If you’re considering pursuing a master’s degree in industrial organizational psychology, you likely have questions about the potential salary you could earn in this field. Understanding the earning potential for this degree can help you make an informed decision about this next step in your career.
What Is Industrial Organizational Psychology?
Before we dive into the details of master’s degree salaries, let’s take a quick look at what industrial organizational psychology is all about. Essentially, this field is concerned with applying psychology concepts and principles to the workplace. Practitioners in this field may be tasked with things like improving workplace productivity, resolving conflicts between employees, or designing better training programs.
How Much Can You Earn with a Master’s in Industrial Organizational Psychology?
It’s important to note that salaries can vary quite a bit depending on factors like location, years of experience, and the specific industry you work in. However, in general, a master’s in industrial organizational psychology can lead to salaries that are significantly higher than those earned by individuals with just a bachelor’s in psychology.
According to data from the Bureau of Labor Statistics (BLS), the median annual salary for industrial organizational psychologists as of May 2020 was $97,260. However, the top 10% of earners in this field brought in salaries of $197,700 or more. Keep in mind that these numbers are just averages—your actual earning potential will depend on a range of factors.
Factors That Influence Industrial Organizational Psychology Salaries
As mentioned, the salaries for industrial organizational psychologists can vary based on a range of factors. Here are a few things that could impact how much you earn in this field:
Salaries can vary widely depending on the geographic location where you work. For example, industrial organizational psychologists working in California tend to earn more on average than those working in other states.
Generally speaking, the more experience you have in the field, the higher your potential salary may be. This is true for most careers, and industrial organizational psychology is no exception.
As we’ve discussed, earning a master’s in industrial organizational psychology can set you up for significantly higher salaries than those with just a bachelor’s in psychology. Additionally, earning a Ph.D. in this field can further increase your earning potential.
The industry where you work can have a significant impact on your salary. Industrial organizational psychologists who work in areas like management, scientific, and technical consulting services tend to earn higher salaries on average than those working in other industries.
Potential Job Titles and Salaries in Industrial Organizational Psychology
So, what specific positions might you be able to pursue with a master’s in industrial organizational psychology, and how much could you earn in those roles? Here are a few examples:
Human Resources Manager
Human resources managers are typically responsible for overseeing an organization’s HR department. This position can pay quite well, with a median annual salary of $121,220 as of May 2020 according to the BLS.
Training and Development Manager
Training and development managers are responsible for creating and implementing training programs for employees. As of May 2020, the median salary for this position was $113,350 per year.
Occupational Health and Safety Specialist
Occupational health and safety specialists work to ensure that workplaces are safe for employees. The median annual salary for this role was $76,340 as of May 2020.
Employee Relations Specialist
Employee relations specialists are responsible for managing relationships between employees at an organization. This position pays a median salary of $67,340 per year according to BLS data from May 2020.
While there are a variety of factors that can influence how much you could earn with a master’s degree in industrial organizational psychology, the overall earning potential in this field is quite strong. With a median salary of almost $100,000 and a range of potential job titles to pursue, a master’s degree in this field could set you up for a fulfilling and well-compensated career.