Curious about what you can be expected to earn as a Nurse Practitioner, particularly the salary for a Neonatal Nurse Practitioner? To be frank, the expected salary can vary quite widely dependent on a number of factors.
These can range from the specific industry, the location of the job, how many years of experience you have, your individual education level (Degrees, Certificates, etc), as well as the size of the company you are working for.
Nevertheless, the outlook for the salary of a Nurse Practitioner with a specialization is quite good, as of 2016.
The median for a Neonatal Nurse Practitioner salary is $107,500. This means that in the United States at least, a Nurse Practitioner salary can be higher or lower, but the average will be around $107k a year.
Statistically, the low end of the salary pool in the Neonatal field is around $88,000 a year, with the high end being up to $124,000. This is of course without discussing benefits.
Between Social Security, 401K/403B, Disability, Healthcare, Pensions or the Time Off that you receive, that number can quickly raise to $146,000 or even more. 😀
Obviously, the more experience you have as well as the greater your education, the higher your salary is liable to be. Both starting out, and as you advance.
61% of people in the specific Neonatal field alone have their Master’s degrees, and 9% have Doctorate’s.
Only 18% have a Bachelor’s degree alone, followed by 9% with a High School diploma, and 4% without any diploma.
Especially when you are trying to get into such a competitive field, it is imperative to have as high of an education as you can possibly get if you expect to have a reasonable Neonatal Nurse Practitioner salary.
A nurse practitioner’s salary changes not only on education, but on your experience as well. 36% of people have a single year worth of experience in the field, while 21% have 2-5 years spent on the job. 18% of people have 5-10 years, 9% have 10-15, and a whopping 16% have over 15 years of experience.
This means that simply by having two years’ worth of experience, you are already ahead of 36% of the competition when it comes to work experience. In such a small, competitive field..
every edge you can get is important. With more experience comes the bonus of being able to more aptly negotiate your salary, as well. After all, the more experienced you are the more likely you are to have a higher salary, just by virtue of your long term experience in the field.
If you’re looking to get as large of a salary as you possibly can, another potential concern is the location of the company you are looking to be hired at. 😉
Nationally, in the United States at least there are several states that pay potentially well above the national average.. as well as several that pay below it.
When looking for a career, keep this information in mind. Included among the states and cities that are paying above the average are:
- Seattle, Washington
- New Orleans, Louisiana
- Baltimore, Maryland
- Philadelphia, Pennsylvania
On the other side of the field, we have states and cities that are paying potentially well below the national average. These include but are not limited to:
- Fort Lauderdale, Florida
- Birmingham, Alabama
- Raleigh, North Carolina
- Chattanooga, Tennessee
- Dayton, Ohio
- Cleveland, Ohio
Nonetheless, whether you choose to do research on the cities listed here or go your own route, it is never a bad idea to look into the average salaries of the area you are considering moving to.
Different parts of the country have different costs of living, so it is particularly helpful to have an idea before you even consider the trek.
Continuing on in a similar train of thought, the size of the company is another thing to take into consideration. In many cases, the larger the company, the greater potential salary.
Smaller companies are often quite competitive and harder to get hired on with, as well as working with a smaller budget.
Keeping this in mind, company size can be a key component to acquiring a well-paying job. 29% of companies in the industry are comprised of 100-500 workers, whereas 20% are made up of under 100.
Beyond that, 18% are 100-7500, and 13% are 15,000-50,000. 9% have 7500-15,000. Continuing, 7% have a breakdown of 500-1000, and a mere 5% have more than 50,000 workers.
As you can see, statistically there are many smaller companies than there are large. As a result, sometimes it comes down to a choice of sacrificing a larger salary for a job now, or waiting for a better paying job in a larger company to open up. Still, it does vary quite widely.
Sometimes, small companies are seeking specialists. And are often willing to pay quite well for them. In the end, the best thing you can do is do your own research.
The more knowledge you have going in, the better change you will have of finding a high salary career.
In summary, there are a number of things that influence the salary of a Nurse Practitioner. Especially one that has such a high demand specialization in a competitive field. 😀
Do your research, and take into consideration the job location. Some states as well as cities have higher or lower paying averages, as well as different costs of living.
Higher education will get you a higher salary, and definitely something else to look into advancing. Consider the size of the company, and whether they are hiring generalists or specialists.
Keep all of this in mind and it will help you avoid the low end of the salary scale, whilst potentially keeping you well above the 106,000 a year median salary. Happy job hunting.