Nursing Salaries
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In many areas of the country, there is a nursing shortage which has given rise to higher salaries, perks, and many other bonuses for new nurses.
However, this doesn’t mean that inexperienced or under-educated nurses will find high-paying jobs.
The nursing industry may be looking for many new nurses, but they're still very strict about education and dedication to the field. |
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The Financial Side of a Nursing Career
One of the best things about the nursing field is that it’s fairly easy to advance as you gain experience and receive good performance reviews. Many nurses earn their associate's degree and start out as nursing aides or licensed practical nurses. Then, after a few years, they return to college and enter an RN to BSN degree to earn their bachelor’s in nursing. Often, hospitals provide tuition reimbursement or other incentives to nurses who enter these programs, in addition to the chance for advancement. Nurses who take advantage of these opportunities could go from earning a median salary of $36,550/year as an LPN to $57,280/year as a registered nurse.
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As their careers progress, many nurses move out of their day-to-day nursing duties and move into a nursing management position. Here, you may serve as a unit manager, head nurse, or even assistant director, director, or chief nurse of an entire hospital. Most of these upper positions, however, require a master’s in nursing and some experience in administration. However, the salary for these positions is quite nice, with the median salary of $73,340/year.
Another career option for nurses is to enter the business side of nursing. These nurses manage home-based care centers, develop nursing policy, or even work in marketing. Teaching in the nursing field is also an option, especially if you earn a Ph. D. is nursing. Your potential earnings for these fields vary widely, depending on your specific career path and your geographical location. For example, the median salary of nursing care facility managers is $66,730/year, while nurses working as professors at major four-year universities could earn as much as $98,974/year.
With the job market continuing to grow at a very large rate, the outlook for new nurses is very good. Oddly, though, most of the new jobs aren't opening in hospitals. Other health care areas are expected to need many more nurses, while hospitals are discharging patients more quickly and doing more procedures as outpatient surgeries. Consequently, they won’t need to hire as many nurses. Hospital outpatient facilities, though, are expecting rapid growth. This is one area in which new nurses will be able to earn the experience needed for promotions.
Likewise, nursing care facilities are expected to hire more nurses as the baby boomers reach retirement age. As this generation gets older, more will need additional medical procedures and nursing facility care. The home health industry, likewise, is expected to need more nurses since more patients will be discharged from hospitals without fully recovering or completing therapy.
No matter what aspect of nursing you go into, however, the job outlook is excellent. New nurses are always in demand, and that demand is continuing to grow. This makes a nursing degree more than just a piece of paper – it’s a great investment in your future.
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