One College Major Is More Popular Than Ever—but Comes With Financial Catch
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
One college major is soaring in popularity—but graduates shouldn't expect to be making good money from that alone.
A degree in psychology has proven an increasingly popular choice for college students year after year, with a noted spike in degrees awarded following 2020.
In 2023, 140,711 bachelor's degrees in psychology were awarded to graduates across the United States, compared to 86,989 two decades earlier in 2004, according to the American Psychologial Association (APA).
The trend has been attributed to several possible factors, from younger generations becoming more open about mental health discussions, to online psychology influencers gaining popularity, and even certain films and TV shows.
But while the number of psychology graduates is increasing, the monetary reward may not be what they hope.
According to a 2025 report from the Federal Reserve Bank of New York, the median wage of a psychology graduate in their early career is $45,000—moving to $70,000 by mid-career.
Dr. Ryan Sultan MD, double board-certified and the founder and director of Integrative Psych, believes the rise in psychology degrees is generational.
"Younger people tend to be more open to discussing mental health topics, including anxiety, depression, and trauma," he told Newsweek. "They're more comfortable having conversations about psychological wellbeing compared to previous generations. They have more exposure to psychology and related concepts, and therefore more people are seeking out psychology degrees."
Stock photo of a row of college students with diplomas at their graduation ceremony.
Stock photo of a row of college students with diplomas at their graduation ceremony.
Lacheev/Getty Images
Career strategist Patrice Williams Lindo, CEO of Career Nomad, suggested this choice of major is rising "because people are desperate to understand themselves and the world around them, especially in the wake of collective trauma from the pandemic, social unrest, and economic uncertainty.
"Gen Z in particular is drawn to psychology not only through TikTok therapy culture but because they see mental health work as purpose-driven—even if it doesn't pay six figures out the gate."
Lindo pointed to a particular uptick of interest in psychology majors post-pandemic, as discourse around mental health became more mainstream on social platfoms, which may have made psychology degrees feel culturally relevant and important, despite it not having a clear career path post-graduation.
When it comes to graduate roles being relatively poorly paid, Sultan believes this is a positive thing "for the future of psychology."
"I find that these younger psychology students are conscious of the fact that it's not a money-driven profession, and therefore choose this field because they are genuinely interested in understanding the mind and human behavior," he suggested.
However, Sultan works closely with psychology students at his practice, and notes some may not know exactly what the course and career entail, as they "often tell me that they weren't expecting the field to have such a large research component."
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List of college majors seeing salaries decline: report
List of college majors seeing salaries decline: report
Career strategist Linda said people may not realize that a bachelor's degree in psychology alone rarely leads to a high-paying role, and being a clinician requires a lot of further work.
"You need a clear plan for either further training or using your psych background in allied fields—like UX research, HR, or policy—if you want sustainable income."
This correlates with the experience of Dr. Azadeh Weber, who now runs a private practice in California where she says she makes $200,000 a year working part-time. But after graduating with a bachelor's in psychology, she couldn't find a job in her field and ended up with a career in tech sales, unrelated to her degree.
At the age of 30, she returned to education, attending graduate school, and became a doctor of clinical psychology at the age of 36.
"I believe the reason why getting an undergraduate degree in psychology is popular is because many people are intrinsically motivated to understand themselves and others," she said.
"One of the most beautiful parts of my job is also learning from my clients. Everyone has something to teach others," she said.
She noted that, had she stayed in her tech sales career, at this stage she "may be making the same income as I do now" but it would likely mean having to work "full-time at a corporation."
"This would mean less time with my family. Overall, I am happy with my decision and love my job."
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