Earnings

• The BLS reports the median annual salary of clinical, counseling and school psychologists in May 2008 as $64,140. The highest 10 percent earned more than $106,000 while the bottom 10 percent made less than $38,000. The median annual salary at the same time for industrial-organization psychologists was $77,010. The top 10 percent in this category earned just under $150,000. The top-paying states for psychologists are New Jersey, Colorado and California.
  
  

Industry

• The five industries most commonly employing psychologists are individual and family service centers, outpatient care centers, state governments, schools and the offices other health practitioners. Of these, the highest paid psychologists on average worked in an office with another health practitioner and made about $68,400. Those working at outpatient care or family service centers averaged the least, under $60,000 each. Psychologists at schools and in state government earned about $63,000 to $65,000.
  
  

Education

• Psychologists are highly trained individuals who are generally expected to have a doctoral degree in psychology. Psychologists who earn a Ph.D. also qualify for a variety of academic, clinical and teaching positions. The doctoral degree typically requires five years of study, and the Ph.D. is based on practical work and examinations. A variety of specialist degrees are also available and are typically required for certain types of work. For example, working as a school psychologist typically requires and Ed.S. degree, taking an additional two years of study and a year of internship.
  
  

Prospects

• The BLS lists the prospects of psychologists to vary by specialty. Placement is psychology programs will continue to be competitive. The number of positions for industrial-organizational psychologists is expected to grow at well above the 14 percent growth rate of the profession as a whole. Demand for school psychologists is only expected to grow about 11 percent. Job applicants with a doctoral degree from a recognized institution in a field of applied psychology and those with experience in quantitative research methods and computer science are expected to be among the most desirable.