PhD/PsyD Which career in in psychology will make me the most money?

[Marnico]

I am interested in a career in psychology but am worried because it's not exactly the highest paying field in the world ... and while I intend to go on to graduate school, I want to have a better idea of the best path to follow that will secure me a financially stable job (If possible, a six figure salary would be nice. Not sure how realistic this is but I live in a fairly large city and life here is quite expensive...)

The two things I am leaning towards right now are: clinical psychologist (Ph.D, hopefully), or I/O psychologist. Here's where things start to confuse me ..

I have read many articles stating that I/O psychology is one of the highest paying fields, yet I can't find many job openings in my area (I live in LA btw), and when I do find some, the salary is not at all as high as it is made out to be, maybe $50,000-$70,000 at most

On the other hand, articles say clinical psychology is not very stable as it can range anywhere from 60,000-130,000 with a Ph.D, though I have found way more offers of this job compared to I/O psych even though I/O claims to be more popular ? I figure the only way to make it to the six figures in clinical psych is private practice though I'd have no idea where to start if I went that route

Please give me some advice on which actually has the potential to make more? I don't know if I'm just looking at the wrong sites but it's only making me more nervous.

Thanks!


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[Marnico]

Please help.. I'm kind of stuck.

I'm a freshman in college right now majoring in psych because I'm interested in it and know I want to go to graduate school for research/clinical work. Now I know just a bachelor's in psych is looked down upon, but it truly suits me the best. As much as I would love to major in something I can be done with in 4 years and make a lot of money with, like physics or engineering, I'm just not cut out for it. I completely suck at math and hard sciences and therefore am waging everything on getting into grad school to become a Ph.D Psychologist

What I'm worried about is I have seen starting salaries (even with a doctorate in psych) range anywhere from $50,000 to $130,000....
That being said, am I doomed even if I get a doctorate? What are my chances of making a good living if I happen not to get into grad school? Should I suck it up and change my degree to something more in demand even if I have a greater chance of failing in that subject? If it matters at all, I live in a big city (LA to be exact)

In all honesty, I love psychology. But if it's not going to benefit me financially even with so many years of grad school, I don't know if it is worth pursing.. so please give me some advice, anything helps

Thank you!


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[Justanothergrad]

You sound like your primary goal is money and not interest in a specific topic, type of career, etc. Given that, I'd suggest not psychology because if you are unsuccessful in obtaining graduate career then you are not going to be highly competitive for good paying careers. Specific interest in an explicit area is one major factor predicting grad school competitiveness. Career ranges vary in psych for a variety of reasons, including region worked in, domain of expertise, work ethic. I couldn't tell you what you'll make because I dont know what you're looking for as a career, where you want to be, or anything else.

Very few careers are going to start you at 100k. Many more than that will end you there. I'm not sure when you're expecting to pulling 6 figures in your professional career or what that means to you for what you need in your life materially (e.g., 6 figures in NYC means a lot less than 6 figures in other areas)

 

[Justanothergrad]

You dont need two threads for the same topic.

 

[Marnico]

You sound like your primary goal is money and not interest in a specific topic, type of career, etc. Given that, I'd suggest not psychology because if you are unsuccessful in obtaining graduate career then you are not going to be highly competitive for good paying careers. Specific interest in an explicit area is one major factor predicting grad school competitiveness. Career ranges vary in psych for a variety of reasons, including region worked in, domain of expertise, work ethic. I couldn't tell you what you'll make because I dont know what you're looking for as a career, where you want to be, or anything else.

Very few careers are going to start you at 100k. Many more than that will end you there. I'm not sure when you're expecting to pulling 6 figures in your professional career or what that means to you for what you need in your life materially (e.g., 6 figures in NYC means a lot less than 6 figures in other areas)

It's a really important factor to me because I live in a highly expensive area but am not too keen on moving far away. I am interested in a job where I can help others, whether that means managing teamwork in business or providing mental health consultations and the like. I understand it's unlikely to have a starting salary of six figures, what I meant was something stable enough where I can have that earning potential. Hope that clarifies some things


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[Marnico]

You dont need two threads for the same topic.

Well, one was mainly about which particular career to choose, while this one focuses on the aspects of just clinical psychology. They seemed different enough to me but I apologize if they aren't


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[LadyHalcyon]

It's a really important factor to me because I live in a highly expensive area but am not too keen on moving far away. I am interested in a job where I can help others, whether that means managing teamwork in business or providing mental health consultations and the like. I understand it's unlikely to have a starting salary of six figures, what I meant was something stable enough where I can have that earning potential. Hope that clarifies some things


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My friend recently turned down an offer in the bay area for a correctional psychologist. Pay was like 120k or something like that. Specialty areas like forensic, health etc make more. Private practice has the ability to make a lot BUT you would also need to be somewhat business savvy. Rich people in New York will pay 200 a session. Psychoeducational evaluation for the kids of rich parents can also bring home a nice chunk of change. Working for a hospital or a VA can put you into the 6 figures, if not initially then eventually. Conversely, if you take a job at your local CMHC or get a crap independent contractor position you could end up working extremely hard for maybe 60k per year.

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[Marnico]

My friend recently turned down an offer in the bay area for a correctional psychologist. Pay was like 120k or something like that. Specialty areas like forensic, health etc make more. Private practice has the ability to make a lot BUT you would also need to be somewhat business savvy. Rich people in New York will pay 200 a session. Psychoeducational evaluation for the kids of rich parents can also bring home a nice chunk of change. Working for a hospital or a VA can put you into the 6 figures, if not initially then eventually. Conversely, if you take a job at your local CMHC or get a crap independent contractor position you could end up working extremely hard for maybe 60k per year.

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Thanks so much!


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[Temperance]

It's a really important factor to me because I live in a highly expensive area but am not too keen on moving far away. I am interested in a job where I can help others, whether that means managing teamwork in business or providing mental health consultations and the like. I understand it's unlikely to have a starting salary of six figures, what I meant was something stable enough where I can have that earning potential. Hope that clarifies some things

To be blunt, psychology is not a field to enter for money.

That said, wanting to stay in Los Angeles brings some difficulties if you're still keen on clinical psychology. It is highly saturated in terms of number of mental health professionals, so you will be hustling a lot for a limited number of clients who are able to pay your full hourly fee and competing with many more psychologists who have more experience and business savvy than you when you start. The other part is that, while there are many graduate programs in clinical psychology in Los Angeles, all except two are extremely expensive. You'd be paying $200,000 to $300,000 for a degree that will net you a quarter of that amount annually when you start. The general rule is to not accrue more debt in total than what you expect to earn in your first year. I can get into more nuances about getting that high of a student loan, but there's another point I wanted to make.

The two doctoral programs that I can remember off-hand that are fully funded (i.e., pays your tuition and pays you to attend) in Los Angeles are UCLA and USC, and both are among the most competitive programs in the field with 300+ applications for less than 10 openings each. I can't speak for USC, as I'm not as familiar with their program; however, UCLA strongly favors hard sciences, as it's a research-intensive program whose mission is to create clinical scientists, so you'd still need proficiency in math and science anyway.

 

[Marnico]

To be blunt, psychology is not a field to enter for money.

That said, wanting to stay in Los Angeles brings some difficulties if you're still keen on clinical psychology. It is highly saturated in terms of number of mental health professionals, so you will be hustling a lot for a limited number of clients who are able to pay your full hourly fee and competing with many more psychologists who have more experience and business savvy than you when you start. The other part is that, while there are many graduate programs in clinical psychology in Los Angeles, all except two are extremely expensive. You'd be paying $200,000 to $300,000 for a degree that will net you a quarter of that amount annually when you start. The general rule is to not accrue more debt in total than what you expect to earn in your first year. I can get into more nuances about getting that high of a student loan, but there's another point I wanted to make.

The two doctoral programs that I can remember off-hand that are fully funded (i.e., pays your tuition and pays you to attend) in Los Angeles are UCLA and USC, and both are among the most competitive programs in the field with 300+ applications for less than 10 openings each. I can't speak for USC, as I'm not as familiar with their program; however, UCLA strongly favors hard sciences, as it's a research-intensive program whose mission is to create clinical scientists, so you'd still need proficiency in math and science anyway.

I guess I have a lot to consider then. That was very helpful, thank you for responding


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[LadyHalcyon]

Please help.. I'm kind of stuck.

I'm a freshman in college right now majoring in psych because I'm interested in it and know I want to go to graduate school for research/clinical work. Now I know just a bachelor's in psych is looked down upon, but it truly suits me the best. As much as I would love to major in something I can be done with in 4 years and make a lot of money with, like physics or engineering, I'm just not cut out for it. I completely suck at math and hard sciences and therefore am waging everything on getting into grad school to become a Ph.D Psychologist

What I'm worried about is I have seen starting salaries (even with a doctorate in psych) range anywhere from $50,000 to $130,000....
That being said, am I doomed even if I get a doctorate? What are my chances of making a good living if I happen not to get into grad school? Should I suck it up and change my degree to something more in demand even if I have a greater chance of failing in that subject? If it matters at all, I live in a big city (LA to be exact)

In all honesty, I love psychology. But if it's not going to benefit me financially even with so many years of grad school, I don't know if it is worth pursing.. so please give me some advice, anything helps

Thank you!


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Doomed? That's quite a strong word! I suggest you increase your cognitive flexibility and stop catashtrophizing

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[PsyDuck90]

Also, if you want to make sure you are competitive for good doctoral programs (even outside of the LA area) you need to start getting involved in research ASAP so that you are a strong applicant when it comes time for grad school applications. Psychology is a social science, but the word "science" is still in there for a reason.

 

[deleted343839]

I'm a freshman in college right now majoring in psych because I'm interested in it and know I want to go to graduate school for research/clinical work. Now I know just a bachelor's in psych is looked down upon, but it truly suits me the best. As much as I would love to major in something I can be done with in 4 years and make a lot of money with, like physics or engineering, I'm just not cut out for it. I completely suck at math and hard sciences and therefore am waging everything on getting into grad school to become a Ph.D Psychologist

Don't say "I complete suck at..." because that's a cop-out. It's fine if you are not motivated to do the work, but raw aptitude only gets you so far in any field, including psychology. It is totally normal in the course of a doctoral program to have multiple periods of crushing self-doubt and even desires to quit your program. You need to have the desire and the willingness to work through a certain amount of psychological discomfort to make it in this or any profession.

Given this and your other thread (and I agree only one post was necessary), I would agree with what others have said: don't go into this field for the money. Fortunately, you are early in your education and have plenty to time to make up your mind. College is an opportunity to try out interesting and difficult things with fairly minimal consequences. Don't feel the need to commit to anything right away.

 

[Marnico]

Also, if you want to make sure you are competitive for good doctoral programs (even outside of the LA area) you need to start getting involved in research ASAP so that you are a strong applicant when it comes time for grad school applications. Psychology is a social science, but the word "science" is still in there for a reason.

Thanks!


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[Marnico]

Don't say "I complete suck at..." because that's a cop-out. It's fine if you are not motivated to do the work, but raw aptitude only gets you so far in any field, including psychology. It is totally normal in the course of a doctoral program to have multiple periods of crushing self-doubt and even desires to quit your program. You need to have the desire and the willingness to work through a certain amount of psychological discomfort to make it in this or any profession.

Given this and your other thread (and I agree only one post was necessary), I would agree with what others have said: don't go into this field for the money. Fortunately, you are early in your education and have plenty to time to make up your mind. College is an opportunity to try out interesting and difficult things with fairly minimal consequences. Don't feel the need to commit to anything right away.

Thank you for your input!


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[Sanman]

In my opinion, clinical psychology does not necessarily mesh well with your other goals. If you definitely want to stay in LA, that may mean sometimes choosing between the job you want and the place you want to live. Additionally, you need math and hard science skills in a PhD program.

Do you want to be a psychologist or use psychology skills? Two different goals.

 

[AcronymAllergy]

Mod Note: The two threads have been merged given the similarity in topics.

 

[NeuroTrope]

I live in Los Angeles. It's quite competitive even if you attended USC/UCLA as a graduate student or attended one of the competitive internship/post doc spots available (UCLA Semel, CHLA come to mind). If you have the proper credentials you can network with the right folks and a few people make very good money out here. However, it is a long and difficult road that requires a combination of clinical skill, luck, and strong interpersonal abilities (think: networking like a champ). It isn't for everyone and I wouldn't recommend going into psychology if your goal is to make a lot of money in a major city.

 

[temppsych123]

PhD programs in psychology (especially clinical psychology, but also IO and related fields) are extremely competitive. Typically students are expected to have significant research experience before entering aprogram, which can mean working as a research assistant for a year or two after undergrad. Then, because it's so competitive, the odds of getting into a program in the area you already live is slim - you may only get into programs that require you to move out of that area, or if you only apply in that geographic region, to apply over multiple years. Then, for clinical psychology, you also have to do a one-year clinical internship before you graduate, which functions on a "match" system like med school residency - again, no guarantee (or even high likelihood) of staying in the same region for that year. Then, depending on the state, you may be required to spend 1-2 years doing clinical work at a lower salary as a postdoctoral trainee before you can get licensed as a psychologist. Even for IO, which doesn't have the clinical requirements, you're looking at a 4-6 year graduate program before you go out and try to get jobs, and you won't start anywhere near 100k.

Taken together, I think the amount of time required to get a PhD in either of these subjects, if your main goals are to stay in the same region you currently live and to make enough money to support yourself there, is not a good investment. I would recommend you talk to staff at your undergrad institution's career development office (there's usually some kind of office that supports students looking into different careers), make an appointment, and talk to them about what your skills and goals are, and what might be good options for you moving forward.

Good luck, OP!

 

[Marnico]

I live in Los Angeles. It's quite competitive even if you attended USC/UCLA as a graduate student or attended one of the competitive internship/post doc spots available (UCLA Semel, CHLA come to mind). If you have the proper credentials you can network with the right folks and a few people make very good money out here. However, it is a long and difficult road that requires a combination of clinical skill, luck, and strong interpersonal abilities (think: networking like a champ). It isn't for everyone and I wouldn't recommend going into psychology if your goal is to make a lot of money in a major city.

Thank you!


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[Marnico]

PhD programs in psychology (especially clinical psychology, but also IO and related fields) are extremely competitive. Typically students are expected to have significant research experience before entering aprogram, which can mean working as a research assistant for a year or two after undergrad. Then, because it's so competitive, the odds of getting into a program in the area you already live is slim - you may only get into programs that require you to move out of that area, or if you only apply in that geographic region, to apply over multiple years. Then, for clinical psychology, you also have to do a one-year clinical internship before you graduate, which functions on a "match" system like med school residency - again, no guarantee (or even high likelihood) of staying in the same region for that year. Then, depending on the state, you may be required to spend 1-2 years doing clinical work at a lower salary as a postdoctoral trainee before you can get licensed as a psychologist. Even for IO, which doesn't have the clinical requirements, you're looking at a 4-6 year graduate program before you go out and try to get jobs, and you won't start anywhere near 100k.

Taken together, I think the amount of time required to get a PhD in either of these subjects, if your main goals are to stay in the same region you currently live and to make enough money to support yourself there, is not a good investment. I would recommend you talk to staff at your undergrad institution's career development office (there's usually some kind of office that supports students looking into different careers), make an appointment, and talk to them about what your skills and goals are, and what might be good options for you moving forward.

Good luck, OP!

Thanks so much!


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[trunks_3]

Didn't flip through all the replies, but I'm sure other people have given you a good picture of what you can get out of psychology, in particularly research-oriented career.
Short answer: no, you probably not going to get a 100k job before your 30's or older by any sorts of pure-psychology path, either it's clinical, PsycD, I/O, or anything. Logic is simple, 1st this industry is not high-paying by its nature, 2nd income rises along with experience, so it's not likely to start with high pay.
My background: exact same anxiety like you are having right now when I was in undergrad 2010-2014 --- love psychology, majoring in psych but really need high pay. Except my scenario was even worse, I was an international student (from Asia). (I was in a top 50 undergrad program, but the clinical PhD program is well known, ranked top 5)
My story: dedicated to apply clinical PhD in undergrad, doing lots of research, honor's program in undergrad-->not hoping for direct to clinical PhD so applied for 1 year master instead, then apply for PhD-->realized what I need is a real job rather than more research/PhD-->worked for a market research company for 1 year-->got an offer from top-notch management consulting firms (Mckinsey, Bain, BCG) worked for 2 years-->joined a high growing startup, now earning 100k+ USD (not in US though, but comparable to making 180-200k in NYC)

It may sounds easy, but it's really a long journey and I met lots of difficulties and hard choices. If I were, you would prepare early, and luckily you are in your freshman year, so you have time think everything through.

Advice to you: 1. undergrad degree is very important, if you are in Ivy league then you have a higher chance of getting good starting salary no matter what major you study, but if not, then you definitely need to work hard (high GPA, great internship, etc.); 2. Not many industries offer you 100k starting pay even in NYC, Bay area...a few of them including software engineer, finance (not all of them, you are looking at Investment Banking, trader, Private Equity, etc.), but you see psychology major can't fit those jobs. So do think about double major, psychology+Econ, psychology+business could both be good choice. Also, market research (not high pay), marketing (e.g. brand manager in P&G), management consulting (very competitive) could be psychology related job choices.

In on word: no matter what you do, getting 100k wont be easy. It requires you work very very very hard. There's no way to just staying in comfort zone and get well rewarded.
(Of course even in psychology you can get high pay, I know a clinical PhD student from my undergrad school starting his career in a well-known medical institute/hospital. But of course he has a very beautiful resume.)

 

[WisNeuro]

In on word: no matter what you do, getting 100k wont be easy. It requires you work very very very hard. There's no way to just staying in comfort zone and get well rewarded.

I don't know, I make over 100k for about 35 hours of work

 

[foreverbull]

I wouldn’t suggest choosing psychology if you’re hoping to make a lot of money and have difficulty with math and science. This isn’t a field you can just get into because you might think other fields are harder. Graduate school is competitive, particularly doctoral programs in psychology, which have average acceptance rates of 11-12% in the clinical/counseling tracks. This field isn’t any easier to get into unless you are only interested in a master’s degree in counseling or marriage and family therapy, in which case it would be easier to get into that pathway. However, it will be much harder to make 6 figures with a master’s degree.

If your math and science scores can improve and you’re interested in how humans interact with technology, you might consider Human Factors psychology, but you’ll need to network extensively and get research experience, etc. I know someone who had web experience, went into a human factors program, and now works for Google, but this person had a lot of relevant experience and got into a competitive program that accepted just a few folks per year. It’s an option, but you have to really want it and start working toward it right away.

This isn’t just a casual choice to make, and definitely not one to make because psychology “seems” easier; that is a misconception. My psychology graduate program had 4 statistics classes alone plus multiple research design-related courses, so you have to get really comfortable with math, science, and conducting research. If that is an obstacle you can’t overcome, you might need to rethink your career trajectory.

 

[Sanman]

Some advice that is worth exactly what you paid for it. No one here or anywhere else is going to tell you how to be successful in life for free. You take risks and figure it out or you can pay me is 10 installments of $99.95 for the introductory seminar, that leads to the small group classes, that leads to the private lessons, that leads to the secret (Hint: The path the wealth starts with receiving payments of $99.95 from many people).

Seriously though, there are free salary surveys from the APA to give you an idea about salary. Beyond that, there are many anecdotes that may/may not apply to your life. If you are used to a certain lifestyle and want to stay in a certain area, that is fine. However, this field does not always lend itself to a straight forward six figure income like medicine. Few fields do promise that and you better be talented if you want that money young. Volunteer places, get some experiences in different fields, and hold of on applying to grad school if you are not sure. Figure out what you have a talent for and how to monetize it. No one here can promise life will work out.

 

[Sanman]

I don't know, I make over 100k for about 35 hours of work

And I bet it was a breeze to get there. Which online program did you graduate from again (while keeping that full-time job at Starbucks and never leaving your home town)?

 

[Therapist4Chnge]

Finance, starting your own business, and bring a Pirate are all far more lucrative career options than being a psychologist. The best and brightest seem to be going into finance (hedge funds, etc) and/or start-up companies instead of medicine, psych, and related sciences. I’d definitely consider psychology and certain sub-specialties in medicine to be much more lifestyle friendly than lucrative.

 

[msc545]

I am interested in a career in psychology but am worried because it's not exactly the highest paying field in the world ... and while I intend to go on to graduate school, I want to have a better idea of the best path to follow that will secure me a financially stable job (If possible, a six figure salary would be nice. Not sure how realistic this is but I live in a fairly large city and life here is quite expensive...)

The two things I am leaning towards right now are: clinical psychologist (Ph.D, hopefully), or I/O psychologist. Here's where things start to confuse me ..

I have read many articles stating that I/O psychology is one of the highest paying fields, yet I can't find many job openings in my area (I live in LA btw), and when I do find some, the salary is not at all as high as it is made out to be, maybe $50,000-$70,000 at most

On the other hand, articles say clinical psychology is not very stable as it can range anywhere from 60,000-130,000 with a Ph.D, though I have found way more offers of this job compared to I/O psych even though I/O claims to be more popular ? I figure the only way to make it to the six figures in clinical psych is private practice though I'd have no idea where to start if I went that route

Please give me some advice on which actually has the potential to make more? I don't know if I'm just looking at the wrong sites but it's only making me more nervous.

Thanks!


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So I believe you said you live in LA, and of course that means California. First of all, if you are not good at math and science, you may have trouble in grad school since those skills are needed. Consider tutoring in statistics and research design. Second, be absolutely certain that the program you attend is APA approved. Third, be absolutely certain that your residency is APA approved. These last two things are required by many employers, most notably the prisons and the VA, the two major well-paying employers in California.

Without APA approval, you will be relegated to scrabbling for clients and getting mostly Medi-Cal payments, which are very low and a major hassle to actually get, particularly in LA County. Conversely, the prisons are interesting places to work and the pay is decent (75 - 95 / hour). The prisons participate in the loan repayment program as well - after you get your license (if you didn't get it before) they may hire you. The VA is also a great place to work with a very nice culture where you can learn a lot. Again, the pay is decent and they will probably want to eventually hire you after you get your license, and they too can help with loan repayment. NEITHER OF THESE OPTIONS IS OPEN TO YOU without attendance at an APA approved program, and an APA approved residency.

I went to an APA approved program and had an APA approved residency, and have worked in prisons and at the VA. These were both terrific experiences. I presently work as an independent contractor in forensics, and make a lot more than most Psychologists. This is not luck - it is the result of careful planning and a lot of hard work on my part, and a very good education from many wonderful professionals in many different disciplines along the way. Everyone who is experienced in their field, not just Psychologists, has something to teach you that you will benefit from.