The Earning Power of an Online Degree in Psychology

folded money with psychologists pen

By Sarah Stevenson

A salary survey report by the American Psychological Association released in the April 2010 issue of Monitor on Psychology indicated a somewhat discouraging trend: median salaries among APA members showed an across-the-board decrease over the past nine years. But what does this mean for prospective future psychologists, those who have yet to enter the field? Is psychology losing its earning power?

Certainly it's true that average earnings in any career area—psychology included—can fluctuate over time depending on factors like the overall health of the economy. However, there's a much more positive set of statistics that doesn't change: higher education such as an online degree in psychology is undeniably the first step towards a higher salary, and more advanced degrees correspond directly to increases in salary.

 

Edge the Competition with an Online Degree in Psychology

Psychology is a competitive field, so it's generally a good idea to target your online degree in psychology to those disciplines with the greatest need for qualified workers. For the time being, according to the Bureau of Labor Statistics, psychiatry and clinical psychology are fields with excellent job growth, as well as industrial-organizational psychology, geriatric psychology and counseling psychology. Social workers, particularly those in mental health, public health and substance abuse, are also in high demand.

As far as salary is concerned, counselors and social workers may not be as high on the totem pole as psychologists or psychiatrists. But online counseling and online social work degrees may lead to careers that are just as rewarding, in many of the same settings as other types of mental health professionals. Not only that, jobs in counseling or social work do not necessarily require you to hold a doctoral degree—a great many jobs are available for master's degree holders and even bachelor's degree holders

 

Online Degrees in Psychology Salaries

Career/Specialty Median Salary Range
School Psychologist $44,279 - $63,566
Forensic Psychologist $41,624 - $76,861
Experimental Psychologist $33,100 - $83,353
Industrial-Organizational Psychologist $48,578 - $82,408
Clinical Psychologist $50,045 - $82,281
Neuropsychologist $64,766 - $99,880
Postsecondary Professor of Psychology $57,458 - $103,594
Psychiatrist $120,023 - $178,893
 

Online Counseling Degree Salaries

Career/Specialty Median Salary Range
Substance Abuse Counselor $29,098 - $39,764
Mental Health Counselor $32,493 - $44,908
Guidance Counselor $38,162 - $55,668
School Counselor $35,808 - $51,137
Marriage/Family Therapist $35,028 - $50,063
Certified Rehabilitation Counselor $34,020 - $56,344
 

Online Social Work Degree Salaries

Career/Specialty Median Salary Range
Social Services Case Manager $28,269 – $36,460
Social Worker (BSW) $28,471 - $40,864
Social Worker (MSW) $34,776 - $48,630
Child, Family or School Social Worker $30,217 - $45,852
Hospice Social Worker $38,650 - $50,181
Licensed Clinical Social Worker (LCSW) $40,883 - $59,336

With such a wide array of earnings available—based primarily upon psychology degree completed and the psychology career specialty chosen—it's easy to see why pursuing an advanced online degree in psychology is the practical—and smart—choice for students and professionals seeking a competitive edge.

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