Are Nursing Salaries trending in the right direction?
The Great News is that employment projections in the United States indicates a 19% growth by 2022 meaning over a half a million new jobs (Burgess, 2017). I always tell people when busy or more patients arrive "job security!" I mean half a million new jobs in this economy? You can't go wrong working in nursing.
(Burgess, N., 2017, Nursing salary projections. Retrieved from http://www.hospitaljobsonline.com/career-center/healthcare-careers/nursing-salary-projections.html)
Based on 2106 data, RN median salary ranged from $54,380 to $100,460 depending on what state you live in (Nurse.org). Of course higher salary states account for a higher cost of living. This particular report, based on data from the U.S. Bureau of Labor Statistics, lists each state in order from lowest to highest nursing salary. Check out where your state lists by reading the full article Highest Paying States for Registered Nurses
New York comes in at #7 with a median salary of $80,380 and median hourly rate of $38.65 - Just saying :-)
I wanted to compare nursing salaries with other industries to look at the return on investment based on an initial 2-year commitment.
Nursing programs range from $3,000 to $14,000 per year. I don't want to get fixed on this variable as we all know you can get a great education at a community college for a much cheaper rate that if you attend a major university or prestigious college. Let's just say for the 2-year ADN degree you could average around $20,000 to be fair.
GetEducated.com did a nice spread on the 19 highest paid associate degree jobs in the country. The ADN Registered Nurse ranked #7, beating police officer, avionics technician, respiratory therapist, computer network specialist, paralegal, HVAC technician and more. To be completely transparent, those with a higher salary include dental hygenist, nuclear medical technologist, computer programmer, radialogic technician, and air traffic controller.
The #1 salary in this study was air traffic controller at $125,550 and the lowest was HVAC technician at $45,110, The registered nurse salary in this study was $67,490.
It is easy to see that the RN can earn a 300% return on investment depending on the school they chose, not taking into account grants and hospital tuition assistance programs.
Research shows that colleges for all the 19 associate degrees listed were competitive based on where you selected. I would say this variable is consistent.
I tell people all the time "where else can start out making 50 thousand a year after a 2 year investment?"
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