5. Your Financial FutureMaking Dollars and Sense

Graduate School FundingPost-Graduate Salaries

Graduate School Funding

SavingsLoansTeaching Assistantships (TAs)Research Assistantships (RAs)Fellowships

Graduate School FundingM.S. programs only provide support for

about 25% of their studentsPsy.D.s support about 35%-40%Ph.D.s support 90% +Funding can be fellowship, TA or

RA with/without tuition waiverstuition waiver is important issueDo not make decisions based primarily

or exclusively on the basis of fundingFinancing Graduate School:

How to Get the Money You Need for Your Graduate School Education (Patricia McWade)

Post-Graduate SalariesWidely variable depending on

-area of specialization-level of training -workplace setting-length of time in the field

e.g., individual private practitioner vs. educator

Independent Private Practitioner

Independent Private Practitioner

95K

Independent Private Practitioner

95K

=50K

45K 145K

Rule of QuartersOne-quarter overhead One-quarter retirement and healthOne-quarter taxesOne-quarter to live on

Faculty Salaries in Psychology(Chronicle of Higher Education, 2005)

Annual Salaries in Dollars

Masters Salaries vs. Doctoral SalariesProfessionals with masters degrees often do not make

substantially less than those with doctoral degreesDoctoral programs require 3-4 years longer,

which translates into lost incomeIf you start 4 years later with a $60,000 starting

salary.You are at least $240,000 down at the point

of entry into the field with your doctoral degreeHow long will it take you to “catch up”? Do your own salary research under

the Extra Advisement section!

Masters Salaries vs. Doctoral SalariesYou may not want to pursue a doctorate over a master’s degree

primarily for the salary difference Better reasons include:

1. intrinsic value 2. particular employment contexts3. status4. portability of licensure3. upward mobilityExplore your options with the

Occupational Outlook Handbookin the Extra Advisement section!

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