Updated on September 06, 2022
Verywell / JR Bee Psychology can be a high-paying job, but it is important to recognize that there is tremendous diversity among psychology professions, and salaries and yearly earnings are just as varied. In a struggling economy, many students have turned their interest toward some of the highest-paying careers in psychology. The highest paying psychologist career salaries average around $167,000. While many psychology careers have a
higher than average yearly salary, it is important to remember that actual income depends upon various factors, including geographic location, employment sector, educational background, and years of experience. Learn more about some of the highest-paying psychology careers, the typical salaries for such professions, and the educational requirements for entering these fields. 1
Average Salary: $216,090 per year Educational Requirements: Considered a medical career, psychiatry is significantly tied to the study and
application of psychology. Approximately eight years of post-undergraduate study. After earning a bachelor's degree, aspiring psychiatrists must graduate from medical school and then complete a four-year residency. Psychiatry is one of the highest-paying fields tied to psychology. However, salaries can vary considerably within this field depending upon your
specialty area, where you are employed, and the type of work you perform. 2 Average
Salary: $105,310 Educational Requirements: In most cases, a master's degree in psychology is the minimum training required, although having a doctorate degree may be to your advantage. While there are opportunities available at the
master's degree level, earning a doctorate degree in industrial-organizational psychology offers greater opportunities and higher salaries.
Industrial-organizational psychologists use their knowledge of psychology to tackle workplace issues. Increasing worker productivity, selecting the best employees for particular jobs, and developing market research surveys are just a few things that an
industrial-organizational psychologist might do. The Bureau of Labor Statistics reports that I/O psychologists in the scientific research and development industry earned an average annual wage of $122,660. Those employed at colleges, universities, and professional schools earned an average of $110,070. According to the
Society for Industrial and Organizational Psychology, the average salary for a doctorate-level consultant was $167,000. 3 Average Salary: $90,460 per year Educational Requirements: A doctorate
degree in neuropsychology or clinical neuropsychology is needed to work in this field. Neuropsychologists specialize in the study of the brain and cognitive science. People who work in this field often perform cognitive tests, run brain scans, assess people suffering from brain injury, and study how drugs impact the nervous system. They may work at colleges and universities, hospitals, research centers, mental health clinics, and
pharmaceutical labs. 4 Average Salary: $81,330 per year Educational Requirements: In most states, clinical psychologists must have a doctorate degree in psychology. In addition to this education, they must also complete one
to two years of supervised residency and pass state licensing exams in order to practice as a licensed clinical psychologist. Clinical psychologists are trained in assessing, diagnosing, treating, and preventing mental illness. This is also the largest area of employment within
psychology. Clinical psychologists work in various settings, including hospitals, mental health clinics, and private practice. The Occupational Outlook Handbook reports that in May 2019, those employed in individual and family services earned an average of $85,140. Those employed in the offices of other health practitioners earned an average of
$100,300 per year. 5 Average Salary: $79,818 per year Educational Requirements: Entry-level positions require a master's degree, but those with a doctorate will find greater employment opportunities
and better salaries. Engineering psychologists work to improve the design of systems, operations, and equipment in order to increase efficiency, improve productivity, and minimize injury. As with other specialty areas of psychology, the area of employment plays a major role in
determining salary. Engineering psychologists who work in the private sector earn considerably more than those employed in university settings. 6 Average Salary: $72,540 per year Educational Requirements: A PhD, PsyD, or EdD degree is required to become a counseling psychologist. Counseling psychologists perform many of the same tasks as
clinical psychologists such as offering psychotherapy and mental health treatment, but they typically work with clients suffering from less severe forms of mental illness. While mental health is one of the largest areas within counseling psychology, some people in this field opt to conduct research. They also teach university courses or provide vocational counseling. 7 Average Salary: $59,440 Educational Requirements: While there are some jobs available with a master's degree, you will typically need a doctorate degree in clinical, counseling, or forensic psychology.
Forensic psychologists deal with psychological issues related to the law. Some of the duties that a professional in this field might perform include developing psychological profiles of criminals, dealing with child custody issues, investigating child abuse, providing expert testimony, preparing witnesses to
testify in court, and offering training to law enforcement. 8 Average Salary: $58,360 Educational Requirements: Most states require completing a 60-credit school psychology specialist program, which leads to a
master's or EdS degree. Approximately 32% of school psychologists hold a PhD, PsyD, or EdD degree. School
psychologists work within the educational system to diagnose and treat behavior and learning problems in children. They often collaborate with other professionals, including teachers and doctors as well as parents, to help kids overcome social, emotional, behavioral, and academic problems. According to the Occupational Outlook Handbook published by
the U.S. Department of Labor, jobs in this field are expected to grow by approximately 10% over the next decade. 9 Average Salary: $55,000 per year Educational Requirements: Most jobs require a
master's or doctorate degree in sports psychology or in related areas such as clinical or counseling psychology. Sports psychologists are interested in the psychological components of sports and athletics. Professionals in this field often focus on
topics such as motivation and athletic performance. They utlizie their knowledge of psychology to help athletes perform better or to help people recover from sports injuries. While salaries for sports
psychologists typically range between $60,000 and $80,000, those working with professional athletes often earn over six figures. Choosing a career is a big decision, and the salary is just one of many factors you need to consider. Money is an important component, but factors such as job outlook and quality of life are also
essential. So is becoming a psychologist worth it? Only you can decide. Think about how a particular career may suit your personality and goals in life before committing. In the end, the best job for you is the one you will enjoy the most and fulfills your personal and professional needs. Verywell Mind uses only high-quality sources, including peer-reviewed studies, to
support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Zavlin D, Jubbal KT, Noé JG, Gansbacher B.
A comparison of medical education in Germany and the United States: from applying to medical school to the beginnings of residency. Ger Med Sci. 2017;15:Doc15. doi:10.3205/000256 Torpey E. Business careers with high pay. Career Outlook, U.S. Bureau of Labor Statistics, 2016. Kossek EE, Baltes BB, Matthews RA. How Work-Family Research Can Finally Have an Impact in Organizations. Ind Organ Psychol. 2011;4(3):352-369. doi:10.1111/j.1754-9434.2011.01353.x U.S. Bureau of Labor Statistics.
Occupational employment and wages, May 2021: 19-3032 industrial-organizational psychologists. Society for Industrial and Organizational Psychology. The SIOP income and employment report is here! Harvey PD. Clinical applications of neuropsychological assessment. Dialogues Clin Neurosci. 2012;14(1):91-9. Wahass SH. The role of psychologists in health care delivery. J Family Community Med. 2005;12(2):63-70. U.S. Bureau of Labor Statistics. Occupational employment and wages, May 2019: 19-3031 clinical, counseling, and school psychologists. Iudici A, Salvini A, Faccio E, Castelnuovo G. The clinical assessment in the legal field: An empirical study of bias and limitations in forensic expertise. Front Psychol. 2015;6:1831. doi:10.3389/fpsyg.2015.01831 Burrow-sanchez J, Call ME, Adolphson SL, Hawken LS. School psychologists' perceived competence and training needs for student substance abuse*. J Sch Health. 2009;79(6):269-76. doi:10.1111/j.1746-1561.2009.00409.x U.S. Bureau of Labor Statistics. Psychologists: Job outlook. Occupational Outlook Handbook. Röthlin P, Birrer D, Horvath S, Grosse holtforth M. Psychological skills training and a mindfulness-based intervention to enhance functional athletic performance: design of a randomized controlled trial using ambulatory assessment. BMC Psychol. 2016;4(1):39. doi:10.1186/s40359-016-0147-y American Psychological Association. Hot careers: Sports psychology. Additional Reading
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Kendra Cherry Thanks for your feedback! What type of mental health counselor makes the most money?Highest paid counseling jobs. Pediatric counselor.. Licensed clinical social worker.. Direct support professional.. Therapist.. Physician assistant.. Mental health counselor.. Registered nurse.. Physical therapist.. What is the highest paid mental health professional?Psychiatrist positions are by far the highest-paying jobs for psychology majors. The average salary is $217,798, according to PayScale. A psychiatrist should be licensed as a board-certified psychologist.
What is PhD in psychology?PhD in psychology is a doctoral degree programme generally completed in an ideal time of 3 years or more. PhD Psychology is a degree which deals with the clinical psychology of humans or different species and explores the treatments and methods available.
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