A doctorate degree and licensure is required for private practice.
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The salary you can expect with a Ph.D. in psychology depends on whether you have your degree in an applied specialty, as well as the industry in which you work. While anyone holding a doctorate in psychology can expect to earn significantly more than those holding a bachelor's or master's degree, those with a doctorate in industrial and organizational psychology, or working in education administration typically have the highest paying positions.
Direct Human Services
According to the APA, the median salary in 2009 was $87, 015 for doctoral-level psychologists with a clinical psychology specialty working in direct human services with the majority employed in independent practice settings including individual private practice, group psychology practice, and primary care group practice. The median salary for psychologists with a counseling psychology specialty was $81, 000, while the median salary for a school psychologist was $90, 000. The median salary for doctorate-level human service practitioners with other sub-specialties such as forensic psychology, child clinical psychology and clinical neuropsychology was $85, 000.
Applied Psychology
The APA reported that the median salary for those with a Ph.D. in industrial and organizational psychology and employed in applied psychology professions was $120, 000 in 2009. The median salary for those employed in applied psychology with a Ph.D. in a specialty other than industrial and organizational psychology was $100, 000. A Ph.D. in clinical psychology was the most common specialty in this second group.
Source: work.chron.com
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