If you’re considering pursuing a master’s degree in psychology, one question that may be on your mind is how much money you can expect to make with this degree. The answer to this question can vary depending on a number of factors, including your specific area of focus within psychology and where you live and work.
According to the Bureau of Labor Statistics (BLS), the median annual salary for psychologists in May 2019 was $80,370. However, this figure can range quite a bit based on factors such as your level of education and experience, your specialty within the field, and the industry in which you work.
Specialties in Psychology
One important factor that can impact your earning potential as a psychologist is your area of specialization. Some common specialties within psychology include clinical psychology, counseling psychology, industrial-organizational psychology, and school psychology.
Clinical psychologists typically work with patients who have mental health disorders or other psychological issues. According to the BLS, the median annual salary for clinical psychologists was $78,200 in May 2019.
Counseling psychologists may work with individuals or groups to help them improve their mental health and overall well-being. The BLS reports that the median annual salary for counseling psychologists was $79,010 in May 2019.
Industrial-organizational psychologists typically work within organizations to help improve workplace productivity and employee satisfaction. The BLS reports that the median annual salary for industrial-organizational psychologists was $97,260 in May 2019.
School psychologists generally work within educational settings to support students’ academic achievement and social-emotional well-being. The BLS reports that the median annual salary for school psychologists was $78,200 in May 2019.
Another important factor that can impact your earning potential as a psychologist is where you live and work. For example, according to the BLS, psychologists working in California had a median annual salary of $108,350 in May 2019, while those working in Texas had a median annual salary of $73,710.
It’s also worth noting that salaries can vary based on the type of employer you work for. For example, psychologists who work within government agencies tend to earn higher salaries than those who work within schools or other non-profit organizations.
Overall, earning a master’s degree in psychology can open up a range of career opportunities with competitive salaries. However, it’s important to keep in mind that your earning potential can vary based on a number of factors, including your area of specialization and where you live and work. Nonetheless, if you are passionate about the field and are willing to put in the time and effort required to earn a master’s degree, pursuing this path can be both personally and financially rewarding.