How much money can you earn with MA in psychology?

Answer 1

Careers with Masters in Psychology are diverse and pay great salaries. As for salaries, if you take up psychology then your expected income will be in line with other medical professions. And it's pretty much promising. However, the pay scale of psychologists largely depends on degree level and work experience. Depending on the degree one possesses, job opportunities may be wide or limited. Naturally, graduates with Masters in psychology have a wider range of choice than those holding a Bachelors degree. The higher degree level you get the more prospects opens for you.

These days students with Masters in Psychology can have splendid job opportunities. Students with Masters in psychology indulge themselves in the area of school and industrial-organizational psychology. Masters Degree holders specializing in school psychology tend to have better job prospects though. It can be explained by the fact that schools expand student counseling services and improve health care annually.

Masters Degree holders with several years of industrial experience can be involved into research. They may become a successful marketers or business consultants. Other than that, they may find jobs as assistants and work in the field of mental care. In this case, their practice is commonly under control of a licensed psychologist. The rest careers for Masters in psychology are involved in research. The work settings for graduates involved in research are quite different from educational institutions, government to private companies. Basically, students with Masters in psychology can find themselves working in both public and private sector.

Large number of professions is based on psychology. No wonder professionals in this field are ever-demanding on the job market. Careers with Masters in psychology can be absolutely different. Graduates with Masters in psychology tend to earn more than Bachelors degree holders. When it comes to work settings, they are truly diverse! Psychologists holding Masters in psychology can practice in hospitals, clinics, schools, or private institutions.

Since the field of psychology is broad and diverse, it opens up excellent job opportunities for those with degree in psychology. Whether you hold under-graduate or graduate degree in psychology there are multitude of jobs out there. Psychology is a flexible field, so you can employ your knowledge in many relevant disciplines. According to various statistical sources psychologists don't have trouble finding a job. In order to present a clear picture of psychology graduate salary expectations here is a quick research based on data from U.S. Bureau of Labor and Statistics. It may come in handy to figure out salary that you can expect to get.

Salary overview on the national level shows that annual salary of psychologists is $84.220, as of May 2009. The mean hourly rate is $40.49 accordingly. This statistical data was revealed by the U.S. Bureau of Labor and Statistics. In fact, the more advanced degree you hold the higher salary you may expect. The lowest 10 percent earns less than $41,070 whereas the highest 10 percent makes more than $117,470 a year. As it was previously mentioned, psychology graduate salary greatly depends on the education level and experience. Graduate degree holders have wider spectrum of job opportunities and their pay is way higher as opposed to those with under-grad degrees. However, if you're just starting out your earnings will be below your salary expectation regardless the degree you have.

As you have noticed, experience matters when it comes to salaries. You first job may not pay the highest salary but may give you a valuable experience. Entry-level jobs are multiple. Students with high academic degrees could start from $25,500. Masters degree holders with 1 year of experience in a relevant field can anticipate $31,200 a year. Psychologists graduate salary expectations for those with Ph.D. or Psy.D. and 1 year of internship is $37,800 on average. And, psychology graduates with the same qualification and some experience could start at $45,200.

U.S. Bureau of Labor and Statistics lists the industries with the highest levels of employment in psychology. With the reference to this source the highest psychology graduate salary was registered in physicians' offices and it amounts about $109,550. The lowest on the scale is in the industry of education, namely colleges, universities, and other schools. The top 5 paying industries in psychology according to U.S. Bureau of Labor and Statistics are:

1.Offices of Physicians - $109,550

2.Educational Support Services - $91,980

3.Scientific Research and Development Services - $91,260

4.Individual and Family Services - $90,690

5.General Medical and Surgical Hospitals - $89,450

Psychology graduate salary expectations may also vary according to the state you plan practicing in. U.S. Bureau of Labor and Statistics located the highest salary figure of $101,100 in the state of Arizona. Next goes New Hampshire with an average salary of $97,290. California ($96,050 ) and District of Columbia ($96,040) follow in the list.