The benefits of earning a master’s in nursing are enough to inspire nurses to consider a Master of Science in Nursing program. Looking at career growth and salaries alone, registered nurses (RNs) with an MSN can expect to land higher-level roles and earn significantly more.
Choosing an online program can make earning master’s degree in nursing much more convenient. MSN students at Lamar University, for example, can continue working full time while they earn their degree online. There is no need to put a career on hold or sacrifice income.
Prepare for Career Advancement
A bachelor’s degree is becoming the entry-level expectation for RNs, and earning an MSN can improve career opportunities, especially in advanced roles, even further.
With the current primary care shortage, nurse practitioners (NPs) are in demand. In fact, the nurse practitioner role is among the top 10 fastest growing occupations. Texas has some of the highest employment levels for NPs, coming in just behind New York and California. NPs need a master’s at a minimum.
Nursing administration is another in-demand career path. A master’s may be expected for nursing administration positions, according to the U.S. Bureau of Labor Statistics (BLS). Job growth for nursing home administrators and other medical and health services managers is much faster than average. Again, Texas has some of the highest employment levels in the nation for this occupation.
RNs who want to help address the national nursing shortage might want to become nurse educators. A recent survey by the American Association of Colleges of Nursing (AACN) found 1,715 faculty vacancies in a survey of 872 nursing schools. Typically, faculty positions require at least an MSN.
Increase Earning Power
Not all healthcare occupations pay more for a master’s, but nursing is one that does. Overall, BLS shows that salaries are roughly 20% higher for nurses with a master’s degree over those with a bachelor’s alone.
NPs, for example, earned a median annual salary of $113,930 as of May 2018. This amounts to $42,200 more than the median salary for RNs.
RNs who want to pursue administration or management roles can also expect a salary boost. Employers may prefer to hire medical and health services managers with a master’s. The median annual wage for these positions was $99,730 in May 2018, well above $71,730 for RNs.
Make the Most of Tuition Reimbursement Benefits
More healthcare organizations are using tuition reimbursement benefits as an incentive to recruit nurses. These benefits can add up. Healthcare organizations, for example, often provide a set annual tuition benefit. Some may provide 100% tuition reimbursement for high-demand specialties. With a program as affordable as Lamar University’s online MSN program, RNs may find that their tuition benefits cover a good portion, if not all, of the cost of earning an MSN.
Get One Step Closer to a Doctorate
The push for higher levels of education in nursing is well publicized. The Institute of Medicine (IOM) — now the National Academy of Medicine — recommended in 2010 that 80% of the nursing workforce be BSN-prepared by 2020. The IOM also called for the nursing workforce to double the number of nurses with doctorates in the same time frame.
According to the Campaign for Action, the goal to double the number of RNs with doctorates has already been achieved. Earning an MSN puts RNs one step closer to joining those at the highest level of education in their profession: a Doctor of Nursing Practice (DNP) or a Doctor of Philosophy (PhD) in Nursing.
Currently, RNs can enter the nursing profession with either an associate or bachelor’s degree. But RNs who want to move beyond the basics will want to earn an MSN. From higher salaries to more desirable positions, the benefits of earning an MSN are well worth the effort.
Lamar University offers three MSN programs, each with different educational and career goals in mind. Lamar’s online RN to MSN program is for ADN- or diploma-prepared nurses who want to earn a BSN and an MSN in one program. Lamar also offers an MSN in Nursing Administration and an MSN in Nursing Education for nurses who already have a BSN and want to move into nursing leadership or education.
Learn more about Lamar University’s online nursing programs.
Sources:
U.S. Bureau of Labor Statistics: Fastest Growing Occupations
American Association of Colleges of Nursing: Nursing Faculty Shortage
U.S. Bureau of Labor Statistics: Career Outlook – Should I Get a Master’s Degree?
U.S. Bureau of Labor Statistics: Occupational Outlook Handbook – Registered Nurses
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