5. Your Financial Future Making Dollars and Sense Graduate School Funding Post-Graduate Salaries

Graduate School Funding Savings Loans Teaching Assistantships (TAs) Research Assistantships (RAs) Fellowships

Graduate School Funding M.S. programs only provide support for about 25% of their students Psy.D.s support about 35%-40% Ph.D.s support 90% + Funding can be fellowship, TA or RA with/without tuition waivers tuition waiver is important issue Do not make decisions based primarily or exclusively on the basis of funding Financing Graduate School: How to Get the Money You Need for Your Graduate School Education (Patricia McWade)

Post-Graduate Salaries Widely 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

95K

Independent Private Practitioner 95K =50K 45K145K

Rule of Quarters One-quarter overhead One-quarter retirement and health One-quarter taxes One-quarter to live on

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

Masters Salaries vs. Doctoral Salaries Professionals with masters degrees often do not make substantially less than those with doctoral degrees Doctoral programs require 3-4 years longer, which translates into lost income If 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 degree How long will it take you to “catch up”? Do your own salary research under the Extra Advisement section!

Masters Salaries vs. Doctoral Salaries You 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 contexts 3. status 4. portability of licensure 3. upward mobility Explore your options with the Occupational Outlook Handbook in the Extra Advisement section! -