As is the case with most branches of psychology, engineering psychologists working in the private sector typically earn more than those working in academia, while those working in government make somewhere in between. According to a recent survey by the Human Factors and Ergonomics Society's (HFES) average salaries for engineering psychologists with a doctorate degree working for businesses average about $110,000 a year, while their counterparts in academic earn about $93,000 a year. During the same time period, engineering psychologists working with government averaged about $107,000 a year.
Engineering psychologists with a master's degree tend to earn considerably less than those with a doctorate degree. Engineering psychologists with a master degree earn about $90,000 a year working for businesses, $90,000 a year in government and $75,000 a year in academia.
Starting salaries for engineering psychologists (across all industries) range from $48,000 to $75,000.
If you want to maximize your earning potential as an engineering psychologist then you need to go into consulting. Engineering psychology consultants with a doctorate degree (Ph.D) can make as much as $180,000 a year.