Psychology Degrees

Abstract

Psychology is a very popular undergraduate major. Examining wage data from a range of degree holders reveals much about the expected career trajectories of those with psychology degrees. First, regarding baccalaureates, psychology and other liberal arts graduates—compared with those from certain preprofessional and technical undergraduate programs—generally fall in relatively low tiers of salary levels at both starting and later career points. Salary levels among baccalaureate alumni groups correlate with averaged measures of salary satisfaction, repeated job seeking, and perceptions of underemployment. These patterns seem to stem from the specific occupational categories (job titles) entered by graduates in psychology compared with other graduates, calling into question the employability advantage of so-called generic liberal arts skills. Second, psychology master’s degree holders also generally fall in a low tier of salary among their science, engineering, and health counterparts. Third, psychology college faculty (including instructors) fall in low tiers of salary compared with their colleagues from other academic fields. Such broadly based indications of the relative economic disadvantages of psychology degrees have implications for career counseling in the field.