Master's Level Therapist Salary

[kikiu]

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[berlin81]

I am debating between being a master's level therapist and an M.D. I really LOVE psychology a million times better than anything "science-y" and feel like I could be a great therapist. Honestly, I think I would be happier as a therapist than an M.D. However, the finances are a realistic concern. From my understanding, master's level therapists are salaried in the 40-50 thousand level, generally, give or take a bit? Honestly, that is a huge drawback for me, especially if I can help other people in other ways.

My question is: What is the general earning potential for therapists with their own private practice? My current therapist (LPC) charges $140 cash-only-- I would assume she is doing well with that? If I would be a therapist, I definitely would want to do a private practice.

I was originally thinking of becoming a clinical psychologist (Psy.D or Ph.D), but I know that the admissions are TOUGH for that and I have a lot more credentials for the pre-med track. My GPA is currently a 3.67 as a biology major with a well-rounded, interesting EC list of things I really do passionately enjoy. I am on the path where medical school can be a real option. However, if I went the psych route, I'd have to switch my major (from my understanding) and get involved in a lot of psychology research. I also know that doctorates are research-intensive and geared towards assessments and teaching, etc. I am pretty sure that if I mainly want to do therapy, that a masters level is more realistic. However, the salary cut is a deterrent. I know that you should do what makes you the happiest, and I feel like I would definitely be a lot happier as a therapist or psychologist than a doctor, yet I do worry about the financial aspects.

Any advice? Insight?
Thank you so much!

The question you pose is difficult to answer since the average salary for an MA psychologist/professional counselor can vary. Basically it will depend on geographic location and how you operate your practice. You mention that you're LPC takes cash only. Although that probably limits the amount of time she spends completing paperwork, that obviously limits her clientele as (I would assume) would expect that she would take insurance. Yes, some therapists are able to get by without being on insurance panels, but its a huge financial risk if you have some on your caseload that states that they have certain financial hardships

When I mention geographic location, I mean it will depend on where you live and if you can practice either independently or semi-independently in the state you work in. Some states require some degree of supervision if you are licensed at the master's level (especially for psychology).

As far as money and income, only you alone can decide that one. No doubt, going into clinical psych is a punch in the stomach in terms of the income you could bring in versus an MD (even if you have a PhD or PsyD), but as you said it depends on the career that will make you happy.

 

[Therapist4Chnge]

Doctoral training (MD, Ph.D., Psy.D, etc) will almost always out-earn mid-level training (MA, MS, MSN, etc). Medical school is a long road if you don't want to be a physician. A radiologist, neurologist, psychiatrist, etc....are all physicians first. Doctoral training in psychology can be equally long because you are a scientist first, and then a therapist. If therapy is your primary focus...mid-level training may be the best fit. You'll be more limited if you want to work at a hospital or for a related organization, though as a private practitioner you can charge whatever you'd like. The trick is getting enough patients that can afford $125-$150/hr, but people do it.

 

[ClinicalPHD5]

Its tough to get a job as a therapist with an M.A. in this economy because you are also competing with PhD/PsyD graduates and the market is flooded. the majority of people that i know with an M.A. in counseling did not find therapy jobs and ended up doing what they were doing pre-graduate school or attended other graduate programs. Many of them end up in PsyD programs and accrue further debt.

It depends on the M.A degree. Plus, you will need to accrue 3,000 hours after you graduate to get your license. Starting salaries can be somewhere around 30K, particularly for the MSW. Therapy jobs are hard to come by and its often easier to get administrative/case management jobs. M.A. level therapists may max out around 60K or so.

The MD is a long road for sure, but you can do therapy as a psychiatrist if you seek out additional training, although your role will mainly be med management. Salary and job stability is excellent if that is a major concern for you. Medical school may be painful to get through if you are not interested in science courses, but the work will pay off in terms of recognition and salary.

 

[ClinicalPHD5]

I found some salary data. The latest APA salary survey put the median salary for master's level psychologists at 40K.

Your therapist charges 140 per hour. However, does she have 30 people per week that she keeps in consistent weekly therapy who can pay this much? Probably not. Its really hard for therapists to find 25-30 people who can pay this much and come in weekly.

 

[lizzo76]

Interesting. This might sound obnoxious, but I would definitely never pay a non-doctorate therapist $140 an hour for treatment.

Keep in mind some other considerations like the huge amount of money you'll drop for your MD, the relatively-low pay you'll probably have during your residency, and all the opportunity costs (lost wages while in school.) A masters-level therapist (like a clinical social worker) might not be such a terrible way to go. You're young, but you will also likely get married at some point, though perhaps not for a decade or more, and I would certainly never suggest that you should rely on the idea that a spouse will make a lot of money, or that you shouldn't be making a lot of money on your own. But, it's a consideration. I'm recently married (and am 34) and my husband has a great salary so I'm freed up to do what I really want to do. I quit a professional masters-level job to go back to school, and am volunteering and now just looking for an enjoyable part-time job for the next year until I start a program. It can be freeing to not have to worry about making a high salary myself. I'm not suggesting this "quit your job and have your spouse pay for everything" route, and this is temporary for me, but I just mean that when you're in college you tend to think about how YOU alone will make your way in the world and eventually, it tends not to be you alone.

If prestige is an issue, you might prefer a doctorate or MD, though. These are just all VERY different endeavors with very different requirements. But don't think that a PhD or MD is always the path to riches, either.

Two things - there is no masters-level "psychologist" as another poster put it, and also, if you want to go the masters route, you would probably be better off finding an MSW program with a good clinical focus. If you want a doctorate which is practice-oriented rather than research- and teaching-oriented, look at a Psy.D, although that degree tends to be less "prestigious" than a PhD. The research aspect is really the biggest difference between the two degree programs. (Psy.D programs are also generally much easier to get into than clinical psychology PhD programs.)

 

[G Costanza]

Two things - there is no masters-level "psychologist" as another poster put it, and also, if you want to go the masters route, you would probably be better off finding an MSW program with a good clinical focus. If you want a doctorate which is practice-oriented rather than research- and teaching-oriented, look at a Psy.D, although that degree tends to be less "prestigious" than a PhD. The research aspect is really the biggest difference between the two degree programs. (Psy.D programs are also generally much easier to get into than clinical psychology PhD programs.)

There are masters level psychology degrees. Many states don't offer licensure for it but some do with the title of "psychologist". The license is usually referred to as a "limited licensed psychologist". APA does not recognize masters level psychologists but there are currently some things in the works to make that happen.

Another option would be to consider a PhD in counseling psychology. There is usually a nice balance of the scientist practioner model. You would likely be practicing through most of your degree while doing research, assessment, and a variety of other things. There is typically more of a focus on multiculturalism if that is something that is important to you.

 

[Buzzwordsoldier]

I am debating between being a master's level therapist and an M.D. I really LOVE psychology a million times better than anything "science-y" and feel like I could be a great therapist. Honestly, I think I would be happier as a therapist than an M.D. However, the finances are a realistic concern. From my understanding, master's level therapists are salaried in the 40-50 thousand level, generally, give or take a bit? Honestly, that is a huge drawback for me, especially if I can help other people in other ways.

My question is: What is the general earning potential for therapists with their own private practice? My current therapist (LPC) charges $140 cash-only-- I would assume she is doing well with that? If I would be a therapist, I definitely would want to do a private practice.

I was originally thinking of becoming a clinical psychologist (Psy.D or Ph.D), but I know that the admissions are TOUGH for that and I have a lot more credentials for the pre-med track. My GPA is currently a 3.67 as a biology major with a well-rounded, interesting EC list of things I really do passionately enjoy. I am on the path where medical school can be a real option. However, if I went the psych route, I'd have to switch my major (from my understanding) and get involved in a lot of psychology research. I also know that doctorates are research-intensive and geared towards assessments and teaching, etc. I am pretty sure that if I mainly want to do therapy, that a masters level is more realistic. However, the salary cut is a deterrent. I know that you should do what makes you the happiest, and I feel like I would definitely be a lot happier as a therapist or psychologist than a doctor, yet I do worry about the financial aspects.

Any advice? Insight?
Thank you so much!

I've yet to meet any MA/MS level practitioners earning a living in private practice alone. Not saying it isn't being done. Could be I travel in a different class. But I've met lots of MDs (and not just in medical appointments) who seem to be making a living in private practice...

I worked with a team of master's level therapists in a health system paying about $25 an hour (plus fairly generous benefits). That was pretty much top dollar in that region, and this was within the last five years. Some on the team were licensed, some weren't. Those that were licensed invariably saw patients on their own time.

 

[lizzo76]

There are masters level psychology degrees. Many states don't offer licensure for it but some do with the title of "psychologist". The license is usually referred to as a "limited licensed psychologist". APA does not recognize masters level psychologists but there are currently some things in the works to make that happen.

Thanks for the clarification - I do know that there are masters level psychology degrees, but have always been in line with the APA on not calling anyone with anything below a doctorate a "psychologist." I knew that some states offered licensure at the masters level, but did not know that it allowed use of the title "psychologist."

 

[lizzo76]

I've yet to meet any MA/MS level practitioners earning a living in private practice alone. Not saying it isn't being done. Could be I travel in a different class. But I've met lots of MDs (and not just in medical appointments) who seem to be making a living in private practice...

I worked with a team of master's level therapists in a health system paying about $25 an hour (plus fairly generous benefits). That was pretty much top dollar in that region, and this was within the last five years. Some on the team were licensed, some weren't. Those that were licensed invariably saw patients on their own time.

This is why I suggested a MSW program with strong clinical focus. I "know" of someone (friend of friend's husband, friend's husband and his friend are both licensed clinical social workers) who is in private practice and charges a bundle (above $100/hr supposedly in the Boston area.) I'm sure that's not very common, and like I said, I wouldn't pay that much for a social worker, but supposedly this does occur. There was some talk of my friend's husband joining the practice once he got licensed, though this has not happened. (Now even 4 years out he has not broken $40K in a very expensive area.) Fortunately they do alright because the wife makes a decent salary. (She makes > $25K more than he does as an executive assistant!)

 

[Therapist4Chnge]

Thanks for the clarification - I do know that there are masters level psychology degrees, but have always been in line with the APA on not calling anyone with anything below a doctorate a "psychologist." I knew that some states offered licensure at the masters level, but did not know that it allowed use of the title "psychologist."

Unfortunately some states are lacking uniformity in regard to the title. I personally find it misleading to use the title of psychologist and not be trained at the doctoral level.

 

[BSWdavid]

I know of many masters levels clinicians doing well in private practice. It does take time to build your business, like any other, but it is most certainly doable. Many beginners in private practice work part-time to supplement their income while they are building a solid caseload and referral network for their private practice. Once that is complete, they slowly transition into full-time pp work.

Salary is HIGHLY dependent on the region and city you work in and how many clients you see per week.