Is Getting a Masters Degree in Psychology Worth It?


Jane Flores

Are you considering pursuing a master’s degree in psychology? It’s a significant investment in both time and money, so it’s important to consider whether it’s worth it. In this article, we’ll explore the benefits and drawbacks of getting a master’s degree in psychology.

Benefits of Getting a Master’s Degree in Psychology

1. Increased Job Opportunities: One of the most significant benefits of getting a master’s degree in psychology is the increased job opportunities. With a master’s degree, you can work as a licensed counselor or therapist, school psychologist, industrial-organizational psychologist, or researcher.

2. Higher Earning Potential: Another benefit of getting a master’s degree in psychology is that it can lead to higher earning potential. According to the Bureau of Labor Statistics (BLS), the median annual wage for psychologists with a master’s degree was $80,370 as of May 2020.

3. Personal and Professional Growth: Pursuing an advanced degree can also help you grow personally and professionally. You’ll gain new knowledge and skills that can help you become more effective in your work and personal life.

Drawbacks of Getting a Master’s Degree in Psychology

1. Time and Expense: Getting a master’s degree in psychology can be expensive and time-consuming.

The cost of tuition, books, and other expenses can add up quickly. Additionally, many programs require students to complete internships or practicums which may be unpaid. Limited Career Advancement: While getting a master’s degree in psychology can increase job opportunities, there may be limited career advancement beyond certain positions without further education such as obtaining doctorate degrees. Emotional Toll: Working as a counselor or therapist can take an emotional toll on individuals over time due to the nature of their work. This is not necessarily a drawback of getting the degree itself, but it is important to consider the potential emotional impact of working in the field.


In conclusion, getting a master’s degree in psychology can be a worthwhile investment if you’re passionate about helping others and want to pursue a career in the field. It can lead to increased job opportunities, higher earning potential, and personal and professional growth.

However, it’s important to consider the time and expense involved, limited career advancement without further education, and potential emotional toll. Ultimately, it’s up to each individual to weigh the pros and cons and decide if pursuing a master’s degree in psychology is right for them.

  • Increased Job Opportunities
  • Higher Earning Potential
  • Personal and Professional Growth
  • Time and Expense
  • Limited Career Advancement
  • Emotional Toll