Is a master's degree in nursing worth it?
Table of Contents
By: Janice Mejias Aviles
Edited by: Rebecca Munday
Published: January 10, 2025
Are you a registered nurse (RN) who wants to advance your career? If so, pursuing a master of science in nursing (MSN) could be your next move.
Explore the benefits of obtaining an MSN degree.
What is a master's degree in nursing?
A master of science in nursing is a graduate degree designed to prepare nurses for highly specialized roles. An MSN degree can enhance your clinical expertise with evidence-based practice while strengthening your critical thinking, problem-solving, leadership, and management skills.
Based on your career goals, you can choose from various MSN degree programs to specialize in advanced nursing practice, leadership and management, education, or informatics.
A master's degree in nursing typically takes two to three years to complete, but accelerated and online programs may shorten the time to graduation.
Benefits of a master's degree in nursing
With an MSN degree, you can:
- Build advanced skills for patient assessment, diagnosis, and treatment
- Pursue leadership, education, and informatics roles
- Increase your earning potential
- Enter a fast-growing field
- Qualify for advanced practice nursing licensures and certifications
How much does a master's degree in nursing cost?
In 2020, students paid an average of $15,401 in annual tuition for a master's in a health field at all institutions, according to the National Center for Education Statistics (NCES).
It's important to note that the cost of tuition can vary based on:
- Institution type (public or private)
- Residency status (in-state or out-of-state)
- Program format (online or on-campus)
- Chosen MSN specialization (nurse informaticist, family nurse practitioner, nurse educator, etc.)
Additional costs not covered by tuition may include:
- Program-specific fees
- Textbooks, computer, and study materials
- Clinical practice supplies
- Transportation to clinical sites
- Licensure and certification exams
- Living expenses (including childcare, if needed)
- Potential loss of income if you need to work part time
Financial aid options, such as grants, scholarships, employer assistance, and federal student loans, can help offset these costs.
Create a budget that considers all of these factors and adjust it according to the length of your program and your circumstances to determine the total budget required to pay for your MSN degree.
Does a master's degree in nursing have a good ROI?
According to the Bureau of Labor Statistics (BLS), advanced practice registered nurses (APRNs) earned a median annual salary of $129,480 in 2023. The top 10% of nurse anesthetists, nurse midwives, and nurse practitioners earned more than $211,820 in the same year. These salaries are significantly higher than the average annual cost of a master's in nursing: $15,401 in 2020, per NCES data.
Thus, completing an MSN degree and obtaining specialty certification and licensure may offer APRNs a good return on investment (ROI).
Are graduates of a master's degree in nursing program in demand?
The BLS reports that nurse practitioners (NPs) are in much higher demand than most professionals. The Bureau projects positions for these professionals will grow by 40% between 2023 and 2033, adding 141,200 new roles across the decade.
Additionally, the BLS reports that other APRNs should also be in high demand over the next decade. It projects positions for nurse midwives will grow by 6% during the same period. By comparison, the average projected growth rate across all occupations is 3%. The primary care physician shortage, an aging population, the high prevalence of chronic diseases, and a growing interest in preventive care should all contribute to this heightened demand.
APRNs work in various settings, including hospitals, outpatient care centers, and private practices, often collaborating with other healthcare professionals. They can apply for diverse, in-demand roles, such as gerontology nurse practitioner, nurse educator, nurse administrator, and nurse informaticist.