People considering a job or career in psychology often ask “How much money do psychologists make?” – and rightfully so! It’s important to know salary earnings before embarking on any career.
Here's a brief description of the difference between psychiatrists and psychologists, plus information on salary and wages.
The Difference Between Psychiatrists and Psychologists
Psychiatrists are medical doctors (physicians) who also have a graduate degree. Psychologists have either a Ph.D., Ed.D., or a Psy.D. (no medical degree or M.D.). In the United States and Canada, psychologists cannot prescribe psychotropic medications such as antidepressants or anti-anxiety drugs (unless the psychologist works in Louisiana or New Mexico, or works for the military). Psychiatrists can prescribe medications.
Both psychiatrists and psychologists practice psychotherapy, but psychiatrists don’t typically focus on patient therapy or counseling. Psychologists are mainly focused on therapy.
How Much Money Do Psychologists Make?
According to the Occupational Outlook Handbook, the median annual earnings of wage and salary for clinical, counseling, and school psychologists is $59,440. This is an average salary; the lowest-earning psychologists make less than $35,000 per year and the highest paid psychologists earn more than $102,000 per year.
Factors that affect salary earnings include:
- The psychologist’s employer. Psychologists at non-profit organizations or clinics typically earn less than psychologists in private practice or in government positions (depending on the situation).
- The psychologist’s location. As with any job or career, psychologists who work in wealthier, more popular cities (eg, New York City, Los Angeles, Toronto, Vancouver) often earn more money than those who work in less popular cities (eg, Maize, Chilton, Melfort).
- The psychologist’s job skills. Again, as with any job or career, individual skill, effort, and experience can affect salary earnings. Very good psychologists typically earn very good wages; less skilled or less effective psychologists earn less money. For information on what a “good" psychologist is, read The Top 10 Qualities of Good Psychologists.
- The type of psychologist. There are different types of jobs in psychology: forensic psychologists, clinical psychologists, counseling psychologists, etc. For instance, according to the Occupational Outlook Handbook, industrial-organizational psychologists make more money than counseling psychologists in outpatient care facilities.
When choosing a psychology career, it’s important to balance one’s natural inclinations (like a fascination with abnormal behavior or psychological research, for example) with salary goals. Learning in advance — before undergraduate and graduate degrees are earned — what types of jobs exist for psychologists and the possible salary income is a wise way to start a psychology career!
Related Articles on Psychology Careers
If you’re interested in a career in psychology, read Jobs for Psychology Graduates.
And, How to Become a Psychologist describes the steps to getting undergraduate and graduate degrees in psychology.
Laurie Pawlik-Kienlen - Laurie Pawlik-Kienlen is a full-time writer and blogger in Vancouver, BC, and the creator of the Quips and Tips blog series.
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