How Much Does a Psychologist Make?

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Ever wonder how much psychologists make? You can earn a median salary of $92,740 as a psychologist, according to the Bureau of Labor Statistics (BLS), with salaries ranging from less than $40,000 to more than $138,860 for the highest earners, depending on several factors.

Read on to get a comprehensive breakdown of psychologist salaries, as well as related career paths and tips on how to increase your earning potential.

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Psychologists’ salaries can vary significantly based on a number of factors, including their specific field of psychology, geographic location, level of education, and years of experience.

According to BLS, psychologists earned around $92,740 annually as of May 2023, with a job growth rate of 7% — faster than the average growth rate for all occupations. The top 10% of earners made over $138,860.

In terms of specific fields, industrial-organizational psychologists tend to earn the highest median wage at $154,380, followed by clinical and counseling psychologists with a median wage of $96,100.

Psychology salaries vary significantly by state, influenced by factors like cost of living and demand for mental health services. California tops the list with an average salary of $134,360, reflecting its high living costs and demand.

States like Hawaii, Oregon, and Texas also offer high salaries for psychologists, whereas Michigan, Minnesota, and Mississippi, where the cost of living is lower, offer some of the lowest salaries.

West Virginia offers the lowest salary, with an average salary of $58,550, nearly $3,500 less than the national average of $92,740 for psychologists. Regional economic conditions and differing levels of investment in mental health services contribute to these disparities.

Source: BLS

As in most professions, psychologists can take steps to increase their earning potential. From continuing education to gaining professional experience, there are many strategies that can help boost your psychology salary. While these steps cannot guarantee a salary increase, these are just some steps you can take to potentially raise your salary.

One of the most direct ways to increase your earning potential in psychology is to further your education. You need at least a master’s degree in psychology to become a psychologist, but you can enroll in a doctoral program to open up new career paths or specialize in a particular area of psychology.

Industrial-organizational psychologists, who typically need a master’s degree, earn a median annual salary of $147,420. You could earn a doctorate to get a higher-paying position.

As with many professions, your earning potential in psychology may increase with experience. As you spend more time in the field, you’ll gain valuable skills and knowledge that can make you more appealing to employers and clients.

This is particularly true in psychology, where hands-on experience can hold as much value as theoretical knowledge. For instance, psychologists with a few years of experience can often command higher salaries than recent graduates.

You’ll benefit from developing key soft skills, such as active listening, problem-solving, negotiation, and persuasion. These skills are crucial for understanding individual and organizational needs, resolving conflicts, and facilitating effective communication.

You can sharpen these skills through continuous practice, feedback, and relevant workshops. Enhancing your social skills and business acumen can give you a competitive edge in the field, especially if you want to start a private practice or pursue a high-level role.

Getting certified or licensed can boost your psychology salary and demonstrate your expertise and commitment. It’s also a requirement for many psychology jobs. These credentials can also make you more appealing to employers and clients and may even increase your income.

For instance, board certification from the American Board of Professional Psychology (ABPP) — an agency that certifies psychology professionals in certain specialty areas such as addiction or clinical psychology — is a mark of professional competency that can lead to higher salaries and more job opportunities.

Specializing in a particular area of psychology can increase your earning potential. This is because specialized psychologists often have a unique skill set and knowledge that is in high demand.

For example, neuropsychologists, who specialize in understanding the relationship between the physical brain and behavior, can earn over $90,000 a year, according to Payscale as of October 2024. Similarly, industrial-organizational psychologists, who apply psychological principles to the workplace, earn an average annual wage of $154,380, reports the BLS.

By taking on leadership roles in psychology projects, you may not only enhance your skills and visibility in the field, but you may also be able to negotiate higher pay. This is because leading projects often involve additional responsibilities, demanding a higher level of expertise.

As you successfully lead more projects, you’ll become more valuable to your organization, and your salary can reflect this.