NP, DNP, and Ph.D. in Nursing: How High-Level Nursing Salaries Compare to MD Salaries in 2023
So, you've decided to enter a medical career – congratulations. While money is not and should not be your sole concerning factor in choosing a career, it is an important consideration. Earning potential and average salary figures can sometimes help you decide between different types of qualifications in the healthcare field. Many students who know they want to enter a highly advanced career in medicine may wonder what the difference in salary is for some of the roles that require lengthy educational programs. It is important to note that salaries offered can vary far more greatly than you might imagine.
Learn more about the differences between NPs, MDs, and more
Nurse Practitioner (NP) Salaries
Let's first look at the Nurse Practitioner (NP) salary ranges. According to the Bureau of Labor Statistics' most recent report (from 2023), the median average salary for a nurse practitioner was $126,260 annually, while the average hourly rate was $60.70. The lowest 10% of earners were reported to have an average salary of $94,530 (hourly $45.45) while the highest earners enjoyed salaries in the region of $168,030 ($80.79 per hour). NP salaries also vary depending on the working environment and geographical location, of course.
Top salaries for nurse practitioners are in business support roles with an average salary of $180,570 and $86.81 per hour. Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities come in second at $158,140 salaried, and $76.03 hourly. Thirdly, Business, Professional, Labor, Political, and Similar Organizations land at $153,580 and $73.84, respectively.
The three top paying states for NPs in the U.S. are California, Nevada, and Washington.
Doctor of Nursing Practice (DNP) Salaries
A Doctor of Nursing Practice (DNP) enjoys a higher rate of pay compared to an MSN-prepared nurse practitioner or RN due to the more intense education and medical responsibilities required. The average pay of a DNP-prepared nurse is $117,859 annually or $57 hourly, which is slightly higher than the mean average pay of all nurse practitioners. Some self-reports on Salary.com state base pay at just over $130k.
Along with higher pay, DNP graduates enjoy a range of career opportunities that are not always open to nurse practitioners. The top-paying job roles include anesthetists at $205,770 per year, neurology nursing at $136,250, and oncology nursing at $146,726 per year.
Across the United States, Washington ($135,678), New York ($127,631), and Idaho ($123,662) pay the highest.
Doctor of Philosophy in Nursing (Ph.D.) Salaries
An important distinction between a Doctor of Nursing Philosophy and a Doctor of Nursing Practice (DNP): the DNP is designed to help the student enter clinical practice, typically in a specialty area of nursing. A nursing Ph.D. is designed for research and academia-minded individuals.
That said, pay is slightly lower in academia generally – not just in medical research and teaching. Therefore, you can expect to earn a salary of around $99,000 with a nursing Ph.D.
Entry-level pay is around $34.48 hourly or roughly $71,720 annually. Those with over ten years' experience enjoy average pay of $112,600 per year or $54.13 hourly. If you have over 20 years of experience, your pay is likely to be in the region of $135,010 yearly or $64.91 hourly.
Medical Doctor (MD) Salaries
While academia has the lowest pay in the medical arena, medical doctors or physicians enjoy the highest rates of pay. Generally, those who hold medical doctorates will become family and general practitioners working in clinics and hospitals. Their average pay according to the U.S. Bureau of Labor Statistics is $248,640 per year.
As with any other job, pay rates will be further determined by state and region. Currently, the top-paying states in the U.S. for family practitioners are North Dakota, which pays $351,270 annually; Wyoming, at $339,540 annually; and South Carolina at $326,530 annually.
Upon completing an ADN from Pacific Union College, Catherine worked in various bedside roles until her career evolved into nursing leadership for a large HMO in Northern California. She then completed a BSN at the University of Phoenix and a Masters in Organizational Leadership at Colorado State University.
In addition to her freelance writing, Catherine is the founder and CEO of Burger Legal Nurse Consulting, is an advanced board-certified nurse executive, and is the CNO & Media Response Specialist for RegisteredNursing.org.
Situated in the beautiful Idaho mountains, Catherine loves traveling and spending time with her husband and their five children.