Psychology Salary Report 2024
Compensation for psychologists varies dramatically based on setting, geographic location, and business acumen (for those in private practice).
National Medians
According to the Bureau of Labor Statistics (BLS) data aggregated in early 2024, the median annual wage for clinical and counseling psychologists is $90,130. However, this number blends early-career community mental health workers with veteran private practitioners.
| Work Setting | Median Salary |
|---|---|
| Hospitals (State, Local, Private) | $104,280 |
| Ambulatory Healthcare Services | $101,860 |
| Government (VA) | $104,870 |
| Elementary/Secondary Schools | $82,770 |
Private Practice: The Ceiling
Private practice salaries are highly variable. A solo practitioner charging $200/hour seeing 25 clients a week grosses $240,000 annually. However, after rent, malpractice insurance, EHR software, self-employment taxes, and uncompensated admin time, net take-home pay is typically 30-40% lower.
FAQ
No. Psychiatrists are medical doctors (MD/DO) who prescribe medication. Their national median is over $220,000, significantly higher than psychologists.
Next steps: Use our Private Practice Tax Estimator to calculate net income.