Psychologists are among the most common medical professions today. This is basically due to their versatility and demand in various industry fields; they can be found not only in medical facilities, but as well as in human resource departments, entertainment, management and advertising arenas. Almost every kind of establishment requires the services of a psychologist to handle both employee and client relations, in addition to basic duties such as observing, interpreting and recording human behavior.
The work of a psychologist differs depending on the kind of working environment he or she is situated. Unlike that of psychiatrists, psychologists are focused in developing patterns that will help them and their clients understand and predict behaviors using scientific methods and principles.
The average salary of a psychologist ranges from $33,331 to $118,661 per year, including bonuses and other perks. Newly hired psychologists may receive an hourly rate of $13.91 to $100.67, while those who have already garnered more years of experience may earn around $28.91 to $155.47 per hour.
Psychologists who usually earn the most are those who have more than 10 years of experience. Employed psychologists may earn up to $212.50 per hour.
There are a lot of job opportunities available for psychologists, and at the same time there are a number of factors to consider when looking satisfying salary rates. Among these considerations are employment setting, geographic location, years of experience and educational background.
Seasoned psychologists who are found in educational institutions, training and human resource management offices are given bigger salary compensations alongside rank promotions.
There are also areas in which the years of experience do not really contribute to bigger pay, such as that of think tanks. However, the years of experience can be of good use especially for those who wish to practice freelance consultancy as these will take part in building their credibility to clients.
Medical services offer compensations ranging between $22,266 and $255,000 per year, while healthcare establishments provide $30,252 to $112,000. Psychologists who specialize in psychotherapy may earn up to $97,493 annually, while counseling industries offer an average of $92,498.
Those who intend to teach in academic institutions on the other hand may earn an average of $100,000 per year.
One feature about the work of a psychologist is the ability to thrive in both freelance and employed settings. Psychologists may work in fulltime positions in various offices, and they usually serve in human resource and training departments. Fulltime psychologists may earn between $54,100 and $115,720 per year.
At the same time however, psychologists may also work as freelance consultants for industrial-organizational firms in which they can provide clinical advice, counseling and research work. Psychologists who work as freelancers or in part-time positions may earn somewhere between $48,720 and $82,800 per year.
Employment by State
Geographic location also plays a role when looking for compensation packages for psychologists. When scouting for jobs related to this field, the best states to look at are North Carolina, New York, Florida, Michigan, California, and Pennsylvania.
Establishments based in North Carolina offer the highest salaries for psychologists, ranging between $35,905 and $168,679. This is followed by Michigan, where psychologists can find relatively higher starting rates at $38,000, up to $123,000 per year.
New York ranks third in the best states to work at for psychologists. Employment opportunities in New York offer up to $112,341 per year, while in Florida, compensations peak at $101,864. California and Pennsylvania also provide good packages, at $100,869 and $91,341, respectively.
Employment by City
There are also local cities in which psychologists can find good employment and salary packages. Among these localities include Atlanta Georgia, where annual salaries range between $55,000 and 137,500.
New York City ranks second in the top cities for psychologists. NYC offers packages between $23,839 and $125,838.
Another city that offers favorable packages for psychologists is Los Angeles, California, with annual rates reaching up to $100,000. This is followed by neighboring San Francisco with annual psychologist salary at $96,601.
Cities that offer good starting annual salaries are that of Baltimore, Maryland, at $56,382 per year, followed by Chicago, Illinois, at $45,000.
Salary by Degree
The work of a psychologist is considered to be highly academic, thus persons who work in the said profession opt to take up advanced courses in order to qualify for promotion and bigger salary. Occupational psychologists usually possess a bachelor’s degree in the field, but they are not required to secure a clinical license to practice. Psychologists who serve as guidance counselors meanwhile may have to take up a master’s degree or doctorate in order to be considered for more advanced positions and tenure.
Those who have completed a degree in BS Psychology are bound to receive wider employment selections, with salaries ranging from $25,342 to $$106,484 per year, as compared to those who have earned a BA in the same field, at $20,134 to $79,463 per year.
Individuals who have earned a PhD in Psychology may expect higher starting salaries, starting at $39,453 and may peak at $$99,866. Meanwhile, those who have a PsyD may earn somewhere between $42,378 and $91,916 per year.
Psychologists are entitled to benefits and other add-on perks aside from their salary. Among these include 401(k) ranging between $39,566 and $96,394 per year. Paid holidays meanwhile may reach up to $88,683, and sick leaves rake up to $86,427.
Life insurance, as well as malpractice insurance, provide up to $86,427 and $94,058, respectively.
Lastly, psychologists get the biggest perks from education and retirement packages, in which they may receive up to $117,446. This money is used primarily for continuing education, or for retirement and pension coverage.