Salary Outlook with a Ph.D. in Business Psychology Degree
The specialty of business psychology, also referred to by the American Psychological Association (APA) as industrial and organizational psychology, focuses on the scientific study of human behavior in businesses and the workspace. Business psychology is concerned with the study of individual, group and organizational behavior, and then applying the knowledge to solve problems at work. (APA.org)
A Ph.D. in Business Psychology will provide the student with specialized training and knowledge in the science of behavior in the workplace. You will develop deep knowledge of organizational development, attitudes, career development, decision theory, human factors, and human performance. Students also learn about small group theory and process, criterion theory and development, task and job analysis and individual assessment.
With a Ph.D. in Business Psychology, you will be able to do the following:
- Pinpoint training and development needs
- Optimize and design job and work and quality of life work
- Formulate and implement training programs and evaluate how effective they are
- Provide coaching to employees
- Come up with criteria to evaluate individual performance
- Determine consumer preferences, market strategies and customer satisfaction
Earning your Ph.D. in Business Psychology is a worthwhile endeavor, but will take several years and large financial resources. Is it worth it? Consider the salary outlook with this degree and then you can make an educated decision.
Business Psychology Salary Outlook
With a Ph.D. in business psychology, you can expect to earn towards the top of the income scale for psychologists. The Bureau of Labor Statistics states the median salary for all psychologists is $79,000 annually. But that figure includes people with a bachelor’s or master’s. With a Ph.D. and sufficient work experience, you can expect to make up to $129,000 per year. (BLS.gov)
Also, the APA reports the median salary for an industrial-organizational psychologist (APA does not use the term ‘business psychologist’) is $65,000 with a master’s degree and $81,000 for a doctoral degree. APA also states university professors with a Ph.D. in this field make $70,000 per year, and in the private sector, the salary can be more than $100,000. (APA.org)
Payscale.com reports the average salary for industrial-organizational psychologists is $72,200. (Payscale.com). That website further states that an organizational psychologist makes an average salary of $71,000 per year. (Payscale.com)
Featured Online Ph.D. in Business Psychology
The Chicago School of Professional Psychology offers an online Ph.D. in Business Psychology – Consulting Track teaches the student how human behavior affects overall organizational effectiveness. Students emerge from this four-year, online degree program with the vital strategies needed to assume high-level responsibilities in a domestic or international business environment. (TheChicagoSchool.edu)
SEE ALSO: How to Choose an Online PhD in Business Psychology Degree
Students also learn how to advise organizations appropriately on large business initiatives: strategic planning, talent management, executive coaching, employee engagement, diversity and inclusion, and change management.
You will be educated to assume high-level consulting roles in the modern global and multicultural business environment. Students develop advanced skills in:
- Industrial and organizational psychology
- Executive advising and leadership
- Internal and external consulting
- Organization design and operations
Required courses in this Ph.D. in Business Psychology program include:
- Business and Financial Literacy
- Strategic and Organizational Planning
- Change Management
Also, the completion of a dissertation is a vital component of this Ph.D. program. Your dissertation provides the Chicago School the chance to evaluate your ability to think creatively and critically about an applied issue in business psychology, and to create new research in the business psychology field.
SEE ALSO: Top Online Ph.D. Industrial-Organizational Psychology
High Salary Growth in Business Psychology
Students wanting to make the most income with a Ph.D. in Business Psychology would be wise to choose a career as an industrial-organizational psychologist. In private company consulting, it is possible to earn well over $100,000 per year. In scientific research and development, you could expect to earn $120,000 or more per year.
Ph.D. Job Outlook
The job outlook for professionals with a doctorate in business psychology is excellent. BLS states the employment of psychologists will rise by 14% through 2028, much faster than average. Generally, employment for psychologists is being driven by higher demand for psychological services in hospitals, mental health centers and social service agencies.
In business psychology, there is more demand as all types of organizations are facing more competition and the need to make more money with less. Also, in a stronger economy, companies compete for the best employees. Business psychologists help companies to become better workplaces, to better train and retain the best employees, and to put the right employees in the right positions for their skills. (BLS.gov)
Business Psychology Career Opportunities
With a Ph.D. in Business Psychology, you can look forward to these intriguing career options:
- Human resources executive: Be responsible for management development and employee training; employee performance evaluations; employee personal development; behavioral and organizational assessments; and fair hiring practices.
- Market research analyst: Study current marketplace conditions to determine how well a product or service could sell. Examine demographic and economic data to understand which products will best sell to which customers in a company.
- Industrial counselor: Use business psychology principles to enhance business performance. Offer counseling services to employees to help them deal with problems in the workplace.
- Industrial-organizational psychologist: Analyze and improve company practices, employee morale and motivation, performance and satisfaction in the workplace. Also, organize and improve employee training, support key objectives of management and motivate employees.
- Human factors specialist: Use psychological principles to understand how people learn and interact with their environment to create products that are simpler to use.
Conclusion
Obtaining your Ph.D. in Business Psychology is a strong career move because there is a lot of potential to earn a high salary with several years of work experience. You can work for a private company and easily make a six-figure salary, or choose to consult with many different companies and be paid on retainer. Either way you choose, this is a specialty in psychology that will only get bigger in the future as competition grows in a strong economy to retain the best workers and create optimal environments for employees in the workplace.