Careers in Psychology...Starting salaries/debt of clinicians -U.S. Bureau of Labor Statistics, 2012...

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Careers in Psychology

Attaining a BA in Psychology •  Psychology is the 5th most common major

- Fogg et al., 2004; National Center for Educational Statistics, 2007

▫  Accounting for 439,000 students in the U.S. alone ▫  Behind business, education,

and nursing/pre-med

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•  In 2010, over 97,000 students graduated with a BA / BS in psychology ▫  Of those 24,250 (25%) went on to graduate school �  80% going to MA / MS programs �  20% going to PhD / PsyD programs

Attaining a BA in Psychology •  Psychology is the 5th most common major

- National Center for Educational Statistics, 2012

▫  Accounting for 439,000 students in the U.S. alone ▫  Behind business, education,

and nursing/pre-med

Seeking Higher Education

- Landrum & Davis, 2013

Employment with a BA in Psych • However, 3 out of 4 psychology majors do not go

on to graduate school •  Top professions with a BA in psychology:

1.  Management and administration 2.  Sales occupations 3.  Social work 4.  Personnel and workforce training 5.  Insurance, securities, real estate and business 6.  Marketing 7.  Nursing, assisting physicians 8.  Accounting and financial advising

- Fogg et al., 2004; National Center for Educational Statistics

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Types of Grad Programs •  Programs tend to be… ▫  Research-oriented �  Interested in establishing new scientific findings �  Includes mostly PhD programs �  Located at “Research 1” universities

�  State universities (e.g., UC-system) or Ivy League schools

▫  Applied �  Interested in real-world application/ practice �  Includes mostly Master’s and PsyD programs �  Located at state or private colleges (e.g., CSU-system)

Types of Grad Programs • Different levels of graduate school: ▫  MA programs meant to prepare you for PhD ▫  MS/W programs in counseling ▫  PsyD programs in counseling

(PhD minus research training) ▫  PhD programs in research or

clinical work, within… �  Mental health �  Neuroscience �  Social/ cognitive processes �  Child development �  Behavioral genetics

-2009 Doctoral Employment Survey (Michalski, Kohout, et al, 2011)

Counseling University or research Business or government Counseling (private) School Counseling

Employment of PhDs in Psychology

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Getting into Grad School

• Average scores of entering grad students:

▫  Overall GPA = 3.5

▫  Psychology GPA = 3.6

▫  GRE Verbal = 157 (73rd percentile)

▫  GRE Quantitative = 157 (71st percentile)

▫  Analytical = 4.4 (68th percentile)

- Graduate Record Examination Guide, 2012-13


•  Letters of recommendation

▫  Preferably with… �  Tenured faculty members �  Faculty who do research and/or

clinical work �  Faculty you know you outside of class

▫  Letter should include… �  Description of your strengths �  Discussion of your past efforts �  How you work with others �  How you deal with obstacles and stress


•  Previous research experience ▫  Chances of getting accepted

improve if you have… �  Worked on research with faculty

or private organizations

�  Conducted your own research (e.g., senior thesis)

�  Published papers or otherwise presented your research (e.g., poster session, colloquium)

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•  Previous clinical experience ▫  Chances of getting accepted

improve if you have… �  Volunteered or taken internship

at hospital/ counseling center

�  Received training at different psychological institutions

�  Worked with different populations (e.g., children, teens, seniors, families)


•  Personal Statement ▫  Most grad programs require a paper on why you

chose this field and are applying to that school ▫  Tips: �  Tailor your letter to the specific

program you’re applying for �  Mention the faculty there by name

and discuss why their work interests you

�  Discuss, specifically, what you hope to accomplish and be realistic

% of schools giving “high importance” rating to the following…

Master’s Program

Admissions Criteria

% Rated “High Important”

Letters of rec. 73%

GPA scores 69%

Statement of purpose 64%

Interview 47%

GRE scores 39%

Research experience 31%

Clinical work experience 20%

Doctoral Programs

Admissions Criteria


Letters of rec. 87% Statement of purpose 83%

GPA scores 71%


Interview 63%

GRE scores 53%

Clinical work experience

15%

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% of schools giving “high importance” rating to the following…

Doctoral Programs

Admissions Criteria


Letters of rec. 87% Statement of purpose 83%

GPA scores 71%


Interview 63%

GRE scores 53%

Clinical work experience

15%

Big Differences with PhD Programs:

•  More qualifications rated as highly important

•  Research experience rated as much more important

•  Statement of purpose and interview are more important, while GPA/ GRE scores are relatively less important


•  Timetable ▫  As early as possible �  Get involved in research/ counseling �  Form positive, professional relationships

with tenured faculty ▫  Junior year, Spring semester �  Begin building list of programs you are

interested in �  Start discussing your options with faculty �  Consider doing a senior thesis

�  Most students accepted into PhD programs have conducted independent research


•  Timetable

▫  Summer before Senior year �  Make a list of schools you will apply to �  Begin organizational method for applying

�  File-drawer or Excel file including all paperwork necessary for each program, due dates, and checklists

�  Begin studying for GREs �  Begin writing personal statements

▫  Senior year, early Fall semester �  Take GREs no later than October �  Ask professors for letters of rec.

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•  Timetable ▫  Senior year, late Fall semester �  Finish up and send off applications �  Deadlines for masters programs are

typically in February – April �  Deadlines for doctorate programs are

typically in December – January

▫  Senior year, Spring semester �  Wait for acceptance letters �  Visit colleges, go to interviews �  Pick which college you will attend

Higher Education in Psych •  PhD or PsyD?

▫  PhD programs practice the “Boulder Model” (scientist-practitioner model) �  Heavy emphasis on research �  All students, regardless of career goals, spend majority of

their efforts conducting research studies �  Of course, they’re still expected to practice counseling

�  Degree hinges on originality and quality of dissertation (i.e., original research)

▫  Criticisms �  Most applicants are interested in practice, not research �  So much research training is likely not necessary to be a

good clinician

Higher Education in Psych •  PhD or PsyD?

▫  PsyD programs practice the “Vail Model” (practitioner model) �  Heavy emphasis on psychological services �  Students spend majority of their efforts working with

clients in supervised sessions �  Must complete hundreds of service hours

�  Dissertation sometimes optional and most often revolves around reporting service hours or reviewing research

▫  Criticisms �  Some argue practitioners should have more experience

running research, given this is where most therapeutic techniques originate

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Higher Education in Psych •  PsyD programs are relatively new ▫  First initiated at U. of Illinois in 1968

•  They are growing in popularity ▫  Currently, there are…

�  174 accredited PhD programs in the U.S. �  65 accredited PsyD programs in the U.S.

�  27% of all accredited schools -  American Psychological Association, 2012

Higher Education in Psych •  PsyD programs are relatively new ▫  First initiated at U. of Illinois in 1968

• But, they are growing in popularity ▫  Currently, there are…

�  174 accredited PhD programs in the U.S. �  65 accredited PsyD programs in the U.S.

�  27% of all accredited schools -  American Psychological Association, 2012

•  They are also growing in respectability ▫  Accredited PsyD degrees now grant clinicians all the

same rights/ privileges as PhD degrees in the U.S.

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Higher Education in Psych • Other differences… ▫  PhD programs tend to have smaller class sizes (10 –

20 students per class) and dedicated faculty ▫  PsyD programs tend to have large class sizes (up to

several hundred students) and part-time faculty �  Many PsyD classes are only offered online

▫  PhD programs tend to take 5 – 6 years to complete ▫  PsyD programs tend to take 3 – 4 years to complete ▫  PhD students consistently outperform PsyD students

on licensure exams �  Likely due to smaller class sizes, more demanding class

work, and more selectivity in student admissions

Higher Education in Psych • Average Acceptance Rates:

MA PhD PsyD

Clinical Psychology 38% 17% 45%

Counseling 54% 29% -‐-‐-‐

School psychology 39% 31% -‐-‐-‐

Child development -‐-‐-‐ 9% -‐-‐-‐

Marriage/Family Therapy 70% -‐-‐-‐ -‐-‐-‐

Experimental / Teaching -‐-‐-‐ 16% -‐-‐-‐

Neuroscience -‐-‐-‐ 17% -‐-‐-‐

Forensic psychology 67% 45% -‐-‐-‐

- Mulvey, Michalski, & Wicherski, 2010

Higher Education in Psych • Average Rate of Full Financial Assistance: ▫  I.e., waiving tuition, plus a stipend (typically

$12,000 - $20,000 per year)

▫  Psy. D. Programs = 5%

▫  Practice-oriented Ph.D. Program = 55%

▫  Research-oriented Ph.D. Programs = 90%

- Norcross, Ellis, & Sayette, 2009

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Accrued Debt After Graduation • % of graduating students with a PhD

40%

30%

20%

10%

0% Under

$10,000 $10,000 - $40,000

$40,000 - $100,000

Over $100,000

8.7%

32.6% 39.0%

17.6


Accrued Debt After Graduation • % of graduating students with a PsyD

40%

30%

20%

10%

0% Under

$10,000 $10,000 - $40,000

$40,000 - $100,000

Over $100,000

8.8%

29.4%

46.7%

(14.3% over

$180K)

1.8%


Job Outlook for Psychologists

•  Thankfully, psychologists are more in demand now than ever before ▫  There are currently 174,000

psychology related jobs in the U.S. ▫  Projected 22% increase in jobs

between 2010 - 2020 �  Adding almost 40,000 new jobs

▫  This is above average compared to most doctoral or specialist professions

- Bureau of Labor Statistics, 2012

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Job Outlook for Psychologists • Unfortunately, there are far more psychology

majors than there are jobs available ▫  There are 174,000 psychology related jobs available, but

100,000 psychology majors graduating every year! •  Psychology currently has one of the highest

unemployment rates of all majors ▫  Clinical psychology: 19.5% unemployment ▫  Educational psychology: 10.9% ▫  Industrial/organizational psychology: 10.4% ▫  Miscellaneous psychology: 10.4%

• All are higher than average college grad unemploy-ment rate of 8.9% ▫  Compared to 23% for people with only HS degree

- Georgetown University Center on Education and the Workforce, 2011

• Average Starting Salaries: ▫  In academia… �  Assistant professor: $59,155 �  Lecturer: $42,212 �  Researcher: $60,767 �  Administration: $72,767 ▫  In clinical settings… �  Clinician: $60,046 �  Counselor: $56,533 �  School Psychologist: $63,391 ▫  In business… �  Administration/ HR: $67,804

- Michalski, Kohout, Wicherski, & Hart, 2011; U.S. Census Bureau, 2011

Job Outlook for Graduates Average salary overall = $60,334

Average salary for most doctorates = $99,697 Average salary for most masters = $70,856 Average salary for most bachelors = $58,613

Starting salaries/debt of clinicians

-U.S. Bureau of Labor Statistics, 2012

0

10000

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50000

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MA/MS PsyD PhD

Average Salary

Median Debt ($20,000)



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Is going to grad school worth it?

•  If you want to get a graduate degree to make more money, do not get a PhD ▫  “But I thought people make more money if they

have a higher degree?”

▫  Higher degrees make good economic sense in most fields �  Average salary across different fields in 2010:

�  BA-workers = $58,613 per year �  MA-workers = $70,856 per year �  PhD-workers = $99,697 per year

- U.S. Census Bureau, 2011


• However, higher degrees do not earn a higher income in psychology ▫  This is because at different degree levels, people

work in different industries ▫  People with BA typically enter management/ HR �  Average pay for managers/HR = $78,000

▫  People with an MA/ MS typically enter counseling �  Average pay for counselors = $66,000

▫  People with a PhD typically enter academia �  Average pay for teacher/ researcher = $65,000

Is going to grad school worth it? • Higher degrees do not mean a “cushier” job ▫  Private industries (doesn’t require MA/PhD) �  40 hour work week �  Median salary: $60,000 - $120,000 per year

�  Upper end: $58 per hour �  Lower end: $29 per hour

▫  Clinicians/researchers/faculty (requires MA/PhD) �  60 – 80 hour work week �  Median salary: $50,000 - $100,000 per year

�  Upper end: $32 ▫  Only $3 above the lower end of private industry jobs

�  Lower end: $12 ▫  You can make more working at Costco or Starbucks!

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Retirement

• Higher degrees do not earn a better retirement ▫  The more years you spend unemployed (e.g., in

school), the less you’ll save for retirement �  Retirement works on compound interest, so early

savings is the most important (has longest to grow) �  The first 5 years of earnings typically represent 20 –

30% of your total retirement savings

▫  Also, if you work at a university or in private practice, you do not pay into social security �  Meaning that you will not receive social security

benefits when you retire

Comparing Retirements

• HR personnel: ▫  Average salary per year = $78,000 ▫  Starts career at age 22 ▫  Automatically enrolled in 401(k) �  Contributes 10% of salary and company matches ▫  Retires at age 65 �  Retirement savings = $1.76 million �  Plus $23,000 in social security per month

�  Estimated for 2050 �  Retirement salary per year = $111,150

�  In 2050, this will be equivalent to $40,000 - 50,000

* From calculators provided by U.S. Bureau of Labor Statistics and CNN Money Retirement Calculator

Comparing Retirements •  Professor/ researcher/ private practice ▫  Average salary per year = $65,000 � Doesn’t account for student loan debt ▫  Starts career at age 30 ▫  Chooses to enroll in 403(b) �  Contributes 10% of salary (no matching) ▫  Retires at age 65 �  Retirement income = $1.02 million �  Not awarded social security �  Retirement salary per year = $50,900

�  In 2050, this will be equivalent to $17,000 - $25,000

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• Good reasons to go to grad school… ▫  If you love research or treating mental illness �  You don’t just love the idea of it, but you love the day-

to-day experience of actually doing it

▫  If you are a very hard worker �  If you’re the type of person who enjoys working 60 –

80 hours per week

▫  If you enjoy work that is often stressful and very challenging �  Many successful psychologists, especially clinicians,

describe themselves as “stress junkies”

Why wait? Because it’s smart!

•  If you’re not sure about going to grad school, take some time off from school to decide ▫  Get on-the-job experience to see if it’s what you’re

really passionate about ▫  Further develop your own interests in research or

clinical work �  Can be a great way to build up your resume!

▫  Wait for your friends to go to grad school and see what they get out of it �  When possible, learn from others’ mistakes ☺

Careers in Psychology...Starting salaries/debt of clinicians -U.S. Bureau of Labor Statistics, 2012...

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