Use These Career Building Strategies to Earn More Money in Psychology

It feels like a psychology degree coming out of a 4-year college is standard. So many people earn them that it can be challenging to know what to do with one, let alone how to make more money in psychology. New grads may simply be looking for jobs without realizing that they hold a very lucrative degree in their hands if used strategically.

Building a career with psychology as the foundation can lead to clinical applications or even alternative routes in sales or business. Understanding psychology can make you a better copywriter when you can determine the underlying motivations of the kinds of people who might buy a particular product and write in a way that connects them. You'll want to use some of these career-building strategies as you seek to make more money in psychology.  

Get an Advanced Degree

One of the best ways to stand out in the field of psychology is to pursue and earn an advanced degree. Many institutions require a Master's degree at least, while other career paths will require you to press on and pursue a Doctorate in Psychology. The time and effort invested in pursuing these academic paths will yield opportunities that very few people have.

Investing in an advanced degree in psychology can also open networking opportunities that connect you with people who can leverage your skills for anything from research to developing a better corporate culture. A doctorate will open far more doors than simply stepping out with a bachelor's degree.

Open a Private Practice

While it's essential to take on roles early in your career to expose you to different kinds of therapy, once you know what you want to specialize in, you'll make far more money by opening a private practice than you would be working for someone else. Working for non-profits and other underfunded sectors like public education and elderly mental health is especially true.

Opening a private practice means you can work with the kinds of clients you want, set your own hours, set your own rates, and operate on a cash basis only instead of accepting insurance and other outside funding. By doing this, you maximize your income and reduce your overhead. Some therapists see patients out of small offices and can make upwards of $150K or more per year.

Leverage Social Media

Becoming an online personality can help you share important tidbits with people who may one day need your services. Marital therapists can expand their reach simply by sharing tips on developing a healthy marriage. They can offer generic insight into some of the common problems that marriages experience and even how therapy can benefit even the best of marriages. Utilizing social media in the psychology field can open up opportunities to do remote therapy sessions, which can further increase your income. If you have a unique perspective, sharing it by using social media is an excellent way to stand out and build your career and your following.

Write and Sell Books

You have a unique experience and perspective that no one else has. That's why writing books is another great way to make money in psychology. You get to share your story, process, and methods and make money doing it. This can get your ideas into the hands of more people far more effectively than if they all came to you for therapy. Additionally, positioning yourself as an expert in the field of psychology can help you make new connections that can further your career and help you make more money.

Consider These 5 Psychology Fields

Engineering Psychology

In this field of psychology, you'll be helping to design operational plans, systems, and even equipment. The goal would be to reduce injury and improve productivity and efficiency. Engineering psychologists look at the ways people use machinery and processes to make sure they help the person doing the work and improve the outcomes of the work being done. People in this field of psychology can expect to make close to $80K per year.

Forensic Psychology

Thanks to television, more people know about the field of forensic psychology than ever before. This psychology field will earn you far more money than simply working in a hospital or local school will. In forensic psychology, you can use your skills to help people in many different legal situations. Forensic Psychologists are known to make an average of $70K+ per year.

Neuropsychology

When you get your doctorate in psychology, this is one of the best paying fields to consider. You'll spend your time in research and clinical facilities examining patients, performing neurological tests, doing brain scans, and so much more. The average pay in this field runs around $90K per year.

Psychiatry

Another viable option for those with a psychology background is to go into medicine and become a psychiatrist. As a medical doctor in this field, you'll evaluate and diagnose patients in addition to prescribing treatments and medication. While the path to this career field is long, around 12 years, it can help you earn an annual income of $208K per year or more.

Hospital Administration Psychology

There are hospital psychologists who oversee the other hospital psychologists. The person in this administrative position can earn upwards of $90K per year. There would be less client interaction in this role and more staff and program management instead. This type of role might require not only higher education in psychology but also an advanced degree in business management.

Making more money in psychology is entirely possible. Higher-paying opportunities typically start with an advanced degree like a Master's or Doctorate. Additionally, looking at your career opportunities may lead you to specialize, open your own practice, or expand your reach through social media. There are plenty of ways to earn a good living with psychology. Sometimes it means thinking outside the box and at industries that would benefit from someone who can understand how other people think and what drives their actions.