Social Worker VS PsyD/Phd(psychologist)?

Question

Do these professions both pretty much make the same amount of money?
Is it really worth it to get a Phd in Psych if you want you want to do is counseling, since you'll be doing what you enjoy and making the same amount of money?
Thanks

Thank You! But, do you think that the difference between the pay rates is that much of a gap?
I'm def. going for my PsyD

Answer 1

The LCSW (Licensed Clinical Social Worker) is a professional license that authorizes Master of Social Work graduates to provide independent psychotherapy and other clinical services to individuals, couples, families, and groups. It requires at least a Master's degree and 2 years of postgraduate experience. The average social worker makes about $49,000.

A licensed psychologist (Ph.D./Psy.D.) has a doctorate and at least one year of postdoctoral experience. A licensed psychologist can do individual, couples, family, and group therapy, as well as assessment and evaluations, consultation, research, and supervision. The average psychologist makes $75,000.

I had a coworker who was working toward her LCSW and she claimed that social workers made more money in volume. Her argument was that LCSWs charge less per hour than psychologists. So, when insurance companies received referral requests from patients, they were more likely to refer patients to the cheaper LCSWs than the Ph.Ds and Psy.Ds. I guess it depends on where you live and work to see if that is true.

Answer 2

1

Answer 3

I don't know where you live, but where I live in New York, the rate of pay is not hugely different. On average, a clinical psychologist (equivalent to a PsyD where I live) makes about $1000 per year more than an LCSW. The LCSW now requires 3 years post graduate supervision and the R# credential (required for insurance reimbursement) requires the LCSW plus 3 more years supervised experience. I've worked in agencies my entire professional career (20 years) as private practice does not appeal to me for many reasons. But I've worked in both state licensed clinics and private organizations alongside psychologists who onlt make $1000 a year more. I chose Social Work as it was 1) more expedient and 2) much more marketable. Agencies generally prefer Social Workers because we're cheaper to pay (but not by much) and insurances prefer Social Workers as the rates are slightly less (again, not by much-perhaps $5-$10 per session) and the only things a Psychologist can do that Social Workers can't are 1) Psychological Testing (highly valuable if you ever want to work in a school which is a primo position-good pay and summers off, but hard jobs to come by) and 2) bill Workman's Comp (social workers can't).
I think it's a matter of how quickly you want/need to get into practice more than the difference in pay and the type of work you want to do (if you want to do testing/IQ evals, etc). I've never regretted my choice and I did strictly therapy until I became a Clinical Supervisor.

Answer 4

I think, on average, psychologists make more money than social workers just because the nature of employment--social workers tend to be employed by local or state governments, and government is not known for paying well.

Also, you should consider the PsyD program if you want to counsel. It is the equivalent of a PhD, but without the research component.

Answer 5

Psyd Salary

Answer 6

According to Cdn Statistics
Social Worker hourly wages ($22.32) are above average ($16.91), and the rate of wage growth is above average. The unemployment rate (2.4%) is below average (5%). However, the supply of new entrants, mostly recent graduates, matches the number of job openings.

Psychologist hourly wages ($27.12) are above average ($16.91), but the rate of wage growth is average.
The unemployment rate (0.5%) is significantly below average (5%). The number of job openings exceeds the number of job seekers, and most new entrants are recent graduates.

So in Canada, Psychologists make more and have better job prospects. I hope this helps.