Nurse Practitioner Salary Guide 2024 – How Much Does a Nurse Practitioner Make?

In the dynamic landscape of modern healthcare, nurse practitioners play a pivotal role as advanced practice nurses.

Their expertise bridges the gap between medical professionals and patients, offering essential primary and specialized care. Nurse practitioners are key contributors to the healthcare industry, and crucial to ensuring the well-being of patients.

Understanding the financial aspect of a nurse practitioner’s career is important for both aspiring professionals and those currently in the field, as it enables informed decisions and setting realistic expectations.

But navigating the intricacies of compensation can be challenging.

To help out, we have curated a comprehensive range of nurse practicioner salary data, aiming to bring insights into the expected pay for nurse practitioners in 2024.

Key Takeaways

• Nurse practitioners in the US earn an average salary of $121,104 annually, with specialization and location significantly affecting pay.
• Top earning states for NPs include California, New Jersey, and New York, with salaries up to $151,830 annually.
• Benefits for NPs are comprehensive, including paid vacation, health insurance, and opportunities for professional development.
• The future outlook shows NP earnings expected to rise by 16.95% between 2023-2027, reflecting their growing importance in healthcare.

How Much Does a Nurse Practitioner Make?

A nurse practitioner (NP) makes on average $58.19 per hour, $10,092 per month, or $121,104 per year, according to self-reported Indeed data.

On average, a nurse practitioner makes $18,750 in overtime pay annually.

According to the 2020 American Association of Nurse Practitioners (AANP) report, when inquired about the payment structure at their primary workplace, 68.4 % of NPs were on a salary basis, 25.9% were paid hourly, and 5.7% were self-employed.

The same AANP report also found that:

• 74.1% of NPs had an employment contract at their main NP work site.
• 71.5% of NPs managed their own patient panel at their main NP work site.
• When considering employment arrangements at their work site setting, 68.2% of NPs were either full-time or part-time staff or faculty.
• 3.8% of NPs were practice owners in their work site arrangement.
• Notably, the percentage of staff or faculty positions (68.2%) differs significantly from 2019’s figure (92.3%) due to the introduction of a category for contract-based employment arrangements.
• Contract-based employment arrangements were reported by 21.6% of NPs in 2020.

How Many Hours Per Week Does A Nurse Practitioner Work?

The number of hours per week a nurse practitioner works varies depending on several factors, including:

• Workplace
• Specialization
• Employment agreements
• Work status

The duration of a nurse practitioner’s work shift can fluctuate, from 8 to 24 hours, depending on the employer and department.

Nurse practitioners can be assigned 8, 10, 12, or even 24-hour shifts, all aimed at ensuring patients receive the necessary and comprehensive medical attention.

Nurse practitioners working at emergency departments, hospitals, and 24/7 healthcare facilities.

What is the Average Starting Salary of a Nurse Practitioner

A recently graduated nurse practitioner typically earns an average income of roughly $87,340.

Average Salaries For Different Nurse Practitioner Specializations

Among nurse practitioners, neonatal nurse practitioners stand out as some of the most well-compensated professionals with a reported average pay at $135,382. Psychiatric NPs are the second-best paid category for an NP to work in, with an hourly rate of $64.21, which averages $133,510 per year.

The lowest-paid specialization for a nurse practitioner is aesthetics, with an expected annual salary of $100, 389. An acute nurse practitioner is also at the lower end of the pay scale, receiving $10,047 per month, or $120,575 per year.

Do Nurse Practitioners Get Paid Well?

Nurse Practitioner vs Physician’s Assistant Salary

Nurse practitioners and physician’s assistants both engage in similar job duties, involving hands-on patient care, conducting assessments, making diagnoses, and formulating treatment plans. The primary divergence stems from the degree of oversight, which varies based on the state of practice.

Nurse practitioners often have the capacity to work independently and possess prescription authority in multiple states, whereas physician assistants consistently operate under the direct supervision of a physician.

The data below are based on the latest reports from the US Bureau of Labor Statistics:

Nurse Practitioner vs RN Salary

Nurse practitioners and registered nurses (RNs) play important but different roles in patient care. RNs usually engage in direct patient interactions, administering procedures, treatments, and medications as directed by a healthcare provider, such as a physician, physician assistant, or nurse practitioner. On the other hand, NPs conduct examinations, diagnose conditions, and prescribe necessary treatments.

The data below are based on the latest reports from the US Bureau of Labor Statistics:

Nurse Practitioner vs Doctor’s Salary

Nurse practitioners and doctors both contribute to patient care, but their roles and training differ. NPs, with advanced nursing degrees, emphasize holistic care and preventive health measures, often specializing in areas like pediatrics or family practice.

Doctors, having completed medical school, diagnose complex conditions, perform surgeries, and lead medical teams. While both professions play crucial roles in healthcare, doctors typically undergo more extensive and specialized training.

The data below are based on the latest reports from the US Bureau of Labor Statistics:

5 Highest-Earning States for Nurse Practitioners

If you’re aiming for a higher income as a nurse practitioner, these states offer the best opportunities. However, it’s important to note that often, the states with the highest salaries also come with a higher cost of living.

• Leading the list is the nurse practitioner salary is California, with an annual wage of $151,830.
• Following close behind, New Jersey offers nurse practitioners an average annual salary of $137,010.
• The average nurse practitioner salary in New York amounts to $133,940.
• In Washington, nurse practitioners earn approximately $130,840 per year.
• Massachusetts offers a competitive annual nurse practitioner salary of $129,540.

5 Lowest-Earning States for Nurse Practitioners

Even in the least lucrative states, except for Puerto Rico, nurse practitioners can still earn nearly or even exceed six-figure incomes. The following are the five states with the lowest NP salaries:

• In Tennessee, nurse practitioners earn approximately $95,120 per year.
• Nurse practitioners in Alabama receive an annual salary of around $102,410.
• The average annual salary for nurse practitioners in South Carolina is approximately $102,850.
• In Missouri, nurse practitioners earn about $103,490 per year.
• Nurse practitioners practicing in Florida typically make around $104,830 annually.

While this data represents the lowest and highest nurse practitioner salaries, in the US by state, there are other popular states that have  vary levels of pay for nurse practitioners.

• The nurse practitioner salary in Texas was, on average, $119,801 as of July, 2023. The range typically varies between $111,166 and $130,149.
• In Florida, the average nurse practitioner salary was $115,779 as of July, 2023, with a range between $107,434 and $125,780.
• The nurse practitioner salary in Georgia averages at $118,25, typically being between $109,733 and $128,472.
• In the city of New Orleans, the nurse practitioner salary is $119,317, typically ranging between $110,717 and $129,624.

What Benefits Do Nurse Practitioners Get?

What benefits you receive as a nurse practitioner will depend on a number of factors, such as your employer, exact role, and where you work. Below are nurse practitioner benefits reported by NPs in the 2019 AANP report.

• 90.4% of surveyed NPs enjoyed the inclusion of paid vacation days within their employment benefits.
• 88.4% of full-time NPs were provided with health insurance as part of their benefit package.
• 81% of NPs had dental insurance offered to them as an employment benefit.
• 80.7% of NPs benefited from professional liability insurance coverage.
• Among the respondents, 74.8% had access to a retirement plan featuring an employer match.
• Vision insurance was made available to 71.7% of NPs in their benefit offerings.
• 69.2% of participants were entitled to paid sick leave.
• Life insurance was noted as an employment benefit for 67.2% of NPs.

Employment benefits pertaining to professional development were also extended to most NPs:

• 83.3% of NPs were granted reimbursement or allowances for continuing education.
• 69.3% of NPs were given the opportunity of professional leave to attend meetings and conferences.
• 52.4% of NPs had their registration fees for professional meetings and conferences covered as part of their benefits.

Here is a list of all the possible benefits that you will get as a nurse practicioner:

• 401(k)
• 401(k) matching
• 403(b)
• 403(b) matching
• AD&D insurance
• Commuter assistance
• Continuing education credits
• Dental insurance
• Disability insurance
• Employee assistance program
• Employee discount
• Flexible schedule
• Flexible spending account
• Health insurance
• Health savings account
• Life insurance
• Loan repayment program
• Malpractice insurance
• Mileage reimbursement
• Opportunities for advancement
• Paid time off
• Paid training
• Parental leave
• Referral program
• Relocation assistance
• Retirement plan
• Travel reimbursement
• Tuition reimbursement
• Vision insurance
• Wellness program

Nurse Practitioner Salaries Around the World

Nurse practitioner salaries vary significantly across different regions globally, influenced by many different factors. Factors such as variations in healthcare systems, cost of living, demand for healthcare services, and government policies contribute to the differences in compensation levels.

Cultural norms, education standards, and professional recognition also play a role in shaping the varying salary structures for nurse practitioners worldwide.

Nurse Practitioner Salaries in Canada

The average nurse practitioner salary in Canada is CA$115,600. In US dollars, that equals:

• Hourly salary: $41.45
• Monthly salary: $7,190.03
• Annual salary: $86,280,37

Nurse Practitioner Salaries in Australia

The average nurse practitioner salary in Australia is AU$92,900. In US dollars, that equals:

• Hourly salary: $31.71
• Monthly salary: $5,073.69
• Annual salary: $60 884,34

Nurse Practitioner Salaries in the UK

The average nurse practitioner salary in the UK is £70,600. In US dollars, that equals:

• Hourly salary: $46.88
• Monthly salary: $7,500.31
• Annual salary: $90,003.70

Nurse Practitioner Salaries in the Philippines

The average nurse practitioner salary in the Philippines is PHP510,300. In US dollars, that equals:

• Hourly salary: $4.73
• Monthly salary: $756.64
• Annual salary: $9,079.67

Nurse Practitioner Salaries in South Africa

The average nurse practitioner salary in South Africa is ZAR385,300. In US dollars, that equals:

• Hourly salary: $10.64
• Monthly salary: $1,702.60
• Annual salary: $20,431.23

Requirements to be a Nurse Practitioner

Becoming a nurse practitioner involves a demanding educational journey grounded in evidence-based coursework and hands-on clinical experience.

To become an NP, individuals are required to:

• Be a registered nurse.
• Possess a Bachelor of Science in Nursing (BSN) degree.
• Successfully complete a specialized graduate Master’s or doctoral nursing program focused on NP training.
• Pass a national NP board certification examination.

What does it cost to become a Nurse Practitioner?

The typical cost of a nurse practitioner program varies due to several factors. The expense depends on your existing degree, the type of degree you aim to pursue, and whether you’re an in-state or out-of-state resident. Some NP programs offer reduced rates for in-state students.

• Pursuing a Master of Science in Nursing after a BSN at a nurse practitioner school can cost between $81,810 and $185,280.
• Transitioning directly from BSN to a Doctor of Nursing Practice may range in cost from $26,490 to $254,260.
• If you already possess an MSN and are pursuing a DNP, the expected cost is approximately $17,660 to $169,510.

The Future of Nurse Practitioner Jobs

Projected Average Salary Growth 2023-2027

Nurse practitioner earnings are expected to rise by 16.95% in the five years between 2023-27.

This notable growth aligns with the increasing utilization of Nurse Practitioners, particularly within the primary care sector.