You're right- the PsyD was created for those who wanted to do clinical psychology work only. So, while they still need to be good consumers of research and they still learn about research/statistics, their curriculum focuses more on clinical work whereas a PhD in Psychology has minimal focus on clinical work and is almost entirely geared towards research (even the "Clinical Psychology" track of most APA Accredited programs).
To become a clinician via PhD in Clinical Psych, it would required 5-7 years to complete the PhD, practicum hours, then a year of internship. Then, you take the licensing exam. After that, you can apply to be licensed in your state. So, it's not a quick, easy process. Many insurance panels prefer to cover masters level clinicians because they can pay them less. Therefore, a large percentage of licensed psychologists don't accept insurance.
To become a clinician via the PsyD, it requires about 3 years to complete the degree, usually more practicum hours than a PhD in Psych, and then the year of internship (if your program is APA Accredited). Unfortunately, you'll be competing with PhD Clinical Psych students in the APPIC system for your internship placement and there may be a strong preference for PhD vs. PsyD, though not everywhere and not always. This is similar to the MD/DO situation. Then, you'd take the licensing exam and apply for licensure in your state. Same deal with most not taking insurance.
So, PhD is a 6-8 year process and PsyD is a 4-5 year process. Both, if you chose an accredited program, would enable you to sit for the psychology licensure exam (EPPP). It is as difficult to get into a clinical psych PhD program as it is to get into medical school. It is much easier to get into a PsyD program. Both types of programs are accredited by the APA but you have to make sure the specific program is accredited or you won't be eligible for licensure.
Psychology is seen as a profession that deals primarily with assessment. So, if you want to do assessments (ADHD, learning disabilities, personality disorders/MMPI analyses, etc.) then go that route. In two states, psychologists can take extra coursework and get prescribing privileges for psych meds. That is likely to expand, particularly with the health care reform just passed. Your clients will call you "doctor ___" but you will call them "clients" rather than "patients" (as would a lawyer or business person). Psychologists can do therapy but it's often targeted toward the specific group that they do assessments for. Otherwise, people tend to seek out masters level counselors for less "factual" problems because they charge less. Even at the most expensive treatment centers, psychologists are generally doing assessments whereas the "therapy" is done by masters level clinicians.
Masters degree in clinical social work or professional counseling takes 2-3 years depending on whether you go full time or not, requires practicum, then 6 months - 1 year of internship. Admission ranges from very competitive to not at all competitive depending on the institution. The program should be CACREP accredited in order to make sure it meets licensure requirements. Then, most states require 2 years (2000-3000 hours) of supervised practice before granting independent licensure. Once you're independently licensed, you can have a private practice as I've been discussing in previous posts. So, masters level work is a 3-4 year process. Successful masters level clinicians will make as much as the average psychologist or more, depending of course on location/specializations/ability to network/skill level, etc.
It all depends on what you want to work with, what kind of work you want to do with it, and how you interpret "prestige"- coming from who and what kind- patients will respect you in private practice and think you're awesome no matter which of these degrees you pursue and most won't ask much about your pathway to licensure anyway). Also, whether you want to be in private practice or not. If not, both masters level and psychologists don't tend to make much. Psychologists with PhD have the option of becoming university professors but the job openings in that field are slim to rare. In my research lab, the PhD candidates are exploring other ways to use the degree since there are few openings and this is at an institution with a highly ranked psych program.
Psychologists are sometimes able to work in hospital settings and so are medical social workers. But, if you want to be in a medical setting, then psychiatry is the field you're looking for. If you want to counsel people and prescribe meds, clinical psych or PsyD with additional work towards prescribing privileges might make you happier (quicker route). You'd be called and perceived (for better or worse) as a "doctor" in either case (psychologist or psychiatrist) and most patients won't know the difference, though the stigma is less in working with a psychologist vs. a psychiatrist.
Psychiatry is a great field but you have to love it for what it is if you go that route because whether you want to be mostly doing med management or not, that's what most agencies, hospitals, and treatment centers will want you to do
primarily. There are equally qualified people for the "therapy" part and their pay rate is less. So, it doesn't make business sense to have patients spending that therapy time with a psychiatrist. Therefore, if you want to do that kind of work, you'll have more opportunity for it in private practice. You can charge more hourly, but you may still end up doing primarily med management, if you do. So, you'd definitely have to want to focus on that and also know how you'll compete as the field opens up for more prescribers (psychologists and psychiatric nurse practitioners).
Regarding pediatric psych, that's usually a fellowship after psych residency. You still work primarily with the child- assessment and prescribing medication. The "therapy" is likely done with a masters level clinician and might involve family/parenting therapy but not from the psychiatrist. The psychiatrist's interaction with parents involves explaining the diagnosis and treatment plan and, hopefully, getting them to follow the treatment plan and followup.
I think there's a bit of misinformation on here concerning PsyD vs PhD in psych.
If I understand correctly, the psyD was basically created to push more of an emphasis on clinical work during the training period, and less on research, like a traditional PhD (even if its a PhD in clinical psychology).
So getting into a PsyD program would not necessitate dedication to research.
But to underscore silverhorse, I got a B- in gen chem lab, both semesters, and it didn't keep me out of med school. Granted that B- was work like .5 credits in comparison to a 3 credit gen chem.
And my mother who is a clinical psychologist, charges btw 80-120 an hour...but doesn't work on fridays, and makes her own schedule every day. So just multiplying 100 by 8 hours, then 5 days, then 52 weeks...she don't make that much! (100$ x 8hrs x 5days x 52weeks = 208,000) **** i dont expect to make that much as a doctor!
And concerning pediatric psychiatrists, man do I respect what they do...but to really help out those kids, you've got to deal with those parents...so are you really a pediatric psychiatrist then?