Education/Clinical Background

I've been a master's-level therapist (MSW, LICSW) for fifteen years. I see a lot of posts here for people seeking advice for student loans for MSW/MA programs to become a master's-level therapists. I just wanted to offer my thoughts, for what it's worth.

I make a salary of $86,650 per year and I have a fully-remote position working from home as an intake and assessment clinician for an insurance company. I've previously worked as an outpatient therapist, inpatient clinician, and also worked as a forensic mental health clinician in a jail during the first part of my career. The highest salary that I've had in this field was $93k when I worked for a hospital, but that ended during the COVID pandemic, unfortunately.

Was it "worth it"? I'd say that it was, for me, but only because my parents paid for my undergraduate degree, which was a B.A. in Philosophy. I wouldn't be making this salary and wouldn't have a remote position, if I didn't go back for the MSW, but I think that, if I had to cover the full costs of my B.A./M.S.W., I would not feel this way. If you factored in the total cost for my undergrad/grad tuitions, it would have been around $230,000k. I did go to private colleges and this figure is based off tuition from more than 15-20 years ago (for undergraduate), so it would be EVEN MORE now if adjusted for inflation.

My advice to anyone who wants to purse this career: Be careful and maybe think about attending state schools and doing PSLF after graduation. No one ever cared about the schools that I attended, only that I had a pulse and the right level of licensure to "move the freight."

LCSW/LMHC/LPC/LMFT

I see a lot of people putting down the MSW degree here. In my experience, in the state that I live in (Massachusetts), Licensed Clinical Social Workers have the highest level of employability and often command higher salaries. This is largely due to insurance reimbursements and LICSWs being needed to provide clinical supervision to lower-level MSW/LCSWs. The NASW has done a good job of advocating for us and getting us the "best seat at the table," for master's-level clinicians.

I've never had the title of "social worker" and every position that I've had has been as a master's-level Behavioral Health Clinician. I think people sometimes put the MSW degree down, because they don't understand what Clinical Social Work is, as opposed to case management--and they assume that most MSWs are "just pushing paper." With the LICSW credential (two years after the MSW, upon passing the ASWB clinical exam), we can fully and independently diagnose and treat DSM-V disorders, without supervision.

LICSWs can fully specialize in Marriage and Family Counseling and specialize in other areas, without issue. There are no "road blocks," at least in MA, which is a very strict state. Mileage may vary in other jurisdictions.

I'm not saying that anyone who has a Master's in Counseling, Psychology, or Marriage and Family Counseling isn't employable, but I've had many colleagues with those degrees later admit that they wished they had gone the clinical social work route, as it opens one up to so many other opportunities, such as Medical Case Management. I know a few MSW/LICSWs that are working for Boston-area hospitals making more than $100,000 per year working as medical case managers, alongside RNs.

Private Practice

MSWs with independent clinical licensure (LCSW/LICSW) can bill insurances for psychotherapy and often command $140-$200 per "clinical hour," as is evidenced by their rates on Psychology Today. This can be lucrative as a "side hustle," but, in my experience, most Private Practice therapists seem to be very stressed-out and have to work very hard to make a livable salary if it's a full-time practice. (You don't get paid if the client doesn't show.) A lot of insurances with high deductibles cause many clients to not want to pay up front for therapy. Most people don't have that kind of "free cash," especially in today's tight economy. I wouldn't be able to pay that upfront, especially for weekly appointments.

Conclusion

Master's-level therapists (LICSW/LCSW, LMHC, LMFT, LPC, etc.) do "okay" and can make a decent salary, but it's going to be tough to make mid-to-high six figures, so please be careful when evaluating the total cost of your undergraduate/grad tuitions. The less debt you have, the better your life will be! If you're looking for "remote positions," this is one of the fields that still has a lot of remote opportunities in our post-COVID economy.

I wish you All the Best!