SoFi

A CVV number is a three- or four-digit number on the front or back of a credit card that helps prevent fraud. Given that credit cards are a form of payment frequently targeted by fraudsters, it’s crucial to understand how to protect them. One way that credit card companies attempt to secure your personal information is with the CVV number.

Here, you’ll learn more about what a CVV number is on a credit card, where to find it, and how to protect it.

What Is the CVV Number on a Credit Card?

A card verification value, also known as the CVV, is a three to four-code printed on your credit card, and it’s a crucial part of understanding how credit cards work. The CVV (sometimes referred to as a CID) on credit cards adds an extra layer of protection when you’re making a purchase online or over the phone since it’s harder to prove your identity when you’re not making a purchase in person.

While not every online merchant that accepts credit card payments may require the CVV in addition to your credit card number and expiration date, asking for this number helps the merchant to verify that you have the card in hand and that it’s not stolen. In other words, CVVs on credit cards are used to protect you against fraud.

CVV vs PIN: What’s the Difference?

Here’s how these two short series of numbers differ:

•   PINs are personal identification numbers that you create when you open an account. Usually, PINs are four digits, though some may have more digits. If you need to withdraw money from your debit card or take a cash advance from your credit card, for example, that’s when you will use your PIN.

•   A CVV is a number provided by your bank or credit card issuer on your physical credit card. You may be asked to provide the CVV number when completing a purchase over the phone or online as an added layer of security.

While some banks or card issuers may give you a PIN to use initially, you’ll typically have to change it within a certain amount of time. (You don’t have the same luxury with the CVV, since the financial institution generates the number for each card.

How to Find the CVV on Credit Cards

Different credit card issuers print the CVV in different locations.

•   Mastercard, Visa, and Discover credit cards place a three-digit CVV to the right of the signature box on the back of your card.

•   American Express places a four-digit CVV on the front of the card above your account number. American Express refers to the CVV as the card identification number, or CID.

The Purpose of CVV Numbers

In 2023, the Federal Trade Commission received more than 2.2 million fraud reports, totaling $10 billion in losses, with online shopping being the second most commonly reported type of fraud.

To help combat fraud, many merchants require a CVV to complete a transaction.

•   While merchants can store your card information, they are not allowed to store your CVV. Therefore, if hackers were to break into a merchant’s system, they wouldn’t get ahold of your CVV.

•   If someone were to attempt to use your card fraudulently, they would have to provide a CVV if the merchant requires it in order to complete the purchase.

Thus, when making a purchase online or over the phone, the CVV on credit cards can act as a way to verify that you have the card in hand and aren’t making a fraudulent purchase.

However, it’s important to note that not all businesses are required to request the CVV number. In those cases, a thief may still be able to make a purchase using just your credit card number. If that were to happen though, there are steps you can take to get your money back, such as a credit card chargeback.

How Your CVV Protects You From Identity Theft

CVV numbers are designed to protect your card from identity theft. While a fraudster may be able to gain access to your other credit card information in a hack or through credit card skimming, merchants cannot keep your CVV or CID on file after a purchase is authorized.

So, in other words, if a fraudster hacks a merchant’s database, they might be able to pull your account number and credit card expiration date, but the CVV or CID is a lot more challenging to access.

Is CVV a Fail Safe?

CVVs and CIDs are not fail-safe. As of now, merchants are not required to request the CVV or CID. So, unfortunately, if a fraudster has your card number, it’s possible they can use it at retailers that don’t require the CVV or CID number.

Some retailers may require a CVV or CID once if you frequently make purchases through their online shop. Other merchants may not require your CVV beyond your initial purchase.

A couple of scenarios to consider when thinking about security:

•   If a cybercriminal gains access to your account at that store, they may have free range of your credit card, potentially spending up to your credit card limit.

•   Cybercriminals can use software like malware to run off with your CVV or CID through various merchants.

•   They may also use phishing techniques to steal your CVV number directly from you. For instance, they might send you an email that may appear official at first glance requesting this information.

•   Additionally, if someone steals your physical card, they will have access to all its information.

Fortunately, however, some credit card issuers are toying with the idea of using dynamic CVVs that change frequently. Using a dynamic CVV would make it even harder to use your credit card for fraudulent shopping sprees.

In the meantime, it’s worth taking a look at a credit card issuer’s security measures when applying for a credit card.

How Can I Protect My CVV?

No one wants their credit card information stolen. So, to protect your personal information from getting hacked, there are a few things you can do to protect your CVV. Whether you’ve just become old enough to get a credit card or you’re a longtime cardholder, these tips are important to keep in mind.

•   Protect your home WiFi with a password. Without a password, you leave your WiFi open to anyone who wants to join. Cybercriminals can use your WiFi to access some of your personal information, including your CVV.

•   Monitor your account activity frequently. If you keep close tabs on your purchases, you can quickly identify when something seems out of sorts. Every time you receive a statement, take the time to carefully review it before just going ahead and making the credit card minimum payment. If something is off, contact your bank or card issuer immediately.

•   Install antivirus software. This type of software can scan your computer for any fraudsters’ tools that could steal your personal information.

•   Avoid unsolicited or phishing requests for your personal information. Don’t quickly hand out your personal information if someone contacts you over the phone or via email requesting your personal information. For example, a scammer may send you an email requesting you verify your credit card information to keep your account open. Contact your card issuer or bank directly instead of sending information over email if you need to verify any information.

•   Steer clear of unsecured websites. If a website doesn’t have “https:” in the address, it’s best not to use your credit card information on the site. Also, check all websites for the SSL padlock. If the website doesn’t have it, you’ll likely want to avoid using your information on the site.

•   Skip saving your credit card information when shopping online. Many websites offer you the option to save your credit card information to expedite checkout next time you make a purchase with the retailer. While it may seem convenient for you, it also makes unauthorized purchasing more convenient for potential thieves.

•   Avoid sharing photos of your credit card with loved ones. Sending photos of your credit card or posting them on social media gives people access to the information on your card.

•   Consider a VPN when using your computer outside of your home. Using a VPN while traveling and using public WiFi can help to keep your personal information secure.

The Takeaway

The CVV helps protect your credit card from fraud and theft. But, while your CVV adds an extra layer of security, it’s up to you to protect your personal information the best you can. For example, avoid giving your personal information out to just anyone or saving your credit card information when shopping online. That’s part of using your credit card carefully and responsibly.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Is it safe to give out your CVV number?

It’s usually safe to give your CVV number to merchants you trust. However, you should guard your CVV and make sure you’re only giving it out when you’re in a secure environment.

Can you use a credit card without a CVV?

Yes, some merchants don’t require a CVV to process online or by phone purchases. However, some retailers may require the CVV to complete transactions.

Can I change my CVV number?

As of now, the only way to change your CVV is when you request a new credit card. When the bank or credit issuer sends you a new card, they will generate a new CVV to coincide with the card.

Is a CVV number confidential?

Technically, your CVV should be confidential. However, if it gets into the hands of the wrong people, they could have access to your credit card information, which they may use at their discretion.

Photo credit: iStock/Kateryna Onyshchuk

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOCC0224012

Woo-hoo! You have your degree, perhaps a job offer, a place to live with a chill roommate, and you’ve found your favorite cafe where the cold brew is just right. Life is great, right?

Yes, it is. Even if you don’t have all of the items above checked off. Starting your independent, post-school life is an exciting time, and it’s a moment to learn all sorts of adulting skills.

To help you with that, here are 30 things to consider, learn, or do to help you as you discover everything from how to speak up in meetings to how to find an in-network doctor. Just as you were probably on the receiving end of a lot of tips for college or freshman advice, now it’s time to level up on post-grad life.

30 Tips for Recent College Grads

Whether you’re just out of college or several years out, you’re hardly alone if you feel you have lots of questions about post-grad life and how to live it. Read on for tips for joining the real world and finessing your finances, career, and personal life.

1. Tackle Your Overall Financial Situation

Your finances can include a ton of stuff, especially as you get older and your investments and income become more complex. But at its most basic, understanding your financial situation means knowing your credit score, taking stock of your outstanding debts, figuring out ways to pay off student loans (if you haven’t already), and understanding what your monthly bills are.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

2. Embrace a Budget

Here’s another bit of advice for college grads: Once you know how much money you have, owe, and make, it’s time to figure out your budget. Even if you have one already, post-graduation is a perfect time to reconsider your budget and make updates as needed. Never made one before? The popular 50/30/20 budget can be a smart start.

3. Learn About Job Perks

No matter if your job is still shiny and new or an old hat at this point, it’s good to take time to review your employee handbook for perks you may have overlooked. Check out your company’s retirement plan types and health insurance plans. You’ll also want to review potential bonuses and perks, such as free gym memberships, commuting stipends, and the like.

4. Start Saving for Retirement

Seriously? Yes! This may not be the most fun thing to review (and likely wasn’t part of your college advice), but your future self will thank you. Take time to learn about a 401(k) plan that may be available at work and hopefully enroll. You want to at least contribute enough to get any company match, which is like free money.

No job yet or retirement plan you qualify for? Spend a bit of time learning about the different kinds of IRAs.

5. Evaluate Your Housing Costs

Location, local, location, right? Depending on said location, it can be hard to find affordable housing or even a job if your industry isn’t hot in your market. Before signing on the dotted line, consider how much home you can afford to rent. It can be expensive to live alone; having roommates can be a great way to save money.

6. Check Your Social Media

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing about hiring you. Those wild nights out with friends definitely don’t need to be broadcast via an account that’s public.

7. Network

Networking is crucial to helping you achieve your career goals. Whether through industry conferences or social media sites like LinkedIn, it’s smart to stay connected with professionals in your industry to get career advice and learn about job openings you may be the perfect fit for.

8. Schedule Some “You” Time

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing hiring you.

9. Start an Emergency Fund

Life is full of the unexpected, and that’s why it’s smart to have an emergency fund. Once you have a steady income, it’s wise to start an emergency fund, perhaps by a recurring automatic transfer into savings. Start slow and steady, and aim to build up to at least three to six months’ worth of living expenses in the bank. This will help protect you if you have an unexpected major car repair bill or job loss.

10. Find Your Medical Team

This tip is especially important if you’ve moved to a different state or city. Out-of-network bills can be costly, so having a doctor and knowing which hospitals are in-network can help you save money and stress in the long run. Ask coworkers, do online research, and don’t forget to explore where the nearest and best urgent care centers are.

11. Snag a First-Aid Kit and Emergency Bag

This may sound like your parents or grandparents talking, but no one sees an accident or disaster coming. You could get burned cooking brunch one Saturday, or a major storm could sweep through and leave you without power.

Store-bought first aid kits may be good starting points, but extra bandages, allergy relief pills, antacids, and other over-the-counter medicines will take your kit to the next level.

If you’re inclined to ready an emergency go-bag, consider packing at least three days’ worth of clothes, a mini first aid kit, cash, a flashlight, and other provisions you think you (and your pets or loved ones) may need if you need to leave your home in a rush.

12. Consider Life Insurance

Yes, you are young. But if your employer offers life insurance as a benefit, you may be wondering what it is — and whether you need it or should even pay more to increase the amount. So, how about a little research? Understanding life insurance policies can help you make the right decision for you. Even if you decide you don’t need it right now, you’ll be better prepared to sign up when the time is right.


💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.

13.Dive into Hobbies

Not everything you do has to relate to your career. In fact, it’s likely healthier if you have interests outside of your career. You can learn to play instruments, sing, run, join a local soccer team, play games online, or enjoy any other hobby that helps you unwind and relax. Or maybe you’ll want to give back and spend some time planting at a local park or prepping meals at a soup kitchen. Find some passions, and pursue them.

14. Tackle Your Taxes

Welcome to the world of taxes, which likely wasn’t part of your college advice. But now, if you’re employed (full-time, part-time, seasonally, side hustle, or whatever), it’s time to learn how to prepare for tax season, which can help you avoid filing them late. Whenever you get an important piece of paperwork that’ll affect your taxes (such as W2s, charitable contribution receipts, or even home office receipts), you can put these in a safe place so you’re ready to go come tax time.

Then, determine if you’ll do your taxes yourself (say, with tax software) or work with a income tax preparer to get your return in on time.

15. Find Your Work-Life Balance

Each person has their own idea for work-life balance. If you’re not sure what yours is, consider taking the first few months on the job to figure that out. Being a good employee, for instance, doesn’t have to mean being the first person at the office in the morning and the last one out at night. If you feel tired or overwhelmed, it may be time to dig into and renegotiate those work-life boundaries.

16. Master Basic Home Repairs

Home repair costs can add up (especially as the years unfurl). You could save a lot by doing them yourself, especially if or when you own your own place and don’t have a landlord to pay for those costs. Such problems as a clogged sink, broken light switch, and dripping shower head may be easier than you think to fix.

If you do have a landlord, you might even get a discount on your rent by making simple repairs yourself. Just be sure to get a signed agreement from your landlord outlining how that will work.

17. Be Smart About Subscriptions

Monthly subscriptions can be so appealing, whether that means Japanese snack of the month club, exercise gear, or language lessons via a fun app. But these add up over time, and it’s easy to forget how many you have going at a given moment. Consider looking at what you’re actually subscribed to. Do you really need Max, Hulu, Peacock, and Netflix, or could you save on streaming services by dropping one (or two)? And do you really need so many gym passes and coffee clubs? Take a closer look, and spend less.

18. Learn to Cook

Takeout is great, but you could save money on food and healthy up your meals if you cook at home. It’s also helpful to plan your groceries ahead of time to avoid overspending and food waste. Plus, it’s a fun pursuit with loads of free recipes and cooking videos available online. Invite a friend over and make it a social occasion.

19. Speaking up in Meetings

If you think you don’t have much to add to the conversation, agreeing with what someone has said — and tacking on an extra thought — can be a way to participate and not feel like a wallflower.

20. Tweak Your Sleep Hygiene

Getting enough high-quality sleep can be a key contributor to your wellness. Going to sleep around the same time every night can help to ensure you get enough zzz’s so you can make good decisions and keep healthy habits. And here’s a reminder that taking your mobile device to bed with you is likely to lead to an hour or more of rabbit holes that rob you of your rest.

21. Invest Some Money

The idea of investing may sound intimidating, but you don’t have to be a Wall Street wolf to invest. Many rookies start small. Learn more about investing in your 20s and perhaps open an account.

22. Find a Mentor

If there’s someone higher up the ladder at your workplace with whom you click and who offers great guidance, ask them out for coffee to learn more about how their career progressed and see what advice they might share. You might wind up under their wing. You can also look for guidance via a professional group; you might find a mentor at a summit or similar event.

Mentors can often help you navigate your workplace, offer advice, and keep you motivated and sane when things get stressful. They also have contacts that may be helpful for you to know.

23. Change Your Mind

You’ve probably heard that tons of people end up with jobs outside of what they studied, even after getting a master’s or MBA. It could be that there aren’t a lot of jobs in that field –or maybe they realized that what’s interesting in theory is not in practice. If this turns out to be the case for you, just remember that fulfillment can be found outside of work. And people can change their minds.

24. Get Help

Unemployment, Medicaid, and other social nets exist for a reason. There are going to be choppy waters, and these services are meant to help. Using them because you got laid off or furloughed isn’t shameful. And if you can’t find employment, that’s another reason to get support vs. staying silent and toughing it out.

25. Put Home Maintenance on Your Calendar

When was the last time you cleaned your dryer vents? Do you know how to change the filter in your HVAC? Avoiding these kinds of things for too long can result in big maintenance bills — and potentially be a safety hazard. Not sure what to clean? Check out a house maintenance list and put reminders in your mobile device’s calendar.

26. Travel

Hopping on a plane and traveling to far-flung places can get a lot harder to do the more “adult” you become. It can be harder to take time off work, and perhaps you’ll have a family, meaning you will need a bigger travel budget. Now, when you’re young and probably okay with “roughing it,” it’s possible to travel cheap!

27. Learn to Say No

When you were younger, you probably didn’t have a lot of say in things; you did what your parents or professors said you had to. How times have changed! Don’t want to go out for drinks? Can’t finish that report by Monday? Your best bet may be to just be honest. Taking on too much may only backfire, so learning to say no without feeling guilty can be important for your mental health and work-life balance.

28. Avoid Lifestyle Creep

As time passes, you may well get raises and bonuses. And lifestyle creep can become a problem. What’s that? It’s the situation in which the more your income increases, the more you spend. While a pay raise may mean you can splurge a bit, if you wind up renting a bigger house, leasing a luxury car, and treating yourself to a week in Tulum, you could wind up in the hole. Instead, treat yourself within reason, and plow more money into savings, such as for a down payment on a future home.

Recommended: 9 Tips for Finding the Best Deals Online

29. Outfit Your Home Office

Are you going to be working from home for some or all of your week? Having ergonomic, comfortable, and functional furniture can help keep your back and neck from hurting and your mind from getting distracted. Don’t just perch on the couch or in bed with your laptop. Scan home office ideas if you’re in need of some inspiration.

30. Give Back

You’re joining the ranks of adults, so do the right thing and find a way to contribute and help others. Maybe you can spend some time on the weekend at a Habitat for Humanity site or make a charitable donation to a favorite cause.

The Takeaway

Your post-college years can be exciting and fun but also a bit confusing and challenging at times. Start with a few items on this list, and work your way through to build your life skills, launch your career, and manage your money confidently.

And if your student loan payments are getting in the way of you living your best post-college life, you may want to consider refinancing your student loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Photo credit: iStock/Rattankun Thongbun

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SOSL1123002

The median annual wage for speech pathologists in the U.S. is $84,140, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $56,370 to more than $126,680.

How much money you can make as a speech-language pathologist may depend on several factors, including the industry in which you work, the level of education you attain, and where you live.

Here’s a look at what speech pathologists do and how they are paid.

What Is a Speech Pathologist?

Speech pathologists are health care providers who evaluate, diagnose, and treat children and adults who are experiencing communication difficulties because of speech, language, or voice problems. They also may treat clients who are struggling with developmental delays, memory issues, or who have trouble swallowing.

Speech pathologists typically work in a school, hospital, or rehabilitation/nursing home setting, or they may open their own practice. They often work as part of a multi-disciplinary team that also provides occupational therapy, physical therapy, and other types of care.

All speech pathologists must be licensed. While the qualifications can vary by state, a master’s degree from an accredited university is often required, along with several hours of supervised clinical experience, a Certificate of Clinical Competence in Speech-Language Pathology (CCC-SLP) from the American Speech-Language Hearing Association (ASHA), and a passing grade on a state exam.

Depending on the work you plan to do, other certifications may be required by your employer, including a teaching certificate if you practice in an educational setting.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting Speech Pathologists Make a Year?

Speech-language pathologists with one to three years of experience earned a median salary of $74,000 in 2023, according to the ASHA’s SLP Health Care Survey Salary Report. The job site ZipRecruiter lists Massachusetts, Washington, Colorado, Delaware, and Illinois as the states where speech pathologists currently earn the highest entry-level salaries.

Recommended: High-Paying Vocational Jobs for 2024

What Is the Average Salary for a Speech Pathologist?

So how much can you expect to make per year if you stay with a career as a speech pathologist?

The 2023 SLP Health Care Survey Salary Report found that several factors can have an impact on speech pathologists’ earnings, including job duties, the type of facility where they’re employed, if they work full- or part-time, if they’re paid a salary vs. hourly wage or on a per-visit basis, and whether they work in a region with a higher cost of living.

Here are the average annual salaries for speech pathologists by state.

Average Speech Pathologist Salary by State

Source: ZipRecruiter

Recommended: Cost of Living by State

Speech Pathologists Job Considerations for Pay and Benefits

If you decide speech pathology is the right fit for you, you may not need to worry about job security. The BLS is projecting that employment of speech pathologists will grow by 19% over the next decade, which is much faster than the average for all occupations combined.

Therapists are needed more than ever to assist aging baby boomers and others who’ve experienced a stroke, hearing loss, dementia, or other health-related issues. And there is an increasing need for those who wish to work with kids and adults on the autism spectrum. Therapists are also needed to help children overcome speech impediments and other communication issues.

A career as a speech pathologist also can offer a competitive paycheck. While the BLS reported the median weekly earnings for all full-time workers was $1,145 in the fourth quarter of 2023, the average weekly paycheck for a speech pathologist was $1,652, according to ZipRecruiter.

Of course, the pay and benefits you receive will likely be tied to the job you choose. If you’re employed by a public school district in a rural community, for example, you may not earn as much as a department head at a large health facility in a major city. Still, you can expect to receive benefits similar to other workers in the health-care field, including health insurance, a retirement plan, vacation pay, etc.

As you weigh your career decisions, consider using online tools to ensure you’re staying on track with your personal and financial goals. A money tracker app, for example, can help you create a budget and keep an eye on your spending and your credit score.

Pros and Cons of a Speech Pathologist’s Salary

Probably the biggest downside of choosing a career as a speech pathologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree and clinical training. Depending on the career path you choose, you also may need to earn certain certifications along with your state license to practice. And it may take some time to pay off your student debt.

On the plus side, you’ll be helping others in a career that can be extremely fulfilling, and you can earn a comfortable living while doing so.

Here are some more pros and cons to keep in mind.

Pros:

•   As a speech pathologist, you will be helping others and, in many cases, changing lives.

•   You’ll be working and networking with other professionals who will help you keep learning.

•   You may be able to design a schedule that fits your needs (especially if you have your own practice).

Cons:

•   You may have an overwhelming caseload, and the work could be frustrating and stressful at times.

•   You may have to work nights and weekends (even with a job in education or in private practice).

•   The paperwork can be daunting and may require working overtime or taking work home to keep up.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Working as a speech pathologist can be professionally rewarding. Not only is the field growing, it tends to pay well, too. However, you can expect to make a substantial investment in time and money before you get the job you want. And how much you earn — especially when starting out — can depend on several factors, including the specialty you choose, who your employer is, and where you’re located.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

Can you make $100,000 a year as a speech pathologist?

Yes. While the median annual wage for speech-language pathologists in the U.S. is $84,140, the highest 10% of earners in this category make six-figure salaries.

Do most speech pathologists enjoy their work?

Speech-language pathologists came in at No. 3 on U.S. News & World Report’s ranking of “Best HealthCare Jobs” for 2024 and No. 10 on the news site’s list of “100 Best Jobs.” While the career was rated above average for stress, it received high ratings for both flexibility and opportunities for upward mobility.

Is it hard to get hired as a speech pathologist?

According to the U.S. Bureau of Labor Statistics, the job outlook for speech pathologists is good, and should be solid for the next decade. If you get the proper education and training, and you have a passion for helping others, it shouldn’t be too difficult to find work in this profession.

Photo credit: iStock/akinbostanci

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL0124046

The median annual wage for psychologists in the U.S. is $85,330, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $50,000 to more than $140,000.

How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.

What Are Psychologists?

Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:

•   Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction.

•   Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.

•   School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.

•   Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.

•   Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.

It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

What Does It Take to Become a Psychologist?

Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for those who are experiencing emotional or behavioral issues?

If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.

Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.

Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.

Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.

Recommended: High-Paying Vocational Jobs for 2024

How Much Do Starting Psychologists Make a Year?

The average salary for a starting psychologist in 2024 is $89,326, according to the job site Salary.com, but entry-level salaries currently can range from $75,493 to $101,117.

Of course, the work you do, your education level, certifications, and even your work location can impact how much you might earn as a beginning psychologist. The job site ZipRecruiter lists Washington, New York, Vermont, California, and Maine as the states where starting clinical psychologists currently earn the most money.

What Is the Average Salary for a Psychologist?

So, how much can you make per year if you choose a career as a psychologist?

You can expect your specialty to have a big influence on how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, while school psychologists earn the least.

Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.

If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.
Here’s how psychologists’ average annual salaries break down by state based on ZipRecruiter data.

Average Psychologist Salary by State

Source: ZipRecruiter

Recommended: Cost of Living by State

Psychologist Job Considerations for Pay and Benefits

Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% over the next decade, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.

Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.

Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Psychologist’s Salary

Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.

On the plus side, you’ll be in a career that can be both personally and financially rewarding.

Here are some more pros and cons to consider:

Pros

•   You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.

•   The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.

•   Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suits your needs.

•   You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.

Cons

•   Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.

•   You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.

•   If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.

•   Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.

As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.

The Takeaway

Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

Can you make $100,000 a year as a psychologist?

Yes. According to the latest ZipRecruiter data, psychologists in every state make an average annual salary that’s more than $100,000.

Do people like being a psychologist?

Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars. And U.S. News & World Report, which ranks jobs based on salary, upward mobility, work-life balance, among other factors — gave “psychologist” the No. 5 spot on its list of “Best Science Jobs.”

Is it hard to get hired as a psychologist?

According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.

Photo credit: iStock/Dean Mitchell

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL0124042