Business psychology is a relatively new course that combines the areas of business administration and psychology into a new professional field. The course always provokes a lot of interest. But one question comes up repeatedly: What is a typical business psychology salary? This isn’t a surprise. Applicants need to know how much new entrants will earn when they start business psychology jobs. Knowledge about earnings is essential when it comes to starting your career, and it’s equally important if you are thinking about switching professions. After all, you want to know in advance what you are getting yourself into with a new job. That way, you can avoid any nasty surprises..
The following article summarizes important information on the subject of business psychology salaries. Hopefully, we will not only answer all your questions on this topic. We can also give you an overview of what you can earn as a business psychologist in various different areas. You can then decide whether the job meets your financial requirements, and whether completing a business psychology degree is an option for you or not.
The size of a business psychology salary varies and depends on various factors. It is therefore difficult to make a general statement about salary levels. In principle, however, the earning potential in the industry is between EUR 29,000 and EUR 42,000 per year. In most cases, business psychologists work in marketing and human resources departments. But they can work in an advisory capacity to senior management. There are also opportunities to mix psychology and business in the media sector and working for social networks.
Exactly how much money you can earn per year depends on where exactly you work in the field of business psychology. The company you work for makes a difference. And it may also be a question of whether you already have professional experience or whether you want to start your career as a complete newcomer. In the further course of the text we will now look at potential earnings in some special areas of business psychology.
The business psychology salary for career starters is quite stable nationwide and there are very few fluctuations. However, you will find some divergences between business psychology jobs in different industries. For instance, banks and suppliers pay a higher salary. Earnings of up to EUR 75,000 a year are possible in these sectors. Other company areas that have good earning prospects are the energy sector as well as management consulting and retail.
On the other hand, your degree has less influence on the starting salary. The difference in business psychology salary between Bachelor and Master is hardly worth mentioning. Only business psychologists with a doctorate can look forward to a significantly higher salary. The bachelor's salary is around EUR 47,900, while the average for a master's is EUR 48,300. As a business psychologist with a doctorate, on the other hand, average pay rises to around EUR 75,000 a year.
As in all professions, some factors can positively or negatively affect the size of a business psychology salary. But what exactly are these factors and how do they affect the salary you can earn as a business psychologist? Let’s explore this issue in more depth.
Business psychology is like most business jobs: The size of the company you work for plays an important role in what salary you receive. It also depends on what industry you work in. As a rule, the larger your employer, the better your salary. While you have to reckon with an annual salary of EUR 30,000 at smaller companies, you can earn up to EUR 35,000 or more at larger companies. Business psychologists who work in the financial sector, i.e. at banks, earn the best wages. You can also earn good money in the automotive industry and its associated suppliers, as well as in the energy sector.
Professional experience also plays a role in the salary you earn as a business psychologist. A simple rule applies here: The more experience you bring with you, the higher your starting salary. But there’s a catch. Compared to other sectors, the difference here is usually much lower. If you start as a complete newcomer in a company as a business psychologist, your salary will be around EUR 30,000 per year. With professional experience, on the other hand, you can count on up to EUR 32,000 or more. Of course, the industry and size of the company also play an important role in determining your salary.
As in all professions, pay levels in business psychology partly depend on how much responsibility you take on. As a team leader or head of a department, you can expect a starting salary of around EUR 35,000 per year. As a rule, you won’t qualify for such a position immediately after your studies. Positions of responsibility become available when you have gained a certain amount of professional experience. But previous experience applying psychology in business before your studies can also help. For example, candidates with a successful degree in business administration stand a better chance of rising to responsible positions.
In business psychology, salaries vary little across the country. This is unlike most other professions, where regional differences are easy to discern. This is because mixing business and psychology is still a relatively new concept. You will only find smaller differences in salary in the larger cities. For example, you may earn more in Hamburg, Munich, Frankfurt or Berlin. Otherwise, there are no differences. So you don’t need to filter out poorly paid regions when looking for a job as a business psychologist.
Unlike in most professions, there are hardly any differences in salary for business psychologists based on their academic degrees. With a bachelor’s business psychology degree, you can expect an average starting salary of EUR 47,800. Holders of master’s degrees receive an average starting salary of EUR 48,700. However, an advanced degree may be a requirement for a job at larger or more lucrative companies. More advanced qualifications can also open the door to a higher salary as your business psychology career progresses.
One thing is worth noting here. There is a big difference in the starting salary for business psychologists with a doctorate. With a doctorate, the average salary is around EUR 75,000 a year, which is a good third higher than with just a master's or bachelor's degree. The long time it took to do a doctorate and the professional experience gained up to that point are taken into account here.
The salary for business psychologists also varies depending on the industry you work in. The banking and finance industry pays the best salaries, followed by the automotive industry and the energy sector. Here you can easily achieve a starting salary of EUR 35,000 or more per year. Management consulting and retail are also popular sectors where you can earn good money as a business psychologist. Here you can usually expect a starting salary of EUR 33,000 to 34,000. Naturally, the size of the company and your responsibility in the team also play an important role.
The table below shows the average salary for the various business psychology degree classes. So you can see at a glance which qualifications are most lucrative from a financial point of view.
The starting salary that you can earn as a business psychologist also differs depending on the professional role you occupy. Areas that mix psychology and business include advertising psychology, media management or business management. Each of these groups has a different starting salary, but again, prior work experience is important and salaries partly depend on the size of the company. Basically, you will have the best starting salary in business management, followed by media and then advertising psychology. However, business psychology is a complex and extensive field of study with many opportunities and numerous professional fields and groups in which you can work. So you should research your options and discover the areas that appeal to you most.
Would you be satisfied with the business psychology salary? Are you interested in this innovative new course? After studying business psychology, you will have a wide range of career options. And you will also enter a fascinating profession that combines psychology and business administration. The profession features numerous occupational fields and each one offers opportunities for advancement and further training. Newcomers can get started with just a bachelor's degree. But you can also achieve a master's degree in business psychology or even obtain a doctorate. In principle, all options are open to you. Whatever route you choose, expect a good salary, and look forward to a varied and interesting job with many different challenges.
You can find out here which professions are suitable for business psychology graduates, more information about career opportunities, and what specifically awaits you in the various business psychology jobs. (The Business Psychology Professions page is linked here)
Are you interested in starting a career as a business psychologist? At CBS you will find a selection of full-time and part-time business psychology courses. For more information, it is best to go directly to our Business Psychology Studies Pillar page, where you can find all of our courses on the subject.
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