Wondering what are the highest paying jobs with a Master’s Degree in psychology? You’ll be surprised to know that even without a doctorate or a medical degree in psychology, a wide array of lucrative career options awaits your Master’s diploma!
For this list, we have gathered suggestions from About Psychology, Business Insider, and Best Psychology Degrees to find out the jobs with the best salaries in this field. We have ranked the jobs according to average annual income of each job, as per indicated on our sources. Note that these are loosely based on the figures indicated on our sources, and as such could be higher or lower than actual salaries. It is also important to note that these salary figures may vary depending on tenure in service.
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So, which career in psychology is going to get you closest to your dream billionaire lifestyle? Read more to find out the 11 highest paying jobs with a Master’s Degree in Psychology and don’t forget to check out our other article on highest paying jobs with a Master’s Degree in Criminal Justice.
11. Recreational Therapist
Average annual salary: About $42,000
Recreational therapists find employment in care facilities, helping and planning study-based recreation that best suits people with special care needs. Anyone with a Bachelor’s Degree in Psychology can apply for this job, but a Master’s Degree can guarantee higher pay and bigger opportunities. The license is required in some states.
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9. Career Counselor
Average annual salary: About $53,000
Picking a career is a crucial juncture in anyone’s life – not just pre-college teens – that is why there is a growing demand for career counselors. A career counselor’s job entails helping clients pick the right job through a series of tests – aptitude, skills, personality – and counseling sessions.
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9. School Career Counselor
Average annual salary: About $53,000
They are the school version of career counselors, getting employment in various levels of the academe. They help kids identify and overcome behavioral challenges in school, help them find their “niche”, help pre-college students figure out what career to take, and provide counseling for college students as well. With a Master’s Degree and some certification, this job could earn upwards of $53,000 per annum.
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8. Market Research Analyst
Average annual salary: About $60,000
Marketing is all about understanding the buyers – and who could best understand how the buyer’s mind works than a psychologist? Market research analyst job is one of the highest paying jobs with a Master’s Degree in Psychology mainly because of the lucrative industry that it belongs to. They are employed in production companies, ad companies, even media outlets to help provide insight on what sells the best.
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7. Genetics Counselor
Average annual salary: About $63,000
The medical world is only beginning to understand the depth and complexities of genetic disorders, and part of the improving patient care is providing counseling to both the patients of genetic disorders and their families. Though currently an emerging market, this field is seen to grow as the understanding of genetic conditions grow.
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6. Experimental Psychologist
Average annual salary: About $69,000
This field is rapidly growing and opening more slots as more companies and industries realize the need for psychologists to improve their businesses. But what do experimental psychologists do? The work involves tons and tons of research and experimenting– if that is your strong feat, this job may be just for you.
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5. Forensic Psychologist
Average annual salary: About $70,000
Remember all those characters in lawyer and crime movies – the psychologists who testify and offer their ‘professional opinion’ on cases? They are what forensic psychology is about and it is one of the highest paying jobs with a Master’s Degree in Psychology. The downside of this job is that it can get pretty nasty – with crimes, abuses, and the heart-wrenching child custody battles that it usually entails. The great part about it is, if you go beyond your Master’s education and get specialized and maybe a Ph.D. for it, you can take home six figures.
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4. School Psychologist
Average annual salary: About $72,000
The annual salary for school psychologists – at the Master’s Degree level of education – varies from $60,000 to as high as over $90,000. They are most needed in schools of all levels – to guide, counsel, and assist children in their behavioral, cognitive, and other related needs. Higher education, longer tenure in school, as well as the type of school you are employed in, could all determine how high your salary can go.
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3. Engineering Psychologist
Average annual salary: About $80,000
This industrially-centered psychology field is concerned with using the understanding of the human mind in creating, developing, and improving new systems, operations, and technologies. It is like the love child of psychology and engineering – and to get an entry-level job in this field requires a background in engineering psychology and a Master’s diploma to boot.
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2. Correctional Psychologist
Average annual salary: About $85,000
This job requires a Master’s Degree in clinical psychology and federal licenses. Because of the occupational risks the job poses, compensation is much higher than most other jobs. But you won’t be working by your lonesome as a correctional psychologist; you’ll be working with a team of lawyers, caseworkers, and personnel in the correctional facility to help create a safe environment inside the prison. You may also be required to make diagnoses on special case prisoners to be used in court to make decisions on their cases.
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1. Industrial and Organizational Psychologist
Average annual salary: About $97,000
The job that tops our list of the 11 highest paying jobs with a Master’s Degree in Psychology entails a whole range of knowledge and skill sets – and is thereby compensated by sweet, fat paychecks. Industrial and Organizational Psychologists work in corporations making important inquiries and conclusions on employee behavior, organizational efficiency, and rapport, work ethics, career attitudes and development, along with a ton of other concerns. They are also part of the team that trains and coaches employees, designs programs to benefit every member of the organization, and even assess consumer satisfaction.
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If you’re considering taking up Psychology in college, or pursuing further studies in the field, this list of the highest paying jobs with a Master’s Degree in Psychology should help you find which area to specialize in to get the most lucrative career fit for your skills.