Find an Online Psychology Program for You
Featured Online Psychology & Counseling Programs
Although a psychology degreewithouta license will probably not lead directly to wealth and riches; the question, “Can a psychology license make me rich?” requires examination of 3 relevant factors:
Master’s or Doctorate?
One of the factors contributing to income is whether or not you will be practicing with a master’s degree or adoctorate. If you have amaster’s degree, the next question will be, “Is the degree a terminal psychology degree (one that requires no further graduate study), one that prepares you for further study (a research-based degree), or is it an applied psychology degree?
Baron Perlman, Ph.D., professor, expert and author of the book “The Master’s Degree In Psychology”says,
“My first recommendation is to choose the career and graduate education that makes the most sense to you. Study your alternatives. You may decide to opt for a terminal master’s degree and seek employment, or a terminal master’s with the option to go on to doctoral work. On the other hand, you may decide you want to work toward a doctoral degree from the start. Capable, motivated students who know that the work and responsibilities they want require a doctoral degree, and are willing to make the four to five year commitment, should be encouraged to seek admission to doctoral programs.
Many departments offering a terminal master' s program of study do not offer a doctorate, recognizing that the master’s degree is the appropriate and recognized degree for some areas in psychology. For example, elementary and secondary schools recognize the master’s as the appropriate degree for their counselors and psychologists. Likewise, a master’s in Industrial/Organizational (I/O) Psychology allows graduates to work in personnel, training, and organizational development. A recognized terminal master’s degree (e.g., counseling, education, I/O) allows recognition as a professional. The master’s experimental degree is often aimed at preparing students for doctoral admission, but the private sector also employs graduates with this degree.
Many students are interested in working in clinical psychology with a master’s degree, but there is controversy about practicing at this level. Psychologists, state licensing boards, and the health care industry often view the doctorate as the appropriate degree for clinical work. Anyone wishing to be a clinician should learn about the career at both the master’s and doctoral level. Some students may be pleased with master’s clinical work, others may seriously consider admission to an American Psychological Association (APA) accredited doctoral program.”
One of the key distinctions Dr. Perlman makes is that of an American Psychological Association (APA) accredited doctoral program as opposed to one that is not APA approved.
What branch of psychology will you be practicing?
Keeping in mind that the graduate degree you take into the market (master’s or doctorate) greatly determines income, another facet of consideration is that of specialty. What area in the realm of psychology will you be focusing on in your work? Will you be working in elementary schools as a counselor or will you be nurturing a private practice focusing on sexual abuse? Will you be a clinical researcher or a marriage and family therapist working for a state agency? The answers to all of these questions are paramount to determining the income you might expect.
Marilyn Masterson Ph.D. suggests thinking long and hard before embarking on a career specialty in psychology. While on the path to her doctorate in counseling as well as post-doctorate, she witnessed a variety of mixed results when it came to career choices;
Practical Considerations
Whether or not a license in psychology will make you rich also depends on factors like; where you will be residing (cost-of-living); how much you will be paying in student loans; whether you will be working in private practice or for a business entity; and whether or not you will supplement your income with other activities (like publishing books or articles, or teaching night school.)
Student loan repayment schedules are another facet of consideration when deciding how soon or if you will become rich with your degree and license. All student aid decisions should be made with the advice of a qualified loan counselor and you should be well-apprised ahead of time what portion of your income will be allotted to repayment of academic financial assistance. Factoring these considerations into your cost-of-living projections will be one more piece to the puzzle of determining whether or not you will become rich with your psychology license.
Personal aspects of your life are important to include in your financial aspirations. For example, will you be married or raising children during the years which you will be establishing your career? Phil Rodman M.A. who is a licensed psychologist in the field of child psychology made a decision early-on not to make commitments until his career had achieved a level he considered “livable.”
“I worked very hard to assimilate my career goals and my financial challenges. I pictured myself stable (with a steady income) long before getting married or having children. I did just that and have never regretted it. I owned a nice home, had a car paid for and knew where my career was headed before I married my wife. It removed a lot of stress from the equation.”
In Conclusion…
2022 US Bureau of Labor Statistics job market trends and salary figures forpsychologistsare based on national data, not school-specific information. Conditions in your area may vary. Data accessed June 2023.
Accredited Psychology Degree Programs Available Online:
Related Articles
Related CareersPsychiatry CareersIndustrial & Organizational Psychology CareersBecoming a Health PsychologistApplied Psychology CareersCounseling Psychology Careers
Related Careers
