People who are either thinking about getting a degree or have already earned a degree in Organizational Psychology might be wondering what an Organizational Psychology salary is like. There is actually a wide range of salaries depending on the level of education of the individual, experience of the individual, geographic location, and the specific organization.
People with a Bachelor’s in Organizational Psychology have some job opportunities, but those with a master’s degree or Ph.D. have more opportunities at higher pay. There are also several different sectors that a person could choose to enter, including business, higher education, and government. The exact salary range will depend on the sector in which the individual secures a job. Due to the diversity of factors that are involved in salary, it’s impossible to pin down an exact number for each individual, but here are a few general ranges based on a few common criteria.
Findings From the Society For Industrial & Organizational Psychology
The Society for Industrial & Organizational Psychology (SIOP) publishes a comprehensive report based on the reported earnings of respondents who are members of the society. The report looks at factors including age of the respondent, education level, geographic location, years since earning the highest degree, and industry entered by the individual.
Highest and Lowest Earners According to Education Level, Age, and Industry
According to the 2016 report from the Society for Industrial & Organizational Psychology, the Organizational Psychology salary for those with a Ph.D. working in private consulting earned the most with a median income of $200,000. People with a master’s degree working in banking, finance, and insurance earned at a median salary of $105,000. What’s also interesting to note is that the median income rose significantly with age. Those under the age of 35 with a master’s degree in 2015 earned a median income of $74,000, while those with a master’s degree in the same year but were at least 55 years of age earned a median income of $115,000. University or college employees reported some of the lowest incomes both for master’s-level and doctorate-level respondents; master’s-level respondents reported earning a median income of $58,000, the lowest income of respondents, and doctorate-level respondents reported earning a median income of $103,000, the third lowest of the Ph.D. respondents.
Many people who work in Organizational Psychology also earn additional income in several other ways. Master’s-level respondents reported a mean supplemental income of about $5,900 in consultancy and teaching. The reported supplemental income from Ph.D.-level respondents was much more varied. Doctorate-level academics earned extra income from additional teaching, speaking, consulting, writing, internal and external grants, and other sources. The highest mean supplemental income source was internal grants at about $25,000 and the lowest was speaking at about $4,500. Those who identified as doctorate-level practitioners earned supplemental income from additional teaching, consulting, writing, and other sources. Consulting offered the highest mean supplemental income of about $22,000, and other sources offered the lowest mean supplemental incomes of about $12,000.
The incomes of those working in Organizational Psychology vary, and there are many factors that affect the range into which a person working in this field will fall. Attaining the highest Organizational Psychology salary is dependent on years of experience and education level, so attaining the highest earnings in this field will likely take many years.