stop after MA or go for Ph.D/Psy.D. ???

[books31]

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Hello,
I'm currently in a program for my MA in Psychology. I've always wanted to go for my doctorate. BUT... as time goes by I get discouraged sometimes when I face the amount of debt I will have at the end of this all. I'm having a hard time as it is already with studying and working to pay for bills, living expenses, etc. so thinking of the school debt just gives me a headache. I really want to be a clinical psychologist (or do social psych. but leaning much toward a clinical psychologist).
If I no longer pursued school after my MA would I be able to make a decent living? (My idea of decent is minimum $75k/yr). Anybody out there with a doctorate or MA and can give their opinion please?

 

[erg923]

Hello,
(My idea of decent is minimum $75k/yr).

75K is slightly above the mean for people with a doctorate in clinical...

 

[books31]

in response to your comment... i'm basing this off other posts i've seen. and I'm guessing they are over a decade into their careers with lots of clients. i haven't investigated salary (and not sure of how to with an accurate source). thanks for your input.

 

[jdawgg]

Hello,
I'm currently in a program for my MA in Psychology. I've always wanted to go for my doctorate. BUT... as time goes by I get discouraged sometimes when I face the amount of debt I will have at the end of this all. I'm having a hard time as it is already with studying and working to pay for bills, living expenses, etc. so thinking of the school debt just gives me a headache. I really want to be a clinical psychologist (or do social psych. but leaning much toward a clinical psychologist).
If I no longer pursued school after my MA would I be able to make a decent living? (My idea of decent is minimum $75k/yr). Anybody out there with a doctorate or MA and can give their opinion please?

Why have you always wanted to go for your doctorate? If you're only interested in private practice, going to a PhD or PsyD program makes little financial sense given decreasing reimbursement rates for doctoral practitioners. Making $75k/yr is not an impossible feat with an MA if you have a well-established private practice (you won't make that at an agency), but few people understand what it takes to develop a thriving practice.

 

[books31]

Why have you always wanted to go for your doctorate? If you're only interested in private practice, going to a PhD or PsyD program makes little financial sense given decreasing reimbursement rates for doctoral practitioners. Making $75k/yr is not an impossible feat with an MA if you have a well-established private practice (you won't make that at an agency), but few people understand what it takes to develop a thriving practice.

Why??? Because I don't just like research, I enjoy it whole-heartedly. My undergraduate thesis opened the door to pursue my undying fascination. Not only do i enjoy finding out why and how, everyday I find reason to continue on this road. I also work exceptionally well with people and like working with people. But I don't want to just work with people, I want to help them, and I can do so being a therapist. Passion... knowledge... that's one thing, but thousands and thousands of debt is another story (I don't have any money nor do i have a well-off family, so i completely support myself). For all of us in graduate school in psychology, I think we all know deep down that it's a true inner passion we have for this area... otherwise, we would have went the route to be a billionaire movie star or something like that. So since you said, "few people understand what it takes...." Can you tell me what it does take to develop a thriving practice?

 

[Therapist4Chnge]

Making $75k/yr is not an impossible feat with an MA if you have a well-established private practice (you won't make that at an agency), but few people understand what it takes to develop a thriving practice.

In response to books31:

Few if any programs even offer a course on how to open/manage a practice, so it can be a challenge for a lot of people to develop a successful practice. There are some books and seminars out there, though they vary in usefulness. I've lectured before on the topic, and the vast majority of clinicians have little idea of the business side of the work.

 

[jdawgg]

So since you said, "few people understand what it takes...." Can you tell me what it does take to develop a thriving practice?

Well, you need to understand that operating a private practice is the same as running a small business. Like T4C said, most programs don't have courses on the business side of psychotherapy, though mine does. A stable business plan rests on diversification... some insurance clients, some self-pay, some pertaining directly to your chosen in-demand specialization, some clients with other concerns... a blend of groups, individuals, families, and couples. Giving talks to the community or providing consultation to businesses. Perhaps teaching part time. Networking with folks in the medical field, or attorneys... agencies... other therapists. Marketing is also important at first... etc etc etc