Industrial-organizational (I-O) psychology is one of the fastest growing and highest paying fields of psychology. Career opportunities are almost limitless and industrial-organizational psychologists are among the highest paid psychologists in the nation.
According to the Bureau of Labor Statistics (2010 data), the mean wage for industrial-organizational psychologists is roughly $42 an hour, or $87,000 a year. As is the case with most jobs, salary figures will vary depending on what part of the country you live in and your level of education. Psychologists with PhD's typically earn more than those who only have a master's or bachelor's degree.
A report put out by the Society for Industrial and Organizational Psychology (SIOP) showed that many of its members working in the San Francisco Bay Area, New York metro area and Manhattan/Boston metro areas were the top earners in the industry. However, this report did not take into account cost of living factors. When adjusted for cost-of-living an I-O psychologist making $100,000 a year in New York City is comparable to and I-O psychologist making $60,000 a year in Austin, Texas (and I-O psychologist in Austin typically make more thant $60k a year).
Interestingly, I-O psychologists working for the government are some of the higest paid in the industry. I-O psychologists who focus more on the "organizational-side" of the industry typically make more than those working on the "industrial-side".
Industrial-organizational (I-O) psychologists' salaries vary by organization and educational qualifications. The following are typical average salaries for I-O specialists:
- Entry-level for Master's graduate – $38,750
- Entry-level for PhD graduate – $55,000
- Median salary – $80,000
- University professors – $70,000
- Private sector – $100,000
- Top earners – Upper 5% of I-O specialists earned between $250,000 to multiple millions annually.
The following are industrial-organizational psychology salaries for by popular job title.*
- Trainer – $69,000
- HR Consultant – $77,000
- Workforce Insights Manager – $93,000
- Executive Coach – $136,000
- Sr. Talent Management Specialist – $66,000
- Evaluation & Assessment Specialist/Manager – $59,000
- Professional Development – $61,000
- HR Organizational Development Specialist – $67,000
- Test and Measurement Specialist – $56,000
- Organizational Effectiveness Director – $75,000
- Sr. Organization Development Advisor – $84,000
- Selection Systems Manager – $62,000
- HR Practice Manager – $65,000
- Research Analyst – $63,000
- Behavioral Analyst – $55,000
- Sr. Research Consultant – $78,000
Source: US Department of Labor, Bureau of Labor Statistics, Payscale.com, Salary.com