Industrial & Organizational Psychology Salary Ranges
As the world of business continues to shift in new directions, workplace norms and standards are also changing. New corporate structures and hierarchies are being tested, and a serious discussion on human behavior in the workplace is beginning. This has fueled the growth of industrial-organizational psychology, or the study of human workplace behavior. Because this is such a new field, questions arise about topics such as job growth and industrial-organizational psychology salary. What education is required? What skills are needed? Is the field lucrative? These are all important questions as you consider if the field is right for you.
Industrial-Organizational Psychology Jobs
Industrial-organizational psychology applies psychological principles to tackle various organizational challenges across personnel, administration, management, sales, and marketing sectors. Professionals in this field often venture into human resources, taking active roles in employee recruitment, training, organizational structure, and policy development.
Common career paths in industrial-organizational psychology include:
- Management Consultant
- Performance manager
- Human resource manager
- Training and development specialist
- Survey researcher
- Personnel researcher
- Talent Management Specialist
Compensation Trends in Industrial-Organizational Psychology
Industrial-organizational psychologists command a strong salary, with the median annual wage standing at $147,420. Top earners in the field can make over $200,000 annually. Beyond the financial rewards, the profession is on the rise, with the Bureau of Labor Statistics predicting a 6 percent growth by 2032. This anticipated growth underscores the importance of the field and its significant impact on improving workplace efficiency and productivity.
Education Level
One major factor that can affect your possible salary is how much education you have attained. The National Association of Colleges and Employers has reported that the average starting salary of someone with a master’s degree is approximately 20 percent higher than someone with a bachelor’s degree. This can significantly impact not only your current financial situation, but also your salary in the future. Investing in your education can pay big dividends.
Bachelor’s Degree in Industrial-Organizational Psychology
According to Payscale, a salary reporting website, the median salary of a professional with just a bachelor’s degree in the field is $58,429. The median starting salary for this degree is $42,740, and with experience salaries can reach upwards of $87,000.
Master’s Degree in Industrial-Organizational Psychology
For graduate degrees, the median salary of a master’s recipient is $76,405. The median starting salary is $58,000. With extended experience, professionals can see salaries above six figures, with field veterans of 20 years or more reporting salaries of $120,000.
Experience Matters
According to Payscale, individuals new to the field of psychology, with less than a year of experience, typically start with an annual salary around $75,000. This entry-level compensation often encompasses bonuses and overtime, providing a robust beginning to their careers.
Psychologists with one to four years of experience witness a significant increase in their average earnings, rising to approximately $81,633. This increase is indicative of the expanded responsibilities and enhanced understanding of their profession acquired over the years.
Reaching the mid-career point, those with five to nine years of experience see their salaries surge to an average of $118,751, signifying the high value placed on their accumulated expertise and advanced problem-solving skills.
Professionals with a decade to nearly two decades of experience in the field typically reach an earnings zenith, averaging around $123,655. This period is often characterized by leadership roles and oversight of pivotal projects that shape the strategic trajectory of their organizations.
Intriguingly, psychologists with over twenty years of experience may observe a stabilization or decrease in their average salary to about $101,736. This could be attributed to several factors, such as a reduction in working hours, transition to consultancy, or a deliberate withdrawal from the intensive demands of the field.
Location
Some employees receive more for the same position in a different place. This can be because of a strong need for these professionals or partially because of an increase in the cost of living. It can be to the benefit of someone entering industrial-organizational psychology to find a location that is beneficial to them.
Cities with I-O Psychology Salaries
Higher Than the National Average
- San Francisco 29%
- New York 25%
- Washington 20%
- Los Angeles 17%
- Minneapolis 7%
Cities with I-O Psychology Salaries Below the National Average
- Orlando 15%
- San Antonio 11%
- Louis 15%
- Austin 9%
- Phoenix 2%
The Next Steps
At Touro University Worldwide, we offer a window into the growing field of industrial-organizational psychology. Our Master of Arts in Industrial and Organizational Psychology is taught by experienced faculty members who offer real-world expertise you’ll use in your new career. With our flexible and convenient online format, you can work around your schedule. Upon graduation, you will have the skills and credentials needed to excel in the workplace.
Create a brighter future with a rewarding career in industrial-organizational psychology with a degree from TUW. Begin your journey and learn more about our online industrial-organizational psychology program today.
