How much does a psychologist make per year?

Question:

How much does a psychologist make per year?

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Answer:

According to the Bureau of Labor Statistics (BLS), the median annual wage for a psychologist was $80,370 in 2019, which breaks down to $38.64 an hour. In order to pursue a career in psychology, you will typically need a bachelors and master's degree, and in some cases a doctorate, especially if you are looking to specialize in a specific branch of the psychology profession. Speaking of specializations, this can also be one factor that will cause the salary of a psychologist to differ quite a lot, because there are multiple fields and industries that a psychologist can work within, and none of them pay a uniform rate. For example, clinical psychologists that offer counselling made a median salary of $78,200 in 2019, whereas those working for organizations and other industrial settings earned $92,880, and all other forms of psychologists earned as much as $101,790 a year. In terms of industries, psychologists working for the government in some capacity earned the highest median wages at $96,870, while those working for state, local, and private schools earned much less at $76,960.

For more information about becoming a psychologist, check out this article: Psychologist: Career Summary and Educational Overview

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