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One of the reasons it is difficult to decide between a graduate degree in psychology or social work is because the fields have many of the same attributes. For example, they are both concerned with:
However, there are core differences with respect to:
Educational Requirements: Similarities & Differences
Careers in social work and psychology both require the attainment of a bachelor’s degree from an accredited institution. Earning a Bachelor’s Degree in Psychology can be achieved on almost any major campus in the United States in generally 4 years; it is one of the oldest disciplines within the university and college framework.
Time & Cost
Since time in school equals the cost of the required education; how much time it will take to get a marketable degree significantly separates the graduate degree in social work from the graduate degree in psychology. A Master’s Degree in Social Work is sufficient to begin post-graduate and licensure requirements; but not so in the field of psychology. Traditionally speaking, the Master’s in Psychology was earned for the purpose of entering a PhD program. Historically, the MA in Psychology (standing on its own) has never been a significant, income-bearing degree. The highest paid professionals in the field inevitably have earned the doctorate. Therefore, the 2 graduate degrees are substantially different in how much time it will take to earn, plus the costs; both inherent and opportunity.
According to the American Psychological Association (APA) however, that could be changing. With the emergence of new and highly-defined sub-specialties in the field of psychology; individuals are being afforded a marketable master’s degree. For example, while the PhD is still the norm; those earning a Master’s Degree in Industrial Organizational (I-O) psychology are increasingly marketable in private and government sectors. In fact, individuals with an MS or MA in Industrial Organizational Psychology are prime candidates for lucrative and or upwardly mobile positions within the human resource divisions of large business/corporate entities.
But at present the fact remains; the most common purpose of the Master’s in Psychology is to advance to the doctoral program. The United States Labor Bureau (USLB) support the assertion statistically; their research shows the most sought after careers in psychology do in fact require a doctorate.
What an Expert Says About Educational Degrees, Time and Cost
One of the nation’s leading and most sought-after career and education experts isDr. Marty Nemko. Dr. Nemko has a PhD in the Evaluation of Education from Berkeley; been a professor at 4 universities (one of which was Berkeley); authored 3 books on higher education; been a consultant for 15 college presidents; and appeared numerous times (often with his own column) in publications like the Washington Post, the Los Angeles Times, Time, the Wall Street Journal and the New York Times.
Dr. Nemko boldly approaches the topic of college degrees and their time and cost:
“The quantitative data, the empirical evidence I have had over my lifetime, suggested many people—those who currently attend college and college graduates who are considering attending college graduate school; should think three times…Colleges have successfully marketed the myth that college graduates earn a million dollars or more over the years of their lifetime. However, that figure is retrospective. In decades past, a college degree was rare and commanded more in the marketplace. But now, approx. (65)-70% of high school graduates are going to college. Think about that. With so many students going to college, a college degree is not going to differentiate you so much in the marketplace. You want to get a degree edge over and above the 6 figures most students end up paying for a bachelor’s degree; you will have to get a graduate degree which will cost you another fortune. Don’t forget, when you are calculating the cost of graduate school, you can’t forget to add what the amount of money you could be earning and what you could be learning if you weren’t in academics but instead in the real world. "
Note: For a detailed account of what it takes to get an MSW see the career track article entitled “Choosing a Social Work School, College or Degree Program;,” or for the requirements of the psychology graduate degree, the article “Choosing a Psychology School, College or Degree Program.”
Marketability/Profitability
Marketability of the MSW: The Master’s in Social Work is a highly marketable degree and can be used to secure a variety of career options. The following career positions are just a sample of whatlicensedindividuals can secure with an MSW:
The median wage for a social worker in the United States is$50,390.
For further exploration of career options see the article, “Social Work Careers: Starting a Career as a Social Worker.”
Marketability of the Graduate Degree in Psychology: Once again, the most marketable degree in the field of psychology will undoubtedly be the doctorate. This may be changing with a masters degree in such fields as Industrial Organizational Psychology; but at present the PhD is the most marketable.
Profitability of the Graduate Degree in Psychology: In May 2022, the BLS published median salaries for four broad groups of psychologists:
What is important to keep in mind with regards to the profitability of a PhD in Psychology is experts in this field are able to generate income in a multitude of ways in a plethora of environments. Experts in psychology can do research, private practice counseling, consulting, media work, publish books, lecture, educate and work in administrative positions, to name a few. Basically, the degree can be as profitable as the degree holder decides to make it.
2022 US Bureau of Labor Statistics job market trends and salary figures forsocial workers,industrial-organizational psychologists,clinical psychologists,school psychologists, andpsychologists (all other)are based on national data, not school-specific information. Conditions in your area may vary. Data accessed July 2023.
