How Much Does A Master’s In Psychology Make

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A Master’s degree in Psychology is one of the higher forms of degrees you can earn in the field. The additional schooling and knowledge can lead to more opportunities and higher salaries. However, this isn’t always the case. It could also lead to more specialized fields that don’t offer high salaries, or it might have a general impact but not enough to put you over a certain level. How much you make really boils down to what you do after you earn your master’s degree, as well as how dedicated you are to finding ways to increase your salary with your new career.

A master’s degree in psychology allows graduates to apply for a number of different career opportunities, with specific annual wages varying significantly depending on the position, location and employer.

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How To Become a Clinical Psychologist

Over 40 million American adults suffer from mental illness every year with approximately 10 million of these individuals living with serious mental illnesses. Others do not suffer from severe illnesses but fight against the regular daily stressors that leave them feeling stressed, anxious, depressed or even a little panicky at times. In fact, anxiety is one of the top mental health diagnoses these days with 18 percent of Americans currently living with an anxiety disorder. Moreover, around the world, depression is a major cause of disability, often leading to a variety of other problems, including chronic disease and great financial burdens for millions of families.

Although mental health is such a weighty problem here in the United States and around the world, there is hope. Today, professionals know about many ways to combat out-of-control feelings, addictions and concerning emotions. There are numerous medications, behavioral therapy types and other treatment options that have been proven effective for those individuals who are willing to seek professional help when they can no longer help themselves. While these mental health professionals may be called by many different names, most of them have one thing in common, and that is a degree in psychology.

what is the highest paying job with a masters in psychology

We’ve identified 10 cities where the typical salary for a Masters Psychology job is above the national average. Topping the list is San Mateo, CA, with Berkeley, CA and Daly City, CA close behind in the second and third positions. Daly City, CA beats the national average by $10,809 (16.9%), and San Mateo, CA furthers that trend with another $13,737 (21.5%) above the $63,989 average.

Importantly, San Mateo, CA has a moderately active Masters Psychology job market with only a few companies currently hiring for this type of role.

With these 10 cities having average salaries higher than the national average, the opportunities for economic advancement by changing locations as a Masters Psychology appears to be exceedingly fruitful.

Finally, another factor to consider is the average salary for these top ten cities varies very little at 9% between San Mateo, CA and San Francisco, CA, reinforcing the limited potential for much wage advancement. The possibility of a lower cost of living may be the best factor to use when considering location and salary for a Masters Psychology role.

CityAnnual SalaryMonthly PayWeekly PayHourly Wage
San Mateo, CA$77,726$6,477$1,495$37.37
Berkeley, CA$75,008$6,251$1,442$36.06
Daly City, CA$74,798$6,233$1,438$35.96
Richmond, CA$73,012$6,084$1,404$35.10
Irvine, CA$72,567$6,047$1,396$34.89
Odessa, TX$71,435$5,953$1,374$34.34
Stamford, CT$71,095$5,925$1,367$34.18
Bellevue, WA$70,893$5,908$1,363$34.08
Orange, CA$70,892$5,908$1,363$34.08
San Francisco, CA$70,754$5,896$1,361$34.02

highest paying psychology jobs 2022

We found at least five jobs related to the Masters Psychology job category that pay more per year than a typical Masters Psychology salary. Top examples of these roles include: Experimental Psychologist, Industrial Organizational Psychology Part Time, and Graduate Psychologist.

Importantly, all of these jobs are paid between $10,600 (16.6%) and $25,945 (40.5%) more than the average Masters Psychology salary of $63,989. If you’re qualified, getting hired for one of these related Masters Psychology jobs may help you make more money than that of the average Masters Psychology position.

Job TitleAnnual SalaryMonthly PayWeekly PayHourly Wage
Experimental Psychologist$89,934$7,494$1,730$43.24
Industrial Organizational Psychology Part Time$84,826$7,069$1,631$40.78
Graduate Psychologist$75,328$6,277$1,449$36.22
Psychologist Graduate$75,328$6,277$1,449$36.22
Social Organizational Psychology$74,589$6,216$1,434$35.86

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