I want money! (psych MA/MS)

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kbenoit

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Hey guys!

I've been doing some research into what the average LPC/MFC yearly salary is in the US, and it seems to range from $30,000-$60,000, with the most common reports being around $54,000. Is there anything I can do while obtaining my master's that will make me more competative/likely to be salaried on the higher end? (obviously when I'm first starting out I will be on the lower end, but later on...)

Thanks!

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Hey guys!

I've been doing some research into what the average LPC/MFC yearly salary is in the US, and it seems to range from $30,000-$60,000, with the most common reports being around $54,000. Is there anything I can do while obtaining my master's that will make me more competative/likely to be salaried on the higher end? (obviously when I'm first starting out I will be on the lower end, but later on...)

Thanks!
If money is your main motivator, you should consider a different field. As a masters level clinician, the salaries you posted are accurate. Theres nothing you can really do to make more than that because an employer can easily hire from a saturated field
 
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If money is your main motivator, you should consider a different field. As a masters level clinician, the salaries you posted are accurate. Theres nothing you can really do to make more than that because an employer can easily hire from a saturated field
Money is definitely NOT my main motivator, but I like to plan ahead and I was mainly trying to essentially maximize my fiscal potential haha
 
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Some of the top MA level therapists in the private pay troubled teen industry can make over 60k. You gotta be good though, wealthy people hire consultants to pick the program for their kids and reputation based on results is everything.
 
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Is there anything I can do while obtaining my master's that will make me more competative/likely to be salaried on the higher end?

A couple of options:
(1) Safe path: Get a master's in nursing instead and become a psychiatric nurse practitioner.
(2) Pitfall-ridden path: Become extremely savvy at business and marketing and develop a niche practice in an area where you can attract a steady flow of high earners who are willing to pay you in cash.
 
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A couple of options:
(1) Safe path: Get a master's in nursing instead and become a psychiatric nurse practitioner.
(2) Pitfall-ridden path: Become extremely savvy at business and marketing and develop a niche practice in an area where you can attract a steady flow of high earners who are willing to pay you in cash.
Thank you for the suggestions! :)

Unfortunately I have something of a weak stomach so I don't think nursing is very realistic for me haha
 
CRNA is another path to high income relative to years of required training, but with a weak stomach, that may also not be a realistic option.

Building on MamaPhD's suggestion, develop business savvy/skills and become more involved in practice ownership than clinical service delivery.
 
IF you just want to be in the helping profession, there are other more efficient and lucrative ways to go. Maybe check into other healthcare-related professions and look at their average salaries, and if your stomach is only minorly squeamish maybe you'd be able to muster the ability to consider some of those programs. I must admit my heart sank a little when I was in my master's program and doing some career counseling with a student when I discovered that with only an associates degree, a respiratory therapist could make as much (or possibly more, in my neck of the woods) than I would have if I'd stuck with just that MS. So I went back for a PhD... have yet to see the big bucks though. Making 40k as a postdoc this year, which makes me feel filthy rich compared to the past 5 years in a doctoral program/on internship.
 
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IF you just want to be in the helping profession, there are other more efficient and lucrative ways to go. Maybe check into other healthcare-related professions and look at their average salaries, and if your stomach is only minorly squeamish maybe you'd be able to muster the ability to consider some of those programs. I must admit my heart sank a little when I was in my master's program and doing some career counseling with a student when I discovered that with only an associates degree, a respiratory therapist could make as much (or possibly more, in my neck of the woods) than I would have if I'd stuck with just that MS. So I went back for a PhD... have yet to see the big bucks though. Making 40k as a postdoc this year, which makes me feel filthy rich compared to the past 5 years in a doctoral program/on internship.
You're almost there, finish that postdoc and get licensed and you can double it. I went from 20k in internship to 40k in post doc to 80k after licensure. The pace has slowed a bit since then, but still it's really nice to no longer be impoverished. If only I didn't have those student loan payments! :arghh:
 
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If you want to work with veterans, you can also do what you need to learn everything about that population before graduating. I'm not sure how easy it is for an LPC or LMFT to get into that tight knit circle. I've heard it's getting easier. VA pays decently for their fully licensed therapists. Highly competitive though, not sure if it's easier than the "develop business acumen" route...


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Hey guys!

I've been doing some research into what the average LPC/MFC yearly salary is in the US, and it seems to range from $30,000-$60,000, with the most common reports being around $54,000. Is there anything I can do while obtaining my master's that will make me more competative/likely to be salaried on the higher end? (obviously when I'm first starting out I will be on the lower end, but later on...)

Thanks!

It is best to consider offering a service that is needed by persons with the ability to pay.
 
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Ran after excellence and success will follow you. Don't run after money. In your first time most probably your salary will be lower than you are expecting now.
Appreciate! I also think that first he should LEARN well and then remove the L. Success will come for sure.
 
I agree with what another said that working with more challenging populations will generally be more lucrative. Mobile therapists and BSCs generally make in the low 60s starting out. They work with children who have severe behavioral problems in the home, school, and community. I imagine hospital-based jobs too will pay more than your standard outpatient counseling at a community agency. If you're interested in a management or administrative position further down the road you will have ample opportunity for salary growth. Also health insurance companies have many positions for experienced mental health clinicians and generally have great salary and benefits (I'm a graduate student with a BA in Psychology and currently making in the low 40s as a case manager with a major MCO). Of course private practice always has upwards potential if you're business savvy, have good marketing skills, and very patient. Many master's-level clinicians will work both for an agency and privately to increase revenue, as well as conduct additional group therapy sessions, seminars, public information sessions, etc. Don't limit yourself!
 
Hey guys!

I've been doing some research into what the average LPC/MFC yearly salary is in the US, and it seems to range from $30,000-$60,000, with the most common reports being around $54,000. Is there anything I can do while obtaining my master's that will make me more competative/likely to be salaried on the higher end? (obviously when I'm first starting out I will be on the lower end, but later on...)

Thanks!

I'm an LPC with four years experience since graduate school. Before I was licensed and when I was working for other people (community mental health, adjunct lecturing), I was making between $35k-$50k a year. I've been in private practice for almost two years now, and I already make a little over $100k per year. That includes giving myself 7 weeks vacation time per year. I fully expect to hit $110k by the end of this year, and I believe it is possible I could reach $130k annually over the next five years. I'm not sure I'll ever make more than that unless I start to hire people to work for me/make money for me.

The responses you received here are mostly right. Most LPCs won't make more than $60k per year, though a small percentage will stretch to $80k per year. I do believe there are practical things you can do though to make a six figure plus income. It's too much to detail in a post here on the forum, but here are some of the main points that come to mind...

First and foremost, love what you do.
Be really good at what you do.
Have your own long-term psychotherapy experience.
Start a private practice and be willing to take business risks. Always make business decisions with long-term success in mind, even if you lose more money initially. Invest in your future! Please, NEVER make business decisions because it promises money sooner, is easier, less work, etc... When you grab the low-hanging fruit you will always end up stuck in the $60k-$80k crowd.
Know the human mind inside and out. Be willing to invest hours upon hours every week to learning, CE events, reading, etc... until you reach a saturation point where nothing is really 'new'.
Study marketing and know how to reach your target client population.
Develop a savvy business sensibility (good organization skills, administration duties, accounting, etc...)
Diversify your career by adding consulting, teaching, etc...
Submit presentation proposals to conferences, get accepted to present, and build a name for yourself on a national or international scale.
Develop a positive internet presence.
Publish as many high quality articles as you can, whether it's in academic journals or even if you self-publish online. Put out quality content that even other therapists want to read.
Differentiate yourself from other therapists in the area (see the last few points above. If you were a client, would you want to see THAT therapist or Ms. Average LPC?)
Get as many private-pay and out-of-network clients as you can so you can charge whatever rate you're really worth (because insurance companies pay awful reimbursements).
Don't overwork yourself. See clients only 4 days/week and use the 5th day for administration tasks or a long weekend. See no more than 20-25 clients per week.

I don't advertise myself to a 'difficult' diagnostic group to get clients, nor do I work ridiculously long office hours into the evening or on weekends, etc... I truly LOVE what I do, have been planning my career out for a long time (since I was in college, really), and I make sure I take super good care of my health. Don't listen to people who tell you that you can't make money doing masters-level work. If you're passionate and skilled, good money is entirely possible.

There's A LOT more I could say, but these are the main points, and I have a few things that I keep to myself :)

While you're in school, I would devote every day to your program and give it your all. Get involved in research projects with professors if possible. Hone your writing skills with your papers (treat them as if they're going to be published) so that your writing skills are developed for public writing when you leave school. Don't slack/party. Network with established professionals. Develop good relationships with your professors. Avoid political issues within your department and your cohort. Do what is expected of you at internship. Be humble!
 
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I'm an LPC with four years experience since graduate school. Before I was licensed and when I was working for other people (community mental health, adjunct lecturing), I was making between $35k-$50k a year. I've been in private practice for almost two years now, and I already make a little over $100k per year. That includes giving myself 7 weeks vacation time per year. I fully expect to hit $110k by the end of this year, and I believe it is possible I could reach $130k annually over the next five years. I'm not sure I'll ever make more than that unless I start to hire people to work for me/make money for me.

The responses you received here are mostly right. Most LPCs won't make more than $60k per year, though a small percentage will stretch to $80k per year. I do believe there are practical things you can do though to make a six figure plus income. It's too much to detail in a post here on the forum, but here are some of the main points that come to mind...

First and foremost, love what you do.
Be really good at what you do.
Have your own long-term psychotherapy experience.
Start a private practice and be willing to take business risks. Always make business decisions with long-term success in mind, even if you lose more money initially. Invest in your future! Please, NEVER make business decisions because it promises money sooner, is easier, less work, etc... When you grab the low-hanging fruit you will always end up stuck in the $60k-$80k crowd.
Know the human mind inside and out. Be willing to invest hours upon hours every week to learning, CE events, reading, etc... until you reach a saturation point where nothing is really 'new'.
Study marketing and know how to reach your target client population.
Develop a savvy business sensibility (good organization skills, administration duties, accounting, etc...)
Diversify your career by adding consulting, teaching, etc...
Submit presentation proposals to conferences, get accepted to present, and build a name for yourself on a national or international scale.
Develop a positive internet presence.
Publish as many high quality articles as you can, whether it's in academic journals or even if you self-publish online. Put out quality content that even other therapists want to read.
Differentiate yourself from other therapists in the area (see the last few points above. If you were a client, would you want to see THAT therapist or Ms. Average LPC?)
Get as many private-pay and out-of-network clients as you can so you can charge whatever rate you're really worth (because insurance companies pay awful reimbursements).
Don't overwork yourself. See clients only 4 days/week and use the 5th day for administration tasks or a long weekend. See no more than 20-25 clients per week.

I don't advertise myself to a 'difficult' diagnostic group to get clients, nor do I work ridiculously long office hours into the evening or on weekends, etc... I truly LOVE what I do, have been planning my career out for a long time (since I was in college, really), and I make sure I take super good care of my health. Don't listen to people who tell you that you can't make money doing masters-level work. If you're passionate and skilled, good money is entirely possible.

There's A LOT more I could say, but these are the main points, and I have a few things that I keep to myself :)

While you're in school, I would devote every day to your program and give it your all. Get involved in research projects with professors if possible. Hone your writing skills with your papers (treat them as if they're going to be published) so that your writing skills are developed for public writing when you leave school. Don't slack/party. Network with established professionals. Develop good relationships with your professors. Avoid political issues within your department and your cohort. Do what is expected of you at internship. Be humble!

Thanks 50MinuteHour, very encouraging. May I ask what region of the country you practice in?
Have you ever felt the need to pursue more education, e.g. PhD or PsyD? My only concern pursuing LPC licensure is that it's too limiting, but your post is helpful to keep in mind on that front.
 
Thanks 50MinuteHour, very encouraging. May I ask what region of the country you practice in?
Have you ever felt the need to pursue more education, e.g. PhD or PsyD? My only concern pursuing LPC licensure is that it's too limiting, but your post is helpful to keep in mind on that front.

I practice in the northeast in a popular metropolitan area. Yes, at one point I did want to pursue a PhD... not for financial reasons, but because as you said LPC licensure can be limiting. I like to teach and do research, and at least the good-paying employers for those jobs require a PhD. However, I ultimately did not pursue a PhD because it simply doesn't make sense for me to get one. If I were to get a PhD, my lifetime earnings would actually be less, and I would probably just wind up doing the same combo of private practice/writing/public speaking that I do now. Sure, I'd be in a better position to snag a professor position at an R1 or R2 institution, but the freedom, money, and satisfaction that I get from my work now is more than enough to keep me happy :)
 
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