Table of Contents
The median annual wage for psychologists in the U.S. is $94,310, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $55,000 to more than $155,000.
How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.
Key Points
• The median annual wage for psychologists in the U.S. is $94,310, with salaries ranging from less than $55,000 to more than $155,000.
• Factors affecting psychologists’ salaries include industry, education level, and job location.
• Industrial-organizational psychologists earn the highest mean salary at $134,400, while school psychologists earn the lowest at $93,610..
• Continuing education and building a reputation through research and publishing can boost a psychologist’s salary.
• Employment of psychologists is projected to grow 6% from 2024 to 2034, with clinical and counseling psychology jobs growing by 11%.
What Are Psychologists?
Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:
• Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction. The majority of psychologists fall into this group.
• Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.
• School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.
• Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.
• Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.
It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science .Similarly, while a psychologist may be considered a therapist, not all therapists are psychologists, since therapists are not typically required to hold doctoral degrees.
đź’ˇ Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
What Does It Take to Become a Psychologist?
Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for people who are experiencing emotional or behavioral issues?
If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.
Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.
Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.
Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.
Recommended: High-Paying Trade Jobs in Demand
How Much Do Starting Psychologists Make a Year?
According to ZipRecruiter, as of late 2025, entry-level salaries for clinical psychologists may range from $69,000 to $159,000 or more.
Of course, the work you do, your education level, your certifications, and even your work location can impact how much you might earn as a beginning psychologist.
What Is the Average Salary for a Psychologist?
So, how much can you make per year if you choose a career as a psychologist?
The BLS lists a mean annual salary of $106,850 for clinical and consulting psychologists. The majority of psychologists fall into this category, but there are also specialists like industrial-organizational, school, and forensic psychologists.You can expect your specialty to influence how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, with a mean of $134,400, while school psychologists earn the least, with a mean of $93,610 per year.
Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.
If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.
Here’s how clinical and counseling psychologists’ average annual salaries break down by state, according to the BLS. (Data is not available for all states.)
Average Clinical and Counseling Psychologist Salary by State
| State | Average Annual Salary |
|---|---|
| Alabama | $110,180 |
| Alaska | $111,840 |
| Arizona | $111,730 |
| California | $124,720 |
| Colorado | $129,500 |
| Delaware | $108,440 |
| Florida | $92,010 |
| Georgia | $74,140 |
| Hawaii | $110,900 |
| Idaho | $93,220 |
| Illinois | $106,360 |
| Indiana | $91,840 |
| Iowa | $102,560 |
| Kansas | $65,270 |
| Kentucky | $126,740 |
| Louisiana | $88,950 |
| Maine | $114,470 |
| Maryland | $109,990 |
| Massachusetts | $102,440 |
| Michigan | $88,810 |
| Minnesota | $98,260 |
| Mississippi | $95,140 |
| Missouri | $90,480 |
| Nevada | $110,520 |
| New Hampshire | $66,140 |
| New Jersey | $128,400 |
| New Mexico | $87,710 |
| New York | $112,980 |
| North Carolina | $99,940 |
| North Dakota | $105,240 |
| Ohio | $104,420 |
| Oklahoma | $97,350 |
| Oregon | $129,110 |
| Pennsylvania | $103,980 |
| Rhode Island | $103,670 |
| South Dakota | $87,040 |
| Tennessee | $103,190 |
| Texas | $83,830 |
| Utah | $94,070 |
| Vermont | $97,220 |
| Virginia | $105,480 |
| Washington | $125,270 |
| West Virginia | $88,540 |
| Wisconsin | $117,050 |
| Wyoming | $79,970 |
Source: U.S. Bureau of Labor Statistics
Recommended: Cost of Living by State
Psychologist Job Considerations for Pay and Benefits
Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% from 2024 to 2034, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.
Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.
Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.
đź’ˇ Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of a Psychologist’s Salary
Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.
On the plus side, you’ll be in a career that can be both personally and financially rewarding.
Here are some more pros and cons to consider:
Pros
• You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.
• The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.
• Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suit your needs.
• You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.
Cons
• Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.
• You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.
• If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.
• Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.
As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.
The Takeaway
Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
Can you make $100,000 a year as a psychologist?
Yes. According to the latest U.S. Bureau of Labor Statistics data, psychologists make a median annual salary of $94,310, which suggests that a significant number of psychologists make more than $100,000 a year.
Do people like being a psychologist?
Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars.
Is it hard to get hired as a psychologist?
According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.
Photo credit: iStock/Dean Mitchell
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
SORL-Q425-049