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Does that make sense financially to become a nurse? How much will I get paid?

Posted on by Esposito

Asking questions about what you might make as a nurse is an excellent idea before going through some of the online CNA training and facing even one rigorous day at a hospital or in a medical facility. Utilizing resources such as CNA Certification Scoop and the NSNA can help you understand some of the challenges that nurses facing taxation, bills, qualifying for credit and salaries can really help you to be set up much more adequately for working full-time.

How is paid decided in most nursing careers?

The average pay for a nurse annually stands at around $58,800 per year. The pay from hospital to hospital or nursing facility, to nursing facility does range however. There's usually a grid system for each hospital or collective agreement that links hospitals. Non-unionized hospitals will generally negotiate individual salaries with nurses however.

How much can you expect to start?

In Canada currently and throughout the province of Ontario it's estimated that nurses will start around $21.75 per hour. Most nurses throughout the end of their career are able to earn as much as $40 per hour currently. RN’s specializing in certain fields like acute care could potentially receive up to $30.17 per hour right out of school.

Overtime pay is also something that gets added into nursing. Usually overtime will pay 1.5 times the regular rate. Many nurses are required to work over a 40 hour week and this is where a lot of their extra earnings can come into effect. Advanced practice nurses, nurse practitioners and nurse managers can often command higher salaries and potentially even higher overtime rates.

Midcareer earnings:

The hourly wage for an RN that has five years of experience in Ontario is now closer to $36.12 for an annual salary of just over $70,000. Working overtime could potentially boost this salary or pay grade by up to 20%.

With earnings like this it possible to potentially qualify for a new home much faster, pay down debts and more. Nursing is a rewarding career financially as well as socially.