A career in psychology typically comes with amazing challenges and significant rewards, both personally and professionally. Although the entire discipline is known to be quite rewarding, some specific fields tend to come with higher salary packages than others.
Naturally, individuals looking to dedicate a significant part of their lives to studying psychology would be interested in knowing which fields offer better salaries than others. To this end, we have curated a list below showing the highest-paying psychology careers.
We analyze the job descriptions of each specialty, how to start a career in them, and the specific work environments/industries within these professions that offer the highest pay.
The following are 10 of the highest-paying psychology careers to consider:
Psychiatrists
- $ 256,930 annual average salary (BLS)
Psychiatrists are professionals who are trained to help people with their psychological challenges. However, unlike psychologists, psychiatrists are able to take on a wide range of duties, which include working as medical doctors, prescribing medication, and monitoring the effects of these medications to make crucial adjustments when necessary.
Psychiatrists are the highest-paid professionals in psychology for several reasons. One of the most obvious is the fact that these professionals are, in fact, medical doctors. It is impossible to become a psychiatrist without first graduating from medical school and completing a 4-year residency.
This, combined with the extensive nature of their job descriptions and their ability to administer and monitor medication, contributes to why they are so highly paid. It takes around 8 to 12 years to complete medical school, residency, and become licensed as a psychiatrist.
Of course, even within psychiatry, there are several possible specialty areas, which is another factor capable of influencing the annual average salary of professionals in the field.
Clinical Psychologists
- $206,808 annual average salary (Indeed)
The field of clinical psychology is definitely one of the most popular in psychology. The major duty of a clinical psychologist is to assess, diagnose, and prevent mental illnesses.
Those who work in this discipline can secure employment in various settings such as private practice, health clinics, and hospitals. To become a clinical psychologist, candidates need a master’s degree, but of course, a doctorate is also quite beneficial.
In many states across the country, a doctorate is essential to become a clinical psychologist. Data shows that clinical psychologists make up the majority of psychologists in the country.
The Bureau of Labor Statistics Occupational Outlook Handbook also reports that those who work as clinical psychologists in the offices of health practitioners are among the highest-paying subspecialties within the discipline.
Neuropsychologists
- $122,928 annual average salary (Indeed)
Neuropsychologists are professionals who specialize in the study of the brain. Their knowledge of cognitive science makes them absolutely valuable in a wide range of work environments, especially in clinical settings and research.
Typically, candidates need a doctoral degree in neuropsychology or clinical neuropsychology to become a neuropsychologist. The day-to-day duties of professionals in this field range from performing cognitive tests and assessing brain injury to studying the nervous system and running brain scans.
Neuropsychologists can also be found in academic settings, hospitals, and pharmaceutical laboratories.
Industrial - Organizational Psychologists
- $ 154,380 annual average salary (BLS)
Industrial-organizational psychologists are professionals who are hired within a specific organization to improve employee well-being and organizational effectiveness. These professionals have been trained on how individuals and organizations interact in a workplace, giving them the expertise to design and implement tests while creating programs to enhance overall effectiveness.
Industrial-organizational psychologists enjoy a high annual average salary. To become an industrial-organizational psychologist, candidates typically need a master’s degree. Those who have a doctorate may be at an advantage.
Within the field of industrial-organizational psychology, the Bureau of Labor Statistics indicates that those who work in research and development earn higher than those in other industries and specialties.
Engineering Psychologists
- $92,813 annual average salary (ZipRecruiter)
Engineering psychologists make up one of the lesser-known categories of psychologists, but are very well-rewarded for their efforts. These professionals are responsible for improving the design of systems and operations to increase efficiency and improve productivity.
The roles they perform are similar to the roles of industrial-organizational psychologists in the sense that they are in charge of analyzing an organizational structure and making improvements that yield tangible results. However, their roles are much more specialized than those of industrial organizational psychologists, as they only work in organizations with complex systems and equipment that require increased efficiency.
Engineering psychologists can be found in both corporate and academic settings. Those who work in the former tend to earn more than those who work in the latter.
A master’s degree is enough to secure an entry-level role in this discipline, but more employment opportunities are afforded to those with a doctorate.
Sports Psychologists
- $92,813 annual average salary (ZipRecruiter)
Sports psychologists work closely with athletes to improve performance. Their specific duties within this environment can vary greatly, based on a few factors, including the specific needs of the athletes or team in question.
For instance, while some sports psychologists stick strictly to professional analysis and support, others can work even more closely, providing daily motivation. A sport psychologist can work with athletes to manage expectations, deal with external pressure, and maintain focus in key moments.
For their efforts, sports psychologists are very well-rewarded. A master’s degree is sufficient for most positions, but of course, having a doctorate can also be very beneficial.
Additionally, even though a specialized degree in sports psychology is the common approach, candidates with degrees in clinical and counseling psychology can also work as sports psychologists if the opportunity arises.
Forensic Psychologists
- $87,877 annual average salary (ZipRecruiter)
As a forensic psychologist, a typical day includes dealing with psychological issues related to criminal investigations. Forensic psychologists understand motivation and behavioral patterns common to most criminals, and law enforcement agencies leverage this expertise by working closely with professionals in the field to make sure that cases are solved in a timely and efficient manner.
Specific duties of a forensic psychologist include developing psychological profiles, providing expert testimony, investigating abuse cases, and even offering training to other law enforcement officers. A master’s degree may lead to a secure job in some states, but typically, a doctorate in clinical or forensic psychology is needed to enter this specialty.
Counseling Psychologists
- $106,600 annual average salary (BLS)
Counseling psychologists are very similar to clinical psychologists in the sense that they offer direct counseling, including psychotherapy and mental health treatments. However, counseling psychologists are distinct in the sense that they typically work with clients who suffer from less severe forms of mental illness compared to the patients that clinical psychologists work with.
As it is with clinical psychologists, counseling psychologists are also very numerous and make up a large percentage of the profession. It is common to find counseling psychologists working in academic environments, but many also work in research.
To become a professional in this field, individuals need a Doctor of Philosophy or Doctor of Psychology degree.
School Psychologists
- $ 91,990 annual average salary (BLS)
School psychologists make up another popular specialty in psychology with impressive annual average salary figures. These professionals work within the educational system, leveraging their expertise to diagnose and treat learning problems in children.
A school psychologist can also treat behavioral problems or prevent them from occurring in the first place by implementing effective systems. It is common for these professionals to work closely with others in the educational system, including teachers and parents.
The requirements to become a school psychologist vary from state to state. However, in most places, completing a 60-credit school psychology training program and earning a master’s degree is enough.
As with other specialties, having a PhD can go a long way in improving salary potential and employment opportunities for school psychologists. Predictions from the Bureau of Labor Statistics indicate a continual increase in demand for school psychologists in the coming decade.
Choosing the Highest-Paying Psychology Career for You
Even though salary ranges and earning potential are critical factors when choosing a psychology career, candidates often focus on other criteria, such as personal interest. Fields like forensic psychology are incredibly exciting for candidates who are interested in crimes and the justice system.
Sports enthusiasts often cherish the potential opportunity to work with their favorite athletes as sports psychologists. Another factor to consider is educational requirements and duration.
While virtually all fields in psychology require a master’s or doctoral degree, some states are more lenient, especially with disciplines like school psychology. In this case, candidates can start working with a bachelor’s degree and secure permanent positions with a master’s degree.
In choosing a career pathway in psychology, candidates may consider the presence of online or distance-based learning options.
Some fields of psychology allow candidates to study entirely online and earn bachelor’s, master’s, and doctorate degrees. Going with a career in a field like this allows candidates to learn flexibly and start their careers without sacrificing other commitments.
