Earning an advanced degree in any field allows you to earn more money, since you’ll be qualified for more advanced positions. This is true in the nursing field, just as it is in other fields. But just how much can you earn with a DNP versus just an MSN? Is getting this advanced degree worth the time and cost?

Salary by Specialization

A DNP prepares you for one of four specializations in the nursing world: nurse practitioner, clinical nurse specialist, nurse anesthetist, and nurse midwife. In some areas, you can work in these fields with just a master’s degree, but more and more states are beginning to require a DNP. As a registered nurse with a master’s degree, you can take on leadership roles and expect a salary of $50,000 to $100,000 annually depending on other factors, such as location and experience. However, with a DNP, you can take on one of these advanced practice nursing positions, which allows you to earn a much higher salary. Average salaries by specialty are:

• Nurse Practitioner: $92,100
• Clinical Nurse Specialist: $80,975
• Nurse Anesthetist: $154,188
• Nurse Midwife: $90,119

Earning Even More with a DNP

While an MSN does allow you to focus you education on a specific area of medicine, such as geriatrics or mental health, a DNP gives you a lot of room to run with this kind of focused education. You’ll earn even more if you work in certain specialties, such as emergency nursing, case management, or intensive care. In addition, if you take on a leadership role, especially in research or education, you’ll earn even more money!

Cutting Costs to Get Your Degree

While you can earn more with a DNP than you can with an MSN, educational programs are still expensive. Want to save money? Start by talking to your employer – many have programs available to help you finance your education. In addition, nurse scholarships, fellowships, and grants are readily available to make college more affordable for DNP students, so don’t overlook applying for these funds. You can also cut costs by earning your degree online – on average, tuition rates are lower for online MSN to DNP degree programs than for traditional offline programs.