How Much Do NPs Make? A Cost & Compensation Breakdown

If you’re thinking about furthering your education and becoming a nurse practitioner (NP), you’re probably wondering “How much do NPs make?” According to the US Bureau of Labor Statistics, the median NP salary is $126,260. However, as we’ll see, there are plenty of factors that affect the salary of a nurse practitioner. And there are costs you should consider before embarking on your NP journey as well!

In this post, we’ll go over the costs of an NP education and certification, plus look at what return on investment you can expect in the different NP specialties. Let’s get started!

What are the costs to becoming a nurse practitioner?

NP School

From a practical standpoint, it doesn’t make much sense to ask “How much do NPs make?” without taking a look at what your costs are going to be.

First things first, you’ll have to go to graduate school to become a nurse practitioner. When talking about the cost of an NP education, there are lots of variables to consider. The path to becoming an NP is usually between 18 months and 3-4 years, depending if you’re pursuing a post-master’s certificate, a Master of Science in Nursing (MSN) degree, or a Doctor of Nursing Practice (DNP) degree. It goes without saying that the path you choose will have a big impact on the cost of your education.

When picking an NP program, keep in mind there are lots of options to choose from (in-person, hybrid, or online). Check out our post on the different types of NP programs!

The big thing to remember when choosing an NP program is don’t just choose one with a low price tag. Look at the resources the program has, including help with clinical placements, and check out how many credits the program requires.

Lastly, make sure you choose an accredited NP program that lets you sit for national board certification after graduation. Follow these links for Commission on Collegiate Nursing Education (CCNE) and Accreditation Commission for Education in Nursing (ACEN) accredited programs.

Keep in mind, you’ll also need to choose an NP specialty. Nurse practitioners can specialize in family medicine, gerontology, acute care, women’s health, pediatrics, psychiatric mental health, and even emergency medicine. Your area of specialization may have a longer completion time and require more clinical hours to complete. 

Certification, Licensure, and Renewal Costs

After you graduate from NP school, you’ll need to take the board certification exam for your specialty. There are two organizations that offer board certifications for NPs: the American Association of Nurse Practitioners (AANP) and the American Nurses Credentialing Center (ANCC). There are slight differences in eligibility and testing requirements for the two exams.

You can check out this post if you’d like to learn more about the differences between ANCC vs AANP!

And for information on certification fees (including renewal information), check out the AANP and ANCC websites. 

The state you live in will also have fees related to licensure. These might include your license as an advanced practice registered nurse, your prescriptive authority license, a possible collaborative agreement (depending on the state), and a Drug Enforcement Administration (DEA) license for prescribing controlled substances.

Lastly, you’ll need to complete continuing education (CE) credits to maintain your certification and licensure. There are some free options for continuing education, as well as in-person or virtual CE opportunities. 

How much do nurse practitioners make (by specialty and location)?

Okay, at this point you might be a little overwhelmed with the cost of becoming an NP. But, let’s get to the good part! Two big things to consider when it comes to your future NP salary are your specialty and your location.

Specialty

How much do NPs make by specialty? According to Salary.com, most NP specialties have a salary range between $115,000 to $135,000. However, the salary is affected by the type of practice or subspecialty.

For example, according to Nurse.org, acute care NPs make an average of $157,580 per year, while neonatal NPs earn an average of $138,081 per year.

Location

Besides your specialty, the geographical location of where you decide to practice can affect your salary.

According to the U.S. Bureau of Labor Statistics, the five highest–paying states for nurse practitioners are:

– California
– Nevada
– Washington
– New Jersey
– Oregon

And the lowest–paying states for NPs are:

– Alabama
– Arkansas
– Kentucky
– West Virginia
– Tennessee

You can visit the U.S. Bureau of Labor Statistics website to further explore salary information, employment rates, and job saturation by location. 

Remember, salary is not as important as your WHY! 

While making more money is a nice incentive, for healthcare professionals it’s never all about the paycheck. What are your goals? Do you want to treat patients more independently? Do you want more freedom in your schedule? Do you want to learn advanced skills and procedures? If so, the NP path could be right for you.

Becoming a nurse practitioner is a big investment of time and money, but if helping patients is a passion of yours, it’ll be worth it. It has given me so much satisfaction! I choose the way I care for my patients, and I can create a schedule that works best for me and my family.

💜 Be sure to check out our resources for board certification preparation at SMNP Reviews, including live study groups, self-paced courses, Qbanks and more!

Best of luck on your journey to becoming a real-deal nurse practitioner!