Hi Im a senior in college currently doing a summer internship at a big name hospital in the childrens inpatient psych wing.. so i have experience and i know i wanna do clinical but I also have a huge bill of loans to pay off so i wanna go to grad school and get a degreee that is going to have a good salary when i get out! SO if anyone has info on salaries for Psy.D degrees or even how long or how difficult the programs you may have gone through could be that would be awesome ..as well as for Master in Psychology and where you could go with that? Along with Masters in Social Work ..a friend of mine is making good money but is now a clinican is that a route you would have to take to earn so cash?! Also any info on program difficultly and length would be awesome ! THANKS ! PLEASE HELP!
I need advice on Grad School Psy.D?MSW?or MA in Psych?!Salaries too?!
- Thread starter brit18246
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I'll try to take these one-by-one.
1. Difficulty and Length
A Psy.D. will be longer (4-5 years) than an MA in Psych or an MSW (usually about 2 years). Technically a PsyD, being a doctoral degree, is more difficult.
2. Salaries
PsyD practicioners tend to have a higher salary "out of the gate" so to speak, but after some time in private practice (you indicate you're planning on going into clinical work) experience and reputation may override your degree. Some LCSWs (licensed clinical social workers) with a great deal of experience make as much as a PsyD. It depends on your location and skill level, as well as how much counseling is in demand.
I do have to say... most people don't go into human services for the money. If the salary is going to be a huge barrier, you might want to seriously consider taking some time off and paying off your loans and then deciding what route you want to take. Cost shouldn't be a BARRIER, but... keep it in mind.
I'm afraid I'm also having trouble deciphering other questions. Are you asking which career path is most lucrative?
1. Difficulty and Length
A Psy.D. will be longer (4-5 years) than an MA in Psych or an MSW (usually about 2 years). Technically a PsyD, being a doctoral degree, is more difficult.
2. Salaries
PsyD practicioners tend to have a higher salary "out of the gate" so to speak, but after some time in private practice (you indicate you're planning on going into clinical work) experience and reputation may override your degree. Some LCSWs (licensed clinical social workers) with a great deal of experience make as much as a PsyD. It depends on your location and skill level, as well as how much counseling is in demand.
I do have to say... most people don't go into human services for the money. If the salary is going to be a huge barrier, you might want to seriously consider taking some time off and paying off your loans and then deciding what route you want to take. Cost shouldn't be a BARRIER, but... keep it in mind.
I'm afraid I'm also having trouble deciphering other questions. Are you asking which career path is most lucrative?
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Well, I agree almost entirely with the last post. The LCSW, in strict private practice, will not make an equal salary to a PsyD providing the same services. Reimbursement rates can vary from $20 - $50 /hour.
Also, the PsyD has an extended scope of practice and can provide testing/evaluations that the LCSW is not trained to complete. These are usually reimbursed (in my state) anywhere from $120 - $250 an hour.
Even if you calculate the minimum diff reimbursement rate of $20/hr, that's still quite a bit of cash on a max billable week.
Offsets of the cost somewhat are liability insurance, cheaper for LCSW. Both can supervise (LCSW's can charge per hour of supervision, I'm not sure about psychologists, they probably do though...)
As the previous poster said, going into this field for the money is just not a successful decision. There's no money here. Budget cuts everywhere... my state has been in crisis for years and now, we are getting hit even harder with the rest of the country. It will only get worse. That's been my high horse for over a year now... people just can't afford the luxury of mental health in most parts of the country.
However, hopefully, it will rebound... and beyond that... the parity laws passed should help it become respected and utilized as often as other health benefits (but hopefully all will be more responsibly used and monitored)...
Good luck with your decision. I have very little knowledge of MA psych folks but their reimbursement rates are typically the same but they have the added testing component.. but no clue what that pays. Of course, an agency could pay people whatever they want in the end so the reimbursement rates apply only to private practice and agencies that contract for a split of all billed hours.
Also, the PsyD has an extended scope of practice and can provide testing/evaluations that the LCSW is not trained to complete. These are usually reimbursed (in my state) anywhere from $120 - $250 an hour.
Even if you calculate the minimum diff reimbursement rate of $20/hr, that's still quite a bit of cash on a max billable week.
Offsets of the cost somewhat are liability insurance, cheaper for LCSW. Both can supervise (LCSW's can charge per hour of supervision, I'm not sure about psychologists, they probably do though...)
As the previous poster said, going into this field for the money is just not a successful decision. There's no money here. Budget cuts everywhere... my state has been in crisis for years and now, we are getting hit even harder with the rest of the country. It will only get worse. That's been my high horse for over a year now... people just can't afford the luxury of mental health in most parts of the country.
However, hopefully, it will rebound... and beyond that... the parity laws passed should help it become respected and utilized as often as other health benefits (but hopefully all will be more responsibly used and monitored)...
Good luck with your decision. I have very little knowledge of MA psych folks but their reimbursement rates are typically the same but they have the added testing component.. but no clue what that pays. Of course, an agency could pay people whatever they want in the end so the reimbursement rates apply only to private practice and agencies that contract for a split of all billed hours.
