Master of Psychology and PsyD graduates enjoy a substantial salary difference, with factors depending on the type of position. One contributing factor to this difference is that PsyD graduates are more heavily involved in clinical work than in research. Being a graduate of a PsyD program is an excellent way to go into positions that require more direct work with patients, including government positions in high demand.
Cost of Education vs. Higher Pay
It is worth noting that the Master of Psychology and PsyD graduates have significantly different salaries in most cases. There is a substantial time and money commitment required to get a PsyD degree, as well as a need for excellent time management skills. These degrees take four to five years to complete on average and also require a year-long unpaid internship. Although students will need to devote more time to the degree overall, many will see the increased pay potential as being worth their efforts and the extra cost of obtaining the degree.
A Higher Pay Grade
Psychologists enjoy a higher pay grade than in many other professions, with the Bureau of Labor Statistics estimating that average pay is $79,000 a year. Master’s of Psychology and PsyD graduates have a broad range of options available to them for jobs, with the job market for psychologists of either degree level growing faster than average. One of the best opportunities for higher earnings among psychologists with a Doctorate is going into private clinical practice, which can bring in returns of over $100,000 a year, especially in busy areas.
When a PsyD is Required
Many people curious about Master’s of Psychology and PsyD degrees are unfamiliar with which types of positions usually require a PsyD, even though such positions are growing in demand. Some of the positions that are most likely to need one of these degrees are engineering psychologists and industrial-organizational psychologists, both of which are in need in the corporate world. The American Psychological Association rates engineering psychology as a field likely to see a lot of growth related to increased technology use in society. The APA also regards industrial-organizational psychology as a quickly-growing field, with increased demand in human resource departments.
Government psychology jobs can be among some of the best-paying in the industry, with the Central Intelligence Agency offering some positions paying over $100,000. One of the advantages that these types of jobs provide is a chance at more significant opportunities for continuous learning. Any government position will provide extra operational and clinical skills that will be beneficial in the long run. A government psychology position also allows professionals to work with patients in all kinds of different circumstances, adding to real-life clinical experiences.
Master’s of Psychology and PsyD graduates have a wealth of positions available to them in multiple industries. Understanding the differences in the education that both degrees offer, as well as how they will benefit graduates once they are in the workforce, is essential for anyone interested in studying psychology.
You may also like: Ranking Top 30 Most Affordable Doctoral Programs in Psychology