One solution is personal professional development--acquiring advanced skill sets, meeting qualifications for specialty certifications and earning advanced degrees. Nurses can also use skills they already possess as the foundation for building a business that is an extension of their nursing experience.
Nan Brown, RN, BSN, and Lil Bogdan, RN, BSN, believe nurses are particularly gifted with the skills required to increase their earning power and achieve their dreams. We have said many times that the skills we already had as nurses contributed greatly to our financial success,” stated Brown.
It is difficult to build wealth and be economically successful when you are in debt,” commented Dean Burke, M.D., author of The Millionaire Nurse book and blog.
Advance practice nurses such as nurse anesthetists, nurse midwives and nurse practitioners are all top earners in the profession. And the salaries of nurse managers in large facilities can be quite competitive. But Burke encourages nurses to consider what it is they want to do for the next 20 to 30 years.
“If you are using financial rewards as a guide, be aware that your choice may take you down a different career path than if you are looking for intellectual rewards, for instance,” reflected Kathleen Dracup, RN, DNSc, professor and former dean at the University of California San Francisco School of Nursing. “If you look across average earnings you will see that administration pays more than clinical and that industry pays more than academia. For instance, a nurse anesthetist will typically make $20,000 more a year than an acute care nurse practitioner.”
According to Dracup, earning a doctorate degree can have differing effects on income. An advanced practice nurse who is earning $150,000 a year in a clinical setting, might go back to school for a Ph.D. and be hired at $80,000 a year in academia. Taking a Ph.D.-level role in a hospital, such as director of nursing education and research or director of quality improvement, will likely pay 50 to 100 percent more than a Ph.D.-level role in academia.
“Right now a key area of growth is in primary care, so equipping yourself to work in that field can create earning power in the future.”
Cynthia Ward, MSN, RN-BC, CMSRN, ACNS-BC, Registered Nurse 4 at Centra Lynchburg General Hospital in Virginia and president of the Medical-Surgical Nursing Certification Board, says the goal of certification is to show increased clinical expertise which improves clinical outcomes, but the increased pay is an added benefit.
“Certification in many hospitals does offer an opportunity for more pay,” Ward said. In other institutions, certification will allow you to advance on a clinical ladder that offers more pay. Magnet hospitals particularly look for certified nurses.”
Participating in a professional association can also contribute to a successful career.
“Professional associations are committed to providing value to their members and the one that I belong to, the American Academy of Ambulatory Care Nursing (AAACN), has exceeded my expectations,” commented Traci Haynes, MSN, RN, BA, CEN, president of the AAACN. The collegiality and opportunities for networking in a professional association, as well as the educational opportunities and learning about leadership, has helped me achieve my career goals.”
Nurses can also achieve financial success by starting their own business, as Brown and Bogdan did.
“Because nursing is considered one of the most trusted professions, individual nurses can tap into that reputation when they are working to start a new business. “It is amazing how many people are willing to help nurses by answering questions and finding resources.”
Many times people plan and plan and plan and they never start. If you have a passion and an interest it is amazing how far you can go with the skills you already have from your degree,” encouraged Brown.
The pair feels strongly that nurses need to care for themselves.
“I see nurses who are working hard to achieve an advanced degree while continuing shift work, but there is a light in their eyes because they are passionate about reaching their goal,” observed Bogdan.
