How Much Does a Nurse Practitioner Make a Year?

By Jacqueline DeMarco · January 25, 2024 · 5 minute read

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How Much Does a Nurse Practitioner Make a Year?

With a higher degree of training and more responsibilities, nurse practitioners, or NPs, can expect to earn around $124,680 a year. In addition to a good salary, NPs may also enjoy a degree of job security, as the need for the profession continues to grow. According to the most recent figures from the Bureau of Labor Statistics, the number of NP jobs is expected to grow 45% over the next decade — faster than any other occupation in the U.S.

Read on to better understand what it’s like to work as a nurse practitioner and what your earning potential may be.

What Are Nurse Practitioners

A nurse practitioner works with patients to help coordinate and execute their care. The exact tasks an NP can take on depend on what is allowed in the state they are working in, but in many states, they can order medical tests, provide patient diagnoses, and even prescribe medications.

Some of the work nurse practitioners do will be independent, but usually their jobs involve a lot of patient interaction and collaboration with physicians and other medical professionals. Because this role requires so much human interaction, it may not be a great fit for anyone who is an introvert.

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How Much Do Starting Nurse Practitioners Make?

How much money does a nurse practitioner make in the early days of their career? The lowest 10% of earners in this field typically make less than $87,340, but it’s crucial to remember their entry-level salary can rise as they gain experience. The highest 10% of earners stand to make more than $165,240 a year.

As you move up in your career, so can your salary. A money tracker app can help keep tabs on your spending and make progress toward your financial goals.

What Is the Average Salary for a Nurse Practitioner?

How much does a nurse practitioner make an hour? The median hourly wage for nurse practitioners is $59.94. The actual amount someone stands to earn as a nurse practitioner can vary depending on what industry they work in.

Those looking to earn a more competitive wage can tailor their job search to a more lucrative field. For example, this is what the median annual wage looks like for nurse practitioners in a few different industries:

•   Home health care services: $148,960

•   Outpatient care centers: $134,030

•   Hospitals: $129,330

•   Offices of physicians: $121,880

•   Offices of other health practitioners: $112,660



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What Is the Average Nurse Practitioner Salary by State for 2022?

The state that nurse practitioners work in can also affect their earnings. This table outlines the average nurse practitioner salary by state:

State

Annual Mean Salary

Alabama $106,610
Alaska $116,390
Arizona $121,410
Arkansas $107,110
California $158,130
Colorado $116,440
Connecticut $131,490
Delaware $120,570
District of Columbia $131,270
Florida $110,310
Georgia $115,440
Hawaii $128,310
Idaho $117,720
Illinois $122,310
Indiana $121,730
Iowa $128,180
Kansas $111,670
Kentucky $109,290
Louisiana $118,210
Maine $118,300
Maryland $119,650
Massachusetts $138,700
Michigan $113,780
Minnesota $128,160
Mississippi $117,260
Missouri $113,180
Montana $119,960
Nebraska $118,970
Nevada $136,230
New Hampshire $125,780
New Jersey $143,250
New Mexico $129,560
New York n/a
North Carolina $114,450
North Dakota $113,940
Ohio $117,440
Oklahoma $121,740
Oregon $136,250
Pennsylvania $120,550
Rhode Island $125,250
South Carolina $109,130
South Dakota $115,610
Tennessee $99,330
Texas $124,660
Utah $115,610
Vermont $116,610
Virginia $116,980
Washington $135,590
West Virginia $106,790
Wisconsin $121,210
Wyoming $115,230

Source: Bureau of Labor Statistics

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Nurse Practitioner Job Considerations for Pay and Benefits

Alongside earning a median annual wage of $124,680, many nurse practitioners qualify for valuable employee benefits like paid vacation, medical and dental insurance, and retirement contribution matching. It’s very common to work full time as a nurse practitioner, and many salaried roles come with benefits.

Pros and Cons of Nurse Practitioner Salary

Before rushing head first into a new career path, potential NPs will want to consider both the advantages and disadvantages of the profession.

Pros:

•   High rate of employment growth (45% projected from 2022 to 2032)

•   Large amount of job openings (29,200 each year)

•   Full-time roles with benefits available

•   High earning potential

Cons:

•   May need to work nights, weekends, or holidays

•   Physically and emotionally demanding job

•   Exposure to germs

•   May need to be on call

•   Need a master’s degree or better

•   Requires a professional license



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The Takeaway

If someone has a passion for practicing medicine and providing patient care, then they may find that working as a nurse practitioner is emotionally and fiscally rewarding. They can expect to earn a median annual salary of almost $124,680, but with time and more experience, they can see their salary increase.

FAQ

What is the highest paying nurse practitioner job?

If someone is looking to earn the most as a nurse practitioner, they may want to apply for jobs at hospitals. Nurse practitioners who work at hospitals tend to earn more than those in other workplaces (a median salary of $129,330).

Do nurse practitioners make $100k a year?

It is very possible to earn a salary of $100,000 or more per year as a nurse practitioner. The lowest 10% of earners in this field make $87,340, but the median annual salary is $121,610. The top 10% of earners can make more than $165,240.

How much do Nurse Practitioners make starting out?

In the early days of their career, nurse practitioners can expect to earn a lower salary than some of their more experienced counterparts. The lowest 10% of earners make less than $87,340, but that salary will likely rise over the years.


Photo credit: iStock/SDI Productions

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