Dr. Ray’s Answer
According to the American Psychological Association Ph.D. psychologists usually earn between $60,000.00 and $120,000.00 per year, with a median salary of $75,000.00. This includes experienced people so you would probably be at the low end of the range in a starting position. The web site www.apa.org has a ton of information about careers and salaries in the field.
Where a person's salary falls within that range depends a lot on what their specialty is and where they work. For example, positions in universities and colleges generally don't pay well, mainly because a large number of qualified people are competing for a few jobs. The best paying positions are generally in industry or in private clinical practice. I was in private practice in Fort Worth for 35 years; I didn't get rich but made a comfortable living. I was able to put our two children through college without their having to borrow any money.
The down side of this is that you have to earn a Ph.D. degree, which is time consuming and expensive. You have to balance the time and money it takes against your eventual earnings. Also, I wouldn't advise going into this field if you don't have a strong interest in it; I think you would be unhappy. If making a lot of money is your major career goal you should probably consider a career in business.
i wish you the best in your career pursuits.
Ray Finn, Ph.D.
Dr. Ray recommends the following next steps:
- Check out APA's web site for more detailed information
- If you know any psychologists see if they will talk to you about what they do. Most will be happy to respond.