Getting a higher degree is one of the best ways to advance in any field, and like most other careers, this is also true in nursing. It may sound odd, but it is possible to get a doctorate in nursing — however, this degree is not the same as the degree physicians receive, which is an MD. Instead, a Ph.D in nursing will qualify nurses to work as nurse practitioners, nurse managers, or even college-level nursing professors, positions that are not typically available to those holding only an undergraduate degree in the field.

According to the U.S. Bureau of Labor Statistics (BLS), as of May 2011 (the latest data available), the national median salaries for some of the jobs most commonly held by Ph.D in nursing degree graduates (including medical and health services managers; postsecondary nursing instructors and teachers; registered nurses; and health diagnosing and treating practitioners) were in the five-figure range.

Keep in mind, though, that the BLS figures are not guarantees. Your salary will vary depending on a number of factors, including your exact job title, your previous professional experience, where in the country you live and work, as well as the general state of the economy. For example, the states with the highest average salaries for registered nurses — which includes those with a Ph.D in nursing — are California, Massachusetts, Hawaii, Alaska, and Nevada, according to the BLS .

Additionally, your salary will depend on your employer and the type of facility you work in. For example, nurses working in private medical and surgical hospitals had the highest salaries, according to the BLS, followed by physician offices, local medical and surgical hospitals, home health services, and nursing care facilities. But nurses working as researchers or instructors at a university may see different pay grades as well.

In short, no matter what your career goals may be, getting your PhD in nursing can certainly help you qualify for a larger salary. It can open up more career opportunities, giving you more choices than you had with your bachelor’s or master’s degree. Although it can be expensive to get an advanced degree, keep in mind that scholarships and grants can help soften the financial blow.