The Average Wage Earnings for a Masters of Psychology Degree
The number of students ending their studies with a master's degree in psychology has increased significantly since the 1960s, according to the American Psychological Association. Master's degree holders work as industrial-organizational psychologists, psychologist assistants, school counselors and other types of counselors. They may be licensed by their state as psychologists as well. In general, the salary of those with master's degrees in psychology is between about $40,000 and over $100,000.
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Counselors
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Many master's degree holders work in counseling. They may work in schools or community counseling agencies, for example. They may work for a licensed psychologist, and, if licensed themselves, may work as consultants or in private practice. The job outlook of counselors is good, according to the Bureau of Labor Statistics. The BLS expects the occupation to grow 18 percent between 2008 and 2018.
Counselor Salaries
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The salary of an educational, guidance, school and vocational counselor as of May 2010 was $55,970, according to the Bureau of Labor Statistics. It ranged between $31,630 and $86,250 per year. Mental health counselors averaged $41,360, and substance abuse and behavioral disorder counselors earned a yearly average of $40,810 as of May 2010, according to the BLS. Their salary ranges were between $24,180 and $63,630 and $24,690 and $60,400 per year, respectively. Marriage counselors earned an average of $47,530. Their salary range was between $23,870 and $72,280.
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Clinical, School and Counseling Psychologists
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Clinical, counseling and school psychologists earned an average of $72,540 per year, according to the BLS as of May 2010. The median salary was $66,810. The salary range was between about $39,010 and $108,670. They diagnose and help patients cope with mental disorders and behavioral, cognitive, and emotional problems. They also identify learning disabilities and may create and implement behavior modification programs. The BLS expects job growth for psychologists to grow about as fast as average for all occupations between 2008 and 2018.
Industrial-Organizational Psychologists
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Industrial-organizational psychologists work with company management to increase worker productivity, retain employees and improve the organization's development from a human resources perspective. They may also be in charge of training, employee and applicant testing and other human resources tasks. Their salary range was between $49,230 and $138,420, as of May 2010, according to the BLS. The average annual salary was $114,040, and the median salary was $87,330 per year.
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References
- American Psychological Assoc.; Careers in Psychology; 2011
- Psych Web: Master's- and Doctoral-Level Careers in Psychology and Related Areas
- BLS; Psychologists; December 2009
- BLS; Counselors; December 2009
- BLS; Educational, Guidance, School, and Vocational Counselors; May 2011
- BLS; Mental Health Counselors; May 2011
Resources
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