Making Money in a Psychology Career
Will having a Bachelor's degree lead to financial struggle? The simple answer is "no". A lot of the reason for this answer is that as a Psychology major you have knowledge about the psychology behind thinking and behavior, including the decisions we make, and this knowledge has value. This is because our lives revolve around thinking and behavior--from being a medical doctor to rading stocks to being a lawyer. Thus, employers in various fields are looking for people like you who understand thinking and human behavior.
There is data to support what was said above. For example, evidence of a psychology degree's broad appeal can be found in a 2010 National Science Foundation survey of college graduates. This survey found that 81% of all psychology majors are employed in a field different than Psychology. This percentage is higher than those with degrees in Biology (51%), Computer Sciences (34%), and Engineering (20%). What fields do Psychology majorts enter? The College Majors Handbook notes the following: Management and Administration positions, Advertising, Marketing, and Promotions, Social Work, and Labor Relations. Let's take a quick look at these career areras.
1) Those with jobs in Management and Administration are involved with coordinating and directing aspects of an organization. For example, there are human resources managers who oversee personnel issues. Then you have a health care administrator who might manage a medical practice. We should note that the US Bureau of Labor Statistics estimates that those in Management and Administration have an annual median salary of $81,080, and job growth prospects of 12% between 2012 and 2022.
2) If you get a job in the areas of Advertising, Marketing, and Promotions you will develop strategies for generating interest in a product. This includes working with others to plan advertising and promotional campaigns. You might also conduct market research that tries to understand consumer behavior for a product. For these jobs the Bureau of Labor Statistics lists the average yearly income for an Advertising Manager at $88,000, a Marketing Specialist at $56,000, and a Marketing Research Analyst at $60,000. In addition, Bureau of Labor Statistics projects that employment for advertising and promotions managers will grow 5 percent from 2014 to 2024, and employment of marketing managers will grow 9 percent from 2014 to 2024.
3) Social workers are very related to clinical psychologists in that they help those in need deal with issues. In addition, clinical social workers also diagnose and treat mental, behavioral, and emotional issues. Social workers deal with child protection, and help to connect clients with agencies and programs that will meet their psychosocial needs). The Bureau of Labor Statistics lists the median annual wage for social workers in May 2015 at $45,900. It's good to know that the employment of social workers is projected to grow 12 percent from 2014 to 2024.
4) If you work in Labor Relations you act as a mediator between employees and the employer. Typically, the individual work for a company/corporation and then represent management during contract negotiations. In addition, Labor Relations workers the company when there is a grievance hearing. According to the Bureau of Labor Statistics, the median annual wage for labor relations specialists was $58,820 in May 2015. However, employment of labor relations specialists is projected to decline 8 percent from 2014 to 2024.
Please note that the comments of Dr. Golding, Dr. Lippert and the others who post on this blog express their own opinion and not that of the University of Kentucky.
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