Psychology Salaries: How Much Do Psychologists Make?

Psychologists perform original research and help patients improve their mental health. And honing their skills takes time, so licensed psychologists need a doctorate to practice.

Because of their vital work and specialized education, licensed psychologists typically make more than the median U.S. salary. The Bureau of Labor Statistics (BLS) reports that psychologists working in May 2021 earned a median $81,040 annual salary.

Curious about how much money you can make as a psychologist? Continue reading for more information about psychologist salaries and how to maximize your earning potential with a career in psychology.

The BLS breaks down the median psychologist salary for three variations of this career:

The median salaries only tell part of the story, however. Psychologists can increase salary potential in a number of ways, such as through experience.

Other ways to increase salary potential include mastering salary negotiation strategies like researching what salary other employers offer new hires.

If you don’t have a doctorate or don’t plan on getting one — don’t worry. There are many well-paying positions for professionals with a bachelor’s or master’s degree in psychology. Of course, there are also lucrative options for those with a doctoral degree.

Source: the BLS

The BLS reports that IO psychologists working in May 2021 earned the highest median salary of $105,310. An IO psychologist’s typical responsibilities include researching employees’ behaviors and making recommendations to improve workplace efficiency.

When you’re exploring careers, you should note that the psychology field features many career paths besides IO. Recent graduates looking for work should research other jobs with a high psychologist salary.

Common Psychology Careers Include:

If you want to increase your psychology pay, you should research how salaries vary by state. Many jobs in highly populated states offer a median salary exceeding the national average. But there’s a drawback: Workers in these areas may face a higher cost of living.

You can check out the best and worst states for changing careers to find areas where many workers achieve a high quality of life.

Source: the BLS

Data sourced from the BLS

The BLS projects a 6% growth in the need for licensed psychologists from 2021-2031. This figure slightly exceeds the BLS’ average projected growth rate of 5% for all U.S. careers. Steady growth lets recent Ph.D. in psychology graduates explore many jobs with a good salary.

You can prepare for your first job by strengthening your soft skills and networking with potential employers. Experienced professionals considering a switch to the psychology field should research top jobs for career changers.

Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.

Although licensed psychologists need a Ph.D. or Psy.D., many jobs requiring only a bachelor’s in psychology have a well-paying psychology salary, too.

If you’re looking to get started on your career now, researching the latest jobs, hiring trends, and psychologist salary data can help you land a job.

A master’s in psychology lets you pursue careers that workers with only a bachelor’s cannot. Some jobs like school and career counselor feature a high salary. The information below describes just a few of the many careers with a psychology salary exceeding the national median.

A doctoral degree — such as a Ph.D. or Psy.D. — in psychology salary exceeds what many workers with a bachelor’s or master’s make. Degree-seekers earning a doctorate in psychology perform original research and write a dissertation. The degree qualifies graduates to pursue a career in academia or work toward a state-issued psychology license.

Yes. The BLS projects steady growth in many professions for workers with a bachelor’s, master’s, or doctorate in psychology. And you may advance your career by earning another degree or exploring a position in a different industry.

Plus, these jobs feature a median salary exceeding what the average U.S. worker earns.

Because you’ll work in a field that focuses on helping others overcome challenges, it can lead to increased personal and professional satisfaction.

According to National Center for Education Statistics data, the average undergraduate paid over $19,000 in tuition and fees in the 2020-2021 school year. Adding other expenses pushed the total price of a bachelor’s degree over $140,000 for some learners. And some degree-seekers, such as those at a private school, paid significantly more for their education.

If you’re working toward licensure, you must also consider the cost of a master’s degree and doctorate. Typical graduate programs cost more per credit than an undergraduate program. Fortunately, you can save money by attending an in-state public school, learning online, or applying for psychology scholarships.

Becoming a licensed psychologist requires up to 16 years of undergraduate and graduate coursework. You’ll typically need four years to earn a bachelor’s degree in psychology. And a master’s program may take just as long for some learners.

A doctoral program can last from 4-8 years, as some students take longer to complete their training and dissertations. You don’t qualify for a license the day you earn your doctorate. Some states require supervised post-doctoral professional experience lasting about one year before being eligible for licensure.

BLS data shows that education significantly impacts psychology salary potential between the master’s and doctoral levels. Professionals with a doctorate qualify for a position with a much higher median salary than their peers with another degree.

If you’re researching psychologist salaries, you should note that geographic location, job title, industry, and employer affect salary potential. These differences may help some experienced professionals earn more than workers with a more advanced degree.

The BLS reports that the top 10% of earners in May 2021 made an average psychology salary of $133,200. These professionals earned about 300% more than the national median salary and worked in the management or business field. Other top-paying industries included physicians’ offices and specialty hospitals.

Factors other than industry affected top psychologists’ salaries in 2021. Licensed professionals in California, Oregon, and Alaska earned an average of $112,210-$113,040, the highest in the nation.