What is the Salary of a Psychologist?

Psychologist Finding out the average salary of a psychologist is difficult because there are so many people working in this field. There is no such thing as a general psychologist. Those working in the field choose a specialization as a graduate student and take courses and complete fieldwork relating to that field. This can include occupational psychologists working for private companies and marriage and family psychologists working in private offices and community centers. In addition to salary, you also want to give some thought to the level of education needed to work in the field and where psychologists work.

What Education Does a Psychologist Need?

It is nearly impossible to work as a psychologist with only a bachelor’s degree. Most states ask that you apply for a license and that you have a minimum of a master’s degree before applying. Many of those working in the field also complete a Ph.D, and the salary of a psychologist with a Ph.D is higher than the salary of someone with only a master’s degree. Most of the top programs in the country require that students spend one year working in the field as part of the program, and Ph.D programs may include up to three years of additional fieldwork.

Where Do Psychologists Work?

Psychologists work in a number of fields. Many of those with some type of advanced degree open their own practices or work in practices with other licensed professionals. This lets them set their own rates and create their own schedules. Others work in conjunction with hospitals and other medical settings to provide assistance for patients coming to that facility. The federal government, state governments and local governments also hire licensed psychologists to work for agencies that focus on helping and supporting patients in need.

Psychologist Salary Range

The Bureau of Labor Statistics found that the median annual salary of all psychologists is higher than the median annual wage reported among all jobs. This equates to $90,020 a year across all specialized types of psychology. The median wage for most psychology jobs is less than $70,000 a year. The salary of a psychologist working in industrial-organizational psychology is more than $85,000 a year, and those working in schools, clinical and counseling settings earn a median wage of $67,650 a year. Those with less experience and recent graduates will often learn less than those already established in the field.

Future Outlook for Psychologists

The future outlook for psychologists is high. The BLS found that there were just over 160,000 people working in all psychology fields in 2012. By the end of 2022, the BLS estimates that the psychology field will see a growth of 12 percent, which equates to 18,700 new jobs. Though there are a large number of students enrolled in psychology programs across the country, the United States will need new psychologists as those currently working in the field move into academic and research positions or retire.

Related Resource: Vocational Counselor

Psychology is essentially the study of why humans act and think and how different situations can change their actions and thoughts. The amount of money that you might make in this field varies greatly based on the concentration or specialization that you choose. The salary of a psychologist ranges from around $67,000 a year to more than $90,000 a year and can reach six figures or more.