What is the income difference for MA vs PsyD?

Discussion in 'Psychology [Psy.D. / Ph.D.]' started by psinghvi, Jan 3, 2009.

  1. psinghvi

    Jan 3, 2009
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    Psychology Student
    I am currently looking into going back to school for psychology. I went to medical school for 1 year, and realized in the end I just wanted to counsel patients and not go through another 5 years of school without the psych concentration.

    I was wondering if anyone might know the difference in salary post-graduation for MA in Clinical Psych vs. PsyD. Obviously one requires a lot more schooling than the other, but I was wondering if in the long run it is financially worth it?

    To be honest, I'm not entirely sure if I can do 4-5 more years of school, either. Medical school really drained me! Anyone's input would be greatly appreciated. :)
  2. Therapist4Chnge

    Therapist4Chnge Neuropsych Ninja Faculty
    Faculty Moderator Emeritus Verified Expert 10+ Year Member

    Oct 6, 2006
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    Apples and Oranges. Different insurance reimbursement rates. Assessment rates for Psych aren't available to MA/MS. Private practice is a toss up (as it is what the market will tolerate). Cost is a consideration...though some MA programs are quite pricey, and funding can be better at a Psy.D.
  3. pingouin

    pingouin just chillin'
    Physician Moderator Emeritus Verified Expert 10+ Year Member

    Apr 2, 2005
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    Fellow [Any Field]
    Agree that there are too many variables to give a real answer. Income for each profession will depend on how much someone works (PT vs FT), setting (private practice vs organization vs consultant), type of work (individual vs group therapy, etc), decision to accept insurance reimbursement or not, geographic location, niche/specialty, and on and on and on...

    That said, I just got an updated fee schedule for one of the managed care panels that I'm still officially on. THESE NUMBERS VARY BY STATE, but for my state, the Doctoral-level/Masters-level reimbursements are as follows for the services indicated:

    • 90801 (Psychiatric diagnosis interview examination): 107.00/86.00
    • 90804 (Individual psychotherapy, insight oriented, behavioral modifying and/or supportive, in and office or outpatient facility, approximatly 20 to 30 minutes face-to-face with the patient): 35.00/30.00
    • 90806 (Individual psychotherapy, insight oriented, behavioral modifying and/or supportive, in and office or outpatient facility, approximatly 45 to 50 minutes face-to-face with the patient): 70.00/60.00
    • 90846 (Family psychotherapy- without the patient present): 70.00/60.00
    • 90847 (Family psychotherapy- conjoint psychotherapy w/patient present): 70.00/60.00
    • 90853 (Group psychotherapy- other than of a multiple-family group): 25.00/20.00
    • 96101 (Psychological testing with interpretation and report, per hour- includes psychodiagnostic assessment of personality, psychopathology, emotionality, intellectual abilities, eg WAIS-R, Rorschach, MMPI): 70.00/n/a

    There are plenty of other CPT codes, but these are the only ones reimbursed for these educational levels in my state by this managed care company. Most of the others involve medication management by a psychiatrist, ECT, and inpatient/day treatment care.
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