How much does a psychologist make per year

Curious about how much therapists make? As with any type of job, therapists’ salaries differ based on their geography, education level, experience, and practice setting. Within mental healthcare, there is a wide range of salaries – nationally, therapists make anywhere from $30,000 to $100,000. Psychologists and psychiatrists can make even more than that!

To understand this range, it's important to look at where in the country the therapist practices, what their credentials are, and who their client population is, as all of these pieces impact how much he or she takes home in salary! Read on for a breakdown of salaries for therapists, psychiatrists, and psychologists, and what trends may impact their income.

Typical therapist salaries range widely – from $30,000 to $100,000

For a therapist (who is not a psychiatrist or a psychologist), salaries depend in part on education and training, as well as clinical specialization. Individual therapists may make anywhere from $30,000 per year to over $100,000.

Additionally, a therapist’s salary depends in large part on the setting in which they practice. The Bureau of Labor Statistics reports, for example, that the national annual median for therapists is:

• $30,350 for therapists who work in community rehabilitation centers
• $47,000 for mental health counselors in hospitals
• $72,580 for family therapists who work for the government

Typical psychologist salary is about $77,000 annually

The 2017 median salary for psychologists in the United States was $77,003 per year, or about $37 per hour. Again, this figure varies depending on geography and on the setting in which the psychologist works.

Psychologists who work for the government generally earn the most money on average, followed by those who work in hospitals and then in schools. For instance, Bureau of Labor Statistics reports that the national annual median for therapists is:

• $74,470 for psychologists who work in school settings (elementary and secondary)
• $94,910 for psychologists who work in government positions

Psychiatrists average over $200,000 annually – making them the highest-paid professionals in the mental health field

Generally speaking, psychiatrists are the highest-paid mental health professionals, because they have medical credentials and more extensive education requirements. The Bureau of Labor Statistics reports that psychiatrists generally earn an average of over $200,000 annually, or over $100 per hour.

As with other therapists’ salaries, psychiatrists’ earning can vary according to geography and the nature of their clinical practice. For example, psychiatrists who work in the offices of physicians or other medical professionals often earn the most, while those who work in hospitals tend to earn less.

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If you’ve ever had a session with a psychologist, you know how expensive therapy can be. A session can cost $60 to $250 per hour, so when considering a career in psychology students may wonder how much a psychologist actually makes.

The median income for psychologists was $82,180 in 2020, according to the U.S. Bureau of Labor Statistics, but a psychologist’s income can vary based on their specialty, years of experience and location. When considering a psychologist’s earnings, keep in mind that the career path requires a substantial amount of education and training.

How Much Does a Psychologist Make?

While a salary over $80,000 can sound appealing, recognize what it takes to earn that income.

To become a psychologist, you need to have at least a master’s degree; however, the majority of psychologists go on to earn doctoral degrees. They also may be licensed and certified, which requires additional training and ongoing education.

Earning a graduate degree in psychology can be expensive. The Education Data Initiative reports that the average debt for students who hold a Ph.D. is over $158,000. With such a high debt amount, that median salary may be less attractive.

Psychologists may experience variation in earnings. The highest 10% of psychologists earned more than $137,950, so it could be a lucrative career. Exactly how much you earn is largely dependent on your specialty. Below are the average salaries for multiple specialties.

School Psychologist

Average salary: Over $62,000

For those who enjoy working with children, a career in school psychology may be a good fit. A school psychologist works in primary, secondary or post-secondary institutions assessing students. They may consult with parents, make recommendations for children with learning disabilities and address behavioral problems.

Psychology Professor

Average salary: Over $64,000

Psychologists can opt for teaching careers, either full-time or as an adjunct position. Professors teach the fundamentals of psychology to college students — both those majoring in psychology and those majoring in other subjects.

Forensic Psychologist

Average salary: Over $71,000

Forensic psychologists work within the legal system to evaluate individuals for mental competency, make recommendations to the court about sentencing, serve as expert witnesses and consult with law enforcement.

Clinical Psychologist

Average salary: Over $80,000

A clinical psychologist works directly with patients dealing with mental health conditions. They will evaluate and diagnose patients and design treatment plans to help individuals manage their diseases. These psychologists may work in their own private practice or be employed by a larger practice or hospital.

Industrial-Organizational Psychologist

Average salary: Over $84,000

An industrial-organizational psychologist works with companies to improve workplaces. They analyze human behavior and use psychological principles to address workplace problems like productivity, employee morale, performance evaluations, and employee burnout.

Neuropsychologist

Average salary: Over $94,000

A neuropsychologist focuses on the physical structure of the brain. They work with patients that may have suffered brain damage due to injuries or illnesses to evaluate brain function. These psychologists help design a treatment plan with a patient’s care team.

What Affects Your Potential Earnings?

Your earnings as a psychologist can be dependent on the factors listed below.

Specialty

As demonstrated above, specialty impacts income. For example, a school psychologist will likely be on the lower end with an average salary of $63,347. By contrast, a neuropsychologist can earn significantly more, with an average salary of $94,747.

When considering a specialty, keep in mind that the higher earnings are often the result of additional education and training, which can mean a larger amount of student loan debt and more time spent in school.

Education level

While it is possible to practice psychology with only a master’s degree, earnings will likely be lower for a master’s graduate than a doctoral graduate. In general, psychologists with doctorates and certifications command higher salaries. To maximize earning potential as a psychologist, consider how much education and training you need to reach your goals.

Sector

In addition to specialty, the sector you work in affects your income. Whether you decide to work independently and open your own practice or work in a hospital, your place of employment can impact your earnings. Below are the median salaries for psychologists in different sectors in 2017:

• Business and Industry: $100,000
• Government: $92,000
• Self-Employed: $85,000
• Public Educational Institutions: $73,000
• Private Educational Institutions: $71,000

The highest-paid psychologists typically work in business, consulting with employers and manufacturers. On the other end, the lowest-paid tend to work in private educational institutions.

Location

Where you live also affects your income. Areas with a high-cost of living, such as California, will often result in a much higher salary than if you lived in the Midwest.

The top-paying states for psychologists are:

• California: Average salary of $124,910
• Alaska: Average salary of $118,270
• Illinois: Average salary of $115,340
• Virginia: Average salary of $109,060
• Colorado: Average salary of $103,560

For a better idea of how location impacts earnings, check out this map from the Bureau of Labor Statistics, which shows average salaries for psychologists by state.

Is a Career in Psychology Right for You?

There are a number of factors that affect how much psychologists can make. It’s a fascinating field with many opportunities for helping others. The average salary for psychologists is higher than the national average for all occupations, but it also requires more education and training. When considering a career in psychology, carefully weigh the pros and cons to make the best decision for you.

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