The Average Salary in Psychology
Salaries for psychology professionals vary based on several factors including where a person works and her level of education and experience. The type of job a psychology professional holds and the type of employer she works for also determines salary. Over a quarter of psychologists are self-employed, according to the Bureau of Labor Statistics.
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Job
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There are several types of jobs that people in the field of psychology may work. Those working as psychiatrists have some of the highest salaries with a reported median of $152,600 according to PayScale.com. Those working as child psychiatrists may earn more than that with a median income of $162,700 as of May 2010. Clinical psychologists have a median salary of $65,400, industrial organizational psychologists have a median salary of $64,800, and psychotherapists have a median salary of $48,000.
Experience
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Generally, the more experience someone in the field of psychology has, the higher the salary. Accordingly, those with 20 plus years have some of the highest salaries with a reported median of $96,200 as of May 2010. Those with 10 to 19 years of experience have a median salary of $88,700 while those with five to nine years of experience have a median salary of $72,700. The least experienced professionals in psychology, those with less than one year of experience, have a median salary of $48,300 according to PayScale.
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Education
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Depending on which job you aim for, you have several degree choices. Those with a Doctor of Medicine (MD) have some of the highest salaries with a reported median of $161,300. Those with a Ph.D in psychology report a median salary of $70,900 while those with Bachelor of Arts (BA/AB) in psychology have a median salary of $50,800 according to PayScale. As of May 2010, psychology professionals with a Master of Social Work (MSW) have a median salary of $49,800.
Employer Type
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Psychology professionals have the opportunity to work for a variety of employer types. Those working for teams have a median salary of $100,000. Those working for the federal government have a median salary of $92,300 while those working for state and local governments have a reported median of $74,000 according to PayScale. As of May 2010, psychology professionals working school districts and franchises have some of the lowest salaries with respective medians of $55,200 and $40,000. Self-employed ones have a median salary of $84,300.
Location
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Where a psychology professional works also plays a role in his salary potential. Those working in San Francisco have some of the highest salaries with a median of $89,200 as of May 2010. Those working in New York City report a median salary of $78,400 while those in Atlanta report a median of $72,400. Chicago-based psychology professionals have a median salary of $61,500 and Philadelphia-based ones have a median of $64,100 according to PayScale.
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