Key Takeaways
- Psychology careers can be financially rewarding, with the median salary for psychologists at $94,310 and the highest-paying roles earning over $157,330.
- Factors like location, industry, education, and experience greatly affect salaries in psychology careers.
- Some high-paying psychology jobs—such as those in psychiatry, industrial-organizational psychology, and clinical psychology—require advanced education and training.
The typical psychologist’s salary varies depending on factors like education, experience, and specialty area. However, most psychologists earn somewhere between $60,000 and $120,000 per year, with an average salary of around $90,000.
Entry-level positions and those in lower-paying fields may earn less, while experienced professionals and those in high-demand specialties may earn $150,000 or more. Where you work, the level of training you have, and the type of psychology you practice all play a big part in determining your earning potential.
Verywell / JR Bee
Average Psychologist Salary in the United States
Psychology careers can offer exciting challenges and personal rewards, and they can also be financially rewarding. While psychology can be a high-paying job, you should also recognize that psychology careers, salaries, and yearly earnings can vary greatly.
According to the U.S. Bureau of Labor Statistics, the average median salary for all psychologists was $94,310 as of May 2024. The highest-paying psychologist career salaries were more than $157,330.
While many psychology careers offer higher-than-average yearly salaries, it is important to remember that income depends on factors such as geographic location, industry, educational background, and years of experience.
Below are nine of the highest-paying psychology careers and the educational requirements needed to work in these fields.
Factors That Affect Psychologist Salary Potential
A psychologist’s salary can vary widely depending on a number of factors. While averages can give you a general idea of what people make each year, individual salaries vary based on education, experience, location, work setting, and specialty area.
- Education and training: Higher levels of education generally lead to higher pay. Most licensed psychologists have a doctoral degree, usually a PhD or PsyD. Additional certifications and specialized training can also increase earning potential.
- Experience level: As with other careers, having more experience in the field usually leads to higher pay. Entry-level psychologists usually earn less, while those with many years of experience, established reputations, and advanced skills often earn higher salaries.
- Geographic location: Psychologists working in large cities with a higher cost of living often earn more than those living in rural areas. However, the demand for psychological services in specific locations can also affect pay.
- Work setting: Where a psychologist works also makes a big difference in their earnings. Those in private practice usually earn the most, while those in schools or nonprofits may earn less. People who work for hospitals, private companies, and government agencies may also earn higher salaries.
- Specialty area: This factor often plays the biggest role in determining salary. For example, industrial-organizational psychologists often earn more than counseling psychologists. Specialized skills are often in higher demand and may command higher salaries.
What Psych Career Is Best For You? Take the Quiz
This fast and free psychology careers quiz can help you get a better sense for which kind of psychology career might be the best fit for your personality, career interests, salary needs, and more.
Frequently Asked Questions
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What field of psychology makes the most money?
While specific salaries vary depending on factors including experience and location, psychiatry tends to be the highest-paying psychology-related career.
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Do psychologists make a lot of money?
They can! However, it is important to recognize that individual salaries vary greatly. According to the U.S. Bureau of Labor Statistics, the median salary for psychologists is $92,740 as of May 2023. However, the lowest paid 10% made less than $52,430 per year. Your salary may depend on your specialty, training, experience, area of employment, and geographic location.
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Is psychology a good career?
Psychology can be a good career if it is suited to your interests and goals. The field is expected to experience modest growth in the coming year, and there are always opportunities for growth depending on where your interests lie. The growing need for mental health services and an aging population means that there will be a need for trained psychologists.
