Arkansas State University (A-State) prepares students for success. Graduates go on to earn more, advance into leadership and administrative roles, and make a higher impact on the healthcare industry, including policies, procedures and educational standards.
What Is the Earning Potential of an MSN Degree?
Nurses with an MSN generally have a significantly higher earning potential than those with a Bachelor of Science in Nursing (BSN), for several reasons. An MSN opens doors to specialized fields that lead to higher-paying roles, including nurse anesthetists, nurse practitioners (NPs) and nurse administrators. While a BSN prepares nurses for roles with salaries that vary widely based on experience and location, an MSN unlocks faster entry into advanced-practice and leadership positions. This acceleration in career advancement means higher average and top-tier earnings faster.
According to the U.S. Bureau of Labor Statistics (BLS), the median salary for registered nurses (RN) is $93,600. The average salary for nurse administrators jumps to $117,960 and advanced practice registered nurses (APRNs) average $132,050. This means a 26% to 41% increase in annual earnings for MSN-prepared nurses.
The demand for APRNs and nurse leadership is at a significant high, with projections that show no sign of slowing. This surge is driven by an increased aging population in need of more healthcare, a renewed focus on preventative care and a growing need for cost-effective healthcare solutions. These needs lead to a higher demand for roles like nurse practitioners and clinical nurse leaders.
What Is the Job Outlook for MSN-prepared Nurses?
BLS indicates a strong job outlook, with a growth of 35% for the overall employment of APRNs by 2034. This growth rate is much faster than the average for all occupations, which rests at 3%. The projection of approximately 32,700 job openings in roles such as nurse anesthetist, nurse midwife and nurse practitioner, year over year, earning an MSN creates a plethora of opportunities for registered nurses.
This demand is due to an increase in the demand for healthcare services. According to the U.S. Census Bureau, the population aged 65 and over grew by its highest amount between 2010 and 2020 (its fastest rate since the 1880s) and is expected to double by 2060. The trend is influenced by the baby boomer generation beginning to age and an increased life expectancy.
An increase in chronic diseases in the U.S. is another significant factor in the rising demand for APRNs. The U.S. Centers for Disease Control and Prevention (CDC) cites that 42% of the population has two or more chronic illnesses, and 12% have at least five. Coupled with a greater focus on preventive care and primary care services that rely on the skills of APRNs, this is projected to lead to significant and steady demand for MSN-prepared nurses.
Rising needs can only be met with highly educated and driven faculty and administrators in nursing education. The American Association of Colleges of Nursing (AACN) states that the national nursing faculty shortage limits the number of students nursing schools can accept, despite the high demand within the industry. A lack of faculty means nursing programs aren’t able to admit all qualified applicants, which directly contributes to the overall shortage of skilled, practicing nurses in the healthcare system.
MSN Salary by Role
MSN graduates typically assume advanced roles in patient care, leadership and administrative roles, or educational and research positions. These roles involve a range of responsibilities from direct patient assessment to operations and beyond. Below are some of the most common roles for nurses with MSNs.
- Nurse practitioner: A nurse practitioner makes diagnoses, orders medical tests and prescribes medications for their patients. They treat common and acute physical and mental illnesses and injuries. The median salary for a nurse practitioner is $121,610.
- Nurse anesthetist: With a median salary of $212,650, nurse anesthetists administer anesthesia, monitor patients’ vital signs and oversee patient recovery. They typically assist anesthesiologists, surgeons and dentists.
- Nurse educator: Depending on the industry, nurse educators can earn between $81,900 and $136,450. They demonstrate and teach patient care in classrooms and clinical units. Some nurse educators split their work between teaching and research.
- Informatics nurse: Working within the health information technology and medical registrar field, informatics nurses combine nursing, information and computer science to improve healthcare through clinical data management, technological optimization and data-driven patient care enhancement. They earn a median salary of $67,310.
- Nurse administrator: Medical and health service managers, including nurse administrators, coordinate, direct and plan business activities of healthcare providers. Median pay is approximately $117,960.
MSN Salary by Work Setting
Depending on specializations, MSN graduates work in a wide range of settings, including hospitals, academic institutions, administrative offices and outpatient clinics. The work environment for APRNs influences salaries in tandem with their position, title or department. Generally, APRNs earn higher salaries working in hospitals and outpatient care centers compared to physicians’ offices, universities and public health organizations.
This disparity is due to several factors, including the complexity of care and the higher revenue generated by hospitals. APRNs contribute to hospital revenue directly by seeing patients for independent visits and participating in shared visits with physicians, both with high reimbursement rates. Physicians’ offices have smaller profit margins, with compensation tied to revenue. Teaching salaries are externally funded, often relying on government grants and institutional funding, which can fluctuate. The recent boom in telehealth has led to competitive pay, especially in high-demand specialties like mental health.
What Factors Influence MSN Salaries?
Outside of specialization and work environments, several other factors influence MSN graduate salaries, including location, experience and additional certifications. State-specific factors, such as practice authority, cost of living and regional demand, mean median pay can fluctuate from state to state. States with competitive markets and higher living costs often provide the highest compensation. Work experience significantly influences pay, with compensation increasing based on professional experience.
Obtaining additional certifications can also influence your overall salary. High-demand fields offer certifications that enhance your existing skill set and increase earnings. Popular certifications for MSN graduates include Certified Registered Nurse Anesthetist (CRNA), Adult-Gerontology Acute Care Nurse Practitioner and Psychiatric-Mental Health Nurse Practitioner. Niche certifications, including the Sexual Assault Nurse Examiner (SANE) certification from the International Association of Forensic Nurses, also create opportunities for higher compensation.
How to Maximize Your Earning Potential With an MSN
The best path for an MSN-prepared nurse to maximize their earning potential is to pursue high-paying, specialized roles that align with their interests and passions. Specializations, including nurse practitioners, educators and administration, help you focus on a direct path to career advancement while instilling the skills you need to stand out from the crowd. Moving into leadership and administration as a nurse manager, or pivoting to nursing education, research or informatics, leads to steady salary increases.
Taking on leadership or supervisory roles directly increases earnings by expanding your responsibilities, granting you more influence in your field and placing you in a high-demand position. High-level positions, coupled with continued professional development, make you a vital member of the healthcare system. Employers recognize these steps as a valuable contribution to patient care.
Why Should You Consider A-State’s Online MSN Degrees?
A-State’s online MSN programs, accredited by the Accreditation Commission for Education in Nursing (ACEN), is designed with working nurses in mind. The online format offers flexible scheduling, allowing students to access coursework at a pace that aligns with their work and life responsibilities. Online learning means working nurses can advance their education from home, without the need for relocation or a long commute, making an MSN more attainable to a broader range of RNs. Their unique model of asynchronous learning lets students learn at their own pace and engage in real-time discussions.
The ability to choose a specialization means A-State online MSN graduates gain in-demand skills that healthcare employers look for. MSN specialization options include:
- Adult Gerontology Acute Care Nurse Practitioner
- Family Nurse Practitioner
- Nurse Administrator
- Nurse Educator
- Psychiatric Mental Health Nurse Practitioner
Core courses include research design and methodology, theory development in nursing, healthcare issues and policy, and role development in advanced nursing. This comprehensive curriculum instills graduates with a strong foundation in leadership preparedness and the confidence to make a bold impact on the industry, from overhauling outdated procedures to combating growing health inequity.
Start Your MSN Journey With A-State Today
APRNs are a vital piece of the healthcare system, playing an essential role in quality of care, training and education, internal policy, and patient recovery. The demand for qualified advanced-degree nurses shows no signs of slowing, making the ROI on an MSN stronger than ever before.
A-State’s online MSN degrees provide a flexible environment that adapts to your individual needs and allows you to learn at a pace that aligns with your existing responsibilities. A-State provides the tools and support students need to help them achieve success as students and beyond. Apply today to one of A-State’s online MSN programs to increase your salary and your impact.