A registered nurse salary is significantly higher per year than the United States median salary of $45,018 per annum (2003 census). Registered nurses make an income that falls into the third grouping of the national salaries — their annual earnings are an average of about $67,000, which places them with 18.27% of the country who make between $50,000-$75,000 per annum.
While the RN salary is one of the most competitive ones in the country, the actual income can vary depending on a number of factors such as location, type of specialization, industry, advanced certifications or degrees and years of experience.
When calculated to an hourly rate, registered nurses make an average of $32.56 per hour.
What about newly graduated and registered nurses?
The starting salary can range hugely and depends on a variety of factors. The range can be anywhere between $28,000-$50,000 on average. The salary is also affected by whether or not you need to repay any study loans or grants. Many students who become registered nurses pay for their studies through a financing system that requires them to work a certain number of years to repay their loan. Obviously, they will still need to cover for living expenses so only a percentage of their salary is taken for reimbursement.
Once newly graduated students have worked for anywhere between 2-3 years, depending on the terms of their study agreement, they will then be entitled to obtain higher salaries in the $50,000+ ranges. This is not only due to the loan having been paid off, but also because they have gained more experience in most cases, as well as more education. When you obtain your registered nursing license, you must also maintain it by completing a certain amount of continuing education credits annually. These courses not only permit you to keep your nursing license in tandem with your clinical experience, but they will also boost your salary with time.
Beginning nurses can expect to receive more hourly wages based on their location. In a more impoverished area of the country the salary can be as low as $18, while in wealthier areas it can start at $26. It is important to take into account though, that in critical urban areas new nurses who take jobs there may have bonuses based on need funded by the state health care system. Likewise, in understaffed rural communities, there may also be a bonus as well as paid travel expenses.
Case in point: If you completed your nursing degree in Pennsylvania using a study grant from the Alaska Nursing Board, once you become a registered nurse you are now required to work for 2 years in Alaska to repay your loan. You arrive in Alaska and are shipped out to a small fishing town on the Pacific coast. You receive $20 per hour as well as a $15 rural bonus and on top of that you are covered for 2 airfares per year back to visit family in Pennsylvania. You also receive an “Alaska bonus” of $15,000 per year. 15% of your salary is deducted for 2 years to pay back your student loan. On average, you are making much more than a registered nurse in another part of the country. This is in line with the isolation factor. (The above numbers are just examples.)
RN salary by industry
Registered nurses have varying salaries according to the industry they are in as well. For example:
- personal care services ($86,470)
- federal executive branch ($79,530)
- pharmaceutical and medicine manufacturing ($74,940)
- medical equipment and supplies manufacturing ($74,930)
- colleges, universities and professional schools ($74,180)
If you took your studies based on accelerated nursing programs, then you may even be eligible for a higher salary because of more life and work experience.