Psychology
Psychology graduates earn an average annual wage of $95,005, making it one of the higher-paying degree fields. With 191,620 professionals in the field earning competitive wages, this degree offers strong career prospects. The field combines competitive wages with a large and growing workforce, making it an attractive option for students seeking strong career opportunities.
Key Statistics
Institutions
Information about the types of higher education institutions that grant degrees in Psychology and the types of students that study this field.
Tuition Costs for Common Institutions
$11,790 Median In-State Public
$30,242 Median Out of State Private
Tuition costs for Psychology majors are, on average, $11,790 for in-state public colleges, and $30,242 for out of state private colleges.
Tuition costs comparison for Psychology programs.
Degrees Awarded Over Time
1,407,476 Total Degrees Awarded in 2023
This chart shows the number of degrees awarded in Psychology from 2015 to 2023.
Historical trend of degrees awarded in Psychology.
Top 5 Schools by Enrollment
| # | School | State | Enrollment |
|---|---|---|---|
| 1 | Arizona State University Campus Immersion | AZ | 64,398 |
| 2 | Texas A&M University-College Station | TX | 59,099 |
| 3 | Ivy Tech Community College | IN | 54,926 |
| 4 | Ohio State University-Main Campus | OH | 44,617 |
| 5 | Brigham Young University-Idaho | ID | 42,090 |
Schools with the largest enrollment offering Psychology programs.
Top 5 Most Affordable Tuition
| # | School | State | Tuition |
|---|---|---|---|
| 1 | Woodland Community College | CA | $1,124 |
| 2 | Imperial Valley College | CA | $1,126 |
| 3 | Yuba College | CA | $1,128 |
| 4 | Lassen Community College | CA | $1,144 |
| 5 | College of the Redwoods | CA | $1,147 |
Schools with the lowest tuition costs for Psychology programs.
Top 5 Most Affordable Net Price
| # | School | State | Net Price |
|---|---|---|---|
| 1 | College of the Sequoias | CA | $29 |
| 2 | Central Carolina Community College | NC | $616 |
| 3 | Fort Scott Community College | KS | $665 |
| 4 | Wiregrass Georgia Technical College | GA | $1,228 |
| 5 | West Shore Community College | MI | $1,335 |
Schools with the lowest net price (after financial aid) for Psychology programs.
Graduation Rates
55.46% Median Graduation Rate (150% of normal time)
55.17% Average Graduation Rate
1,465 Institutions Reporting
42.47% - 68.25% Interquartile Range
Graduation/completion rates for Psychology programs across institutions.
Employment
Information on the businesses and industries that employ Psychology graduates and on wages and locations for those in the field.
Yearly Income for Common Jobs
$95,005 Average Wage in Workforce
The average salary for Psychology majors is $95,005.
Average annual salaries of the most common occupations for Psychology majors.
Occupations by Share
191,620 2023 Workforce
The number of Psychology graduates in the workforce has been growing.
Various jobs filled by those with a major in Psychology by share of the total number of graduates.
Return on Investment & Value
Financial analysis of Psychology degree including debt, earnings, and return on investment metrics.
Financial Value Analysis
$13,532 Median Student Debt
$40,568 Median Annual Earnings (10 years after enrollment)
33.36% Debt-to-Earnings Ratio
3.3 years Estimated Payback Period (assuming 10% of income)
501.30% Return on Investment (10-year earnings vs 4-year cost)
This degree shows strong ROI, with 10-year earnings significantly exceeding the cost of education.
$67,466 Estimated Total Cost (4 years at median net price)
Financial value comparison for Psychology degree.
Diversity
Demographic information for those who earn a degree in Psychology in the United States.
Workforce Age
N/A Average Age in 2023
This chart shows distribution of ages for employees with a degree in Psychology.
Age distribution for Psychology degree holders in the workforce.
Gender Distribution
147,078 Total Degrees Awarded
29,396 Male (19.99%)
117,682 Female (80.01%)
Gender distribution of Psychology degree recipients.
Race and Ethnicity Distribution
68,902 White (46.85%)
37,523 Hispanic or Latino (25.51%)
16,086 Black or African American (10.94%)
9,018 Asian (6.13%)
6,910 Two or More Races (4.70%)
Racial and ethnic distribution of Psychology degree recipients.
Degrees Awarded
The most common degree types awarded to students graduating in Psychology are Bachelors Degree, Masters Degree, and Associates Degree.
Distribution of degree types awarded in Psychology.
Skills
Data on the critical and distinctive skills necessary for those working in the Psychology field from the Bureau of Labor Statistics.
Required Skills
Psychology majors need many skills, but most especially Critical Thinking, Active Listening, and Reading Comprehension.
Rating of how necessary various skills are for Psychology majors.
Skills Bar Chart
This bar chart shows the same information as the radar chart, displaying the importance of each skill.
Skill importance ratings for Psychology majors.
About
Psychology, General
In 2023, 1,407,476 degrees were awarded across all undergraduate and graduate programs in Psychology.
CIP Code
42.0101 - Psychology
Insights and Analysis
Exceptional Return on Investment: Psychology offers an outstanding ROI of 501%, meaning graduates typically earn significantly more over 10 years than the total cost of their education. This makes it one of the most financially rewarding degree choices available.
Data Sources
This page uses data from the following sources:
- College Scorecard - U.S. Department of Education
- Institutional characteristics, costs, completion rates, and earnings data
- Data years: 2015-2024
- Source: collegescorecard.ed.gov
- Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS)
- Employment and wage data by occupation
- Latest data: May 2024
- Source: bls.gov/oes
- O*NET Online - U.S. Department of Labor
- Occupational skills, knowledge, abilities, and work activities
- Database version: 28.0 (August 2023)
- Source: onetcenter.org
- IPEDS (Integrated Postsecondary Education Data System) - National Center for Education Statistics
- Institutional data, completions, enrollment, and financial aid
- Data years: 2015-2024
- Source: nces.ed.gov/ipeds
- Census Bureau American Community Survey (ACS)
- Demographic and workforce data
- Latest data: 2023 ACS 5-Year Estimates
- Source: census.gov/acs
Data Processing: All data has been processed, cleaned, and aggregated for presentation. Where specific data points are unavailable, estimates are based on available data and clearly marked.
Last Updated: Data reflects the most recent available information as of January 2025.
Methodology
Data for this profile is sourced from the U.S. Department of Education's College Scorecard dataset, IPEDS completion data, and Bureau of Labor Statistics employment data.
All financial figures are adjusted for inflation and represent the most recent available data. Employment and wage data are from the most recent Census Bureau ACS PUMS estimates.