A psychology degree is a fantastic way to jumpstart your career in the mental health field. It will also provide you with the tools necessary to become a successful psychologist.
But, really, is a psychology degree worth it?
Let’s delve into the ins and outs of earning a psychology degree and explore whether it is worth the pursuit. We will examine the job market for psychology graduates, their earning potential, and the potential benefits of a career in psychology.
The Benefits of a Psychology Degree
1. Job Opportunities
The U.S. Bureau of Labor Statistics (BLS) projects that the number of psychology jobs will grow by 6 percent from 2021 to 2031, which is just about the average for all occupations. This growth is largely due to an increased emphasis and awareness of mental health in the general population.
Employment Projections:
| Occupational Title | Employment, 2021 | Projected Employment, 2031 | Change, 2021-31 |
|---|---|---|---|
| Psychologists | 181,600 | 192,900 | 6% |
| Industrial-organizational psychologists | 2,900 | 3,000 | 4% |
| Clinical and counseling psychologists | 65,400 | 71,900 | 10% |
| School psychologists | 57,900 | 61,100 | 6% |
| Psychologists, all other | 55,400 | 56,900 | 3% |
With a psychology degree, you can work in a variety of settings, including hospitals, mental health clinics, schools, research facilities, and private practices.
Fortunately, the demand for clinical and counseling psychologists is expected to increase by a bigger percentage as more people turn to psychologists for help with their mental health conditions.
The employment of school psychologists is also on the rise due to increasing awareness of the correlation between learning and mental health. A school psychologist interacts with students to help address their educational, behavioral, or developmental issues affecting their learning ability.
You could also specialize in areas such as forensic psychology, developmental psychology, or industrial-organizational psychology. With a psychology degree, you get to cater to people with a variety of needs.
2. Increased Earning Potential
| Industrial-organizational psychologists | $105,310 |
| Psychologists, all other | $102,900 |
| Clinical and counseling psychologists | $82,510 |
| School psychologists | $78,780 |
The BLS Occupational Outlook Handbook reports that the median salary for psychologists was $81,040 in 2021. Industrial-organizational psychologists led with $105,310. Median wages for clinical and counseling psychologists were $82,510, and for school psychologists, $78,780.
The median annual wage was highest for those working in government, followed closely by those in hospitals at $103,850 and $99,330, respectively.
Many factors influence a psychologist’s earning potential, including the level of education, the industry you work in, and your level of experience. That being said, a psychology degree helps to open the door to a variety of career paths – making it easy for you to have some versatility in pursuing specialization with better pay.
In addition, by earning advanced psychology degrees (master’s or doctoral), you stand to get jobs with higher salaries.
Generally, a psychology degree will provide a strong foundation for a rewarding and lucrative career.
3. Prestige
A psychology degree brings prestige in the following ways:
First, by earning a degree in psychology, you demonstrate that you have received a high level of training and education in your field. Psychology is a complex and multifaceted discipline that requires a thorough understanding of human behavior and mental processes.
Earning a psychology degree shows you have the requisite knowledge and skills to work in the field.
Second, a psychology degree is valuable because it opens the door to rewarding and prestigious career opportunities- as discussed earlier. These careers are increasingly highly respected and can bring a sense of prestige and accomplishment.
Pursuing a Psychology Degree: What to Consider
1. Financial Costs
While a psychology degree is a great investment in your future, consider the financial costs involved in earning the degree. Tuition and other associated expenses add up, so carefully plan your budget and explore all available financial assistance options.
Scholarships, grants, and loans are available to help you pay for your education, and many employers offer tuition reimbursement programs. By planning ahead and taking advantage of financial assistance, you can make your psychology degree more affordable.
But for the sake of context, DATA USA reports that the average tuition costs for Psychology majors in in-state public colleges and out-of-state private colleges are $7,508 and $33,100, respectively.
2. Time Commitment
The level of time spent pursuing a psychology degree depends on your specific career goals and the area of psychology you plan to study.
For most entry-level positions in the field, you will need to complete a bachelor’s degree, which typically takes at least 4 years. Some specialized fields, such as industrial-organizational psychology or sports psychology, may only require a master’s degree, which takes 2 to 3 years of graduate school.
However, for higher-paying job opportunities and certain career paths, you may need to complete a doctoral degree. This can take anywhere from 4 to 7 years of graduate-level study, depending on the specific program you choose.
Besides your formal education, you may also need to complete an internship as part of your training. For instance, most school psychologist positions require you to have an advanced degree- but you might get hired with a master’s degree.
If you want to become a licensed clinical psychologist, you will need to complete an additional 4 to 7 years of study at the graduate level, earning either a Ph.D. (research-focused) or a Psy.D. (practice-focused).
Overall, most licensed psychologists spend around 12 years in higher education before they can begin practicing in their field- a pretty significant time commitment to keep in mind!
So, Is a Psychology Degree worth it?
While the time commitment to earn this degree can vary depending on your goals and career path, completing a bachelor’s or advanced psychology degree can open up a wide range of job opportunities in the field.
Whether you’re interested in becoming a licensed clinical psychologist, a school psychologist, or a specialist in a particular area of psychology, the psychology degree will provide the knowledge and skills you need to excel.
Ultimately, whether a psychology degree is worth it will depend on your personal goals and aspirations. But if you’re passionate about helping others and making a difference in the world, then yes! Psychology can be a rewarding and fulfilling degree choice.
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