Is a Master's in Psychology Worth It?
If you have an undergraduate degree in psychology or a related field, you may be thinking about pursuing a graduate degree. Although there is plenty you can accomplish with a bachelor’s degree, many more opportunities may become available when you earn a Master of Science (MS) in Psychology. Is a master’s in psychology worth it? How much do you make with a master’s in psychology? Let’s take a closer look.
In This Article:
- Where Can I Work With a Master’s in Psychology?
- Should I Get a Master’s in Psychology? 5 Reasons Why You May Want To
- Is a Master's in Psychology Worth It Without a PhD?
- Choosing the Right Master’s Program
- How Much Do You Make With a Master’s in Psychology?
Where Can I Work With a Master’s in Psychology?
Graduates with a master's in psychology may pursue work across a wide range of settings. With a graduate degree, you might find yourself applying to positions in settings such as:1
- Colleges and universities
- Local, state and federal governmental agencies
- Healthcare settings
- Marketing and advertising firms
Should I Get a Master’s in Psychology? 5 Reasons Why You May Want To
Earning a master’s degree in psychology can be an advantageous move for people hoping to grow and advance in their field. Below, we share five benefits of a master's degree.
1. A Variety of Jobs With a Master’s in Psychology
By earning a master’s degree, you can position yourself for potential job opportunities that may not be available to those who hold only a bachelor’s degree. For example, if you are interested in industrial-organizational or forensic psychology, many employers in these fields prefer candidates to hold a master’s degree.1
In addition, a minimum of a master’s degree is highly recommended for many other career paths in psychology, including the following:
- Postsecondary teacher at a community or junior college
- Career counselor at a university
- Employer counselor
- Rehabilitation counselor
- Human factors psychologist
Remember to research the requirements for jobs that interest you in order to ensure you are prepared to apply. Overall, holding a master’s degree may enhance your eligibility for many jobs in the field of psychology.1
2. Opportunities to Specialize
Another reason to consider earning a master’s degree is the opportunity to specialize in a particular area of psychology. You can more closely explore an area of interest and dive deeper into materials that may help you better understand the human mind. With a Master of Science in Psychology degree, you can choose an emphasis that suits your career goals and interests.
Some specialization options that you may decide to explore include:
- Forensic Psychology
- Geropsychology
- Health Psychology
- Human Factors Psychology
- Industrial and Organizational Psychology
- Life Coaching
3. Flexible Psychology Degree Options
No matter your field, experience is always valuable and can help you realize your career aspirations. Some master’s degree programs are designed with online or evening class options, so you can work and gain experience while also working toward your degree. It is a good idea to research different degree modalities and determine which works best with your lifestyle and career goals.
4. Open the Door to a Doctoral Degree
Once you have earned a master’s degree in psychology, you may choose to further your education by earning a Doctor of Philosophy (PhD) in General Psychology. By doing this, you can discover even more career opportunities in the field of psychology, such as those of industrial-organizational psychologists and social science research assistants.
As the highest attainable educational degree, a doctorate can set you apart from other job applicants. Doctoral degrees also allow for exposure to specific areas of interest such as cognition and instruction, industrial and organizational psychology, technology, learning and psychology integration.
5. Pursue Your Passion
Your dedication to psychology can be an essential key in motivating you to work hard in your studies. In the end, taking the step to earn a master’s degree can be worth it if you are genuinely passionate about this field of study.
Is a Master’s in Psychology Worth It Without a PhD?
Earning a master’s degree can enable you to apply for a wide range of career options in the field — from academia to private corporations to governmental agencies.1 However, if you decide that you’d like to further your career ambitions, then you might want to go back to school to earn a PhD after obtaining your master’s degree. A doctorate allows you opportunities to conduct original research in a particular area of interest.
Choosing the Right Master’s Program
If you’ve decided that a master’s degree is right for you, you may be wondering how to start the process. First, you will need to complete your undergraduate degree if you have not done so already. During this time, you may want to pay special attention to your grades and other activities, because these may benefit you when starting the application process for some universities.
Next, you should research universities and the psychology programs they offer. You may want to consider factors such as accreditation, modalities and specializations available. This will help you decide where you may want to apply.
Once you have an idea of where you would like to earn your master’s degree in psychology, it is time to start the application process. Many universities have admissions counselors who are happy to guide you through this process. Once you are accepted into a program, you’re ready to start your journey as a graduate student.
How Much Do You Make With a Master’s in Psychology?
Salary is a highly variable factor that you might want to consider when planning your career pathway. It’s not possible to say exactly how much you might expect to earn, as this is dependent on your specific career choice, employer, geographic location, years of experience, additional credentials and many other factors.
For example, you might decide to become an industrial-organizational psychologist. According to the U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, the national median annual salary for these psychologists was $147,420 as of May 2023.2
Or, let’s say you’ve decided to become a human resources manager after earning a master’s in psychology.1 According to the BLS, HR managers had a median annual salary of $136,350 as of May 2023.3 Grand Canyon University offers many psychology degree programs at both the undergraduate and graduate levels.
1 Cherry, K., MSEd. (2022, Sept. 15). Jobs For A Master’s Degree In Psychology. VeryWellMind. Retrieved July 17, 2024.
2 The earnings referenced were reported by the U.S. Bureau of Labor Statistics (BLS), Psychologist as of May 2023, retrieved on July 17, 2024. Due to COVID-19, data from 2020 to 2023 may be atypical compared to prior years. BLS calculates the median using salaries of workers nationwide with varying levels of education and experience. It does not reflect the earnings of GCU graduates as Psychologist, nor does it reflect the earnings of workers in one city or region of the country or a typical entry-level salary. Median income is the statistical midpoint for the range of salaries in a specific occupation. It represents what you would earn if you were paid more money than half the workers in an occupation, and less than half the workers in an occupation. It may give you a basis to estimate what you might earn at some point if you enter this career. Grand Canyon University can make no guarantees on individual graduates’ salaries. Your employability will be determined by numerous factors over which GCU has no control, such as the employer the graduate chooses to apply to, the graduate’s experience level, individual characteristics, skills, etc. against a pool of candidates.
3 The earnings referenced were reported by the U.S. Bureau of Labor Statistics (BLS), Human Resources Managers as of May 2023, retrieved on July 17, 2024. Due to COVID-19, data from 2020 to 2023 may be atypical compared to prior years. BLS calculates the median using salaries of workers nationwide with varying levels of education and experience. It does not reflect the earnings of GCU graduates as Human Resources Managers, nor does it reflect the earnings of workers in one city or region of the country or a typical entry-level salary. Median income is the statistical midpoint for the range of salaries in a specific occupation. It represents what you would earn if you were paid more money than half the workers in an occupation, and less than half the workers in an occupation. It may give you a basis to estimate what you might earn at some point if you enter this career. Grand Canyon University can make no guarantees on individual graduates’ salaries. Your employability will be determined by numerous factors over which GCU has no control, such as the employer the graduate chooses to apply to, the graduate’s experience level, individual characteristics, skills, etc. against a pool of candidates.
Approved and verified accurate by the assistant dean of the College of Humanities and Social Sciences on Sept. 13, 2024.
The views and opinions expressed in this article are those of the author’s and do not necessarily reflect the official policy or position of Grand Canyon University. Any sources cited were accurate as of the publish date.
