Become a Psychologist

Since there is a tremendous amount of diversity among psychology professions, it is only natural that there is a wide range of potential salary earnings as well. It is well-known that psychology degrees lead to some of the most rewarding careers for individuals who want to have a significant positive impact on the world around them. On the other hand, a lesser-known fact is that some occupations within the psychology field are quite lucrative as well. Some leading psychologists and psychiatrists in the field even earn around the quarter million mark annually! The following is an in-depth explanation about the highest paying jobs found in psychology.

Convenient Degree Options

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1. Psychiatrist

Psychiatrists are medical doctors that receive specialized training for the treatment of mental and emotional disorders. Although psychiatrists are often confused with psychologists, psychiatrists differ in that they possess a medical degree and the ability to prescribe medications for the treatment of mental illness. Similar to a medical physician, psychiatrists often perform diagnostic testing and physical examinations. Through psychotherapy techniques, psychiatrists are also able to help patients discuss their problems and provide solutions to make meaningful improvements in their lives.

Without a doubt, psychiatry is the highest-paying field that one can enter in psychology. According to the Bureau of Labor Statistics from May 2012, the mean annual salary for psychiatrists is $177, 520, which is equivalent to a mean hourly wage of $85.35. Psychiatrists that are employed in residential care facilities earn significantly more than the average, at $212, 490 annually. Those employed by outpatient care centers also make even higher salaries, averaging $198, 290.