According to the Bureau of Labor Statistics, the median salary for forensic psychologists is about $59,440 a year. Those in the 50th percentile made anywhere from $45,300 to $77,750 annually, while those in the upper 10th percentile earned salaries exceeding $100,000 a year. Most entry-level positions for those with a doctorate degree start out around $65,000 a year. Starting salaries for professionals with a bachelor's or master's degree range from $35,000 to $50,000 annually. Forensic psychologists who find employment in the private sector offering consulting services often make anywhere from $80,000 to $90,000 a year.
While not absolutely necessary, a growing number of employers are seeking forensic psychologists with a doctorate degree in psychology. For those looking to maxmize their long-term earning potential and career opportunities earning a Ph.D. or Psy.D. is highly recommended.