According to the Society for Industrial and Organizational Psychology, the professional organization for those who work in business psychology fields, there is steep competition for PhD programs in organizational psychology. The most respected programs often only accept a limited number of students. However, there are opportunities available through other schools and universities throughout the country. Obtaining a doctorate in business psychology ensures the highest income potential for graduates who want to work in the field of industrial or organizational psychology. In terms of a business psychology salary, if you want to earn more, you have to learn more, just as with any other profession.

In 2006, the United States Bureau of Labor Statistics reported that the median business psychology salary for industrial or organizational psychologists was $86,420. In the 2010 edition of the Occupational Outlook Handbook, published by the Bureau of Labor Statistics, experts predicted a 26% increase in the number of jobs available in industrial-organizational psychology, the technical term for business psychology. This is more than double the increase expected in clinical and school psychology (11% increase predicted) and nearly double the increase expected in all other psychology professions (14% increase expected.)

The 2010 edition of the Occupational Outlook Handbook shows a drop in the median business psychology salary to $77,010. However, this drop in median salary is due, in large part, to the number of lower paying entry level positions, which have increased in numbers since 2006. The report further states that the middle 50% of professionals in industrial or organizational psychology positions earn between $54,100 and $115,720. Even at the lowest end of the pay scale, these professionals earn a minimum of $38,690 annually. At the highest end of the pay scale, the top 10% of earners make $149,120. As such, no matter where your salary falls in this field, the pay is respectable, if not lucrative.

Given the expected growth for business psychology professionals over the 2008-18 decade, it is safe to assume that many new jobs will fall at or below the median income level. Many of these new jobs will be in the corporate sector, providing services to human resource departments for companies with less than 1,000 employees. However, larger companies, including many multinational firms, will also need to bring in industrial psychologists to help with international employees and policies that can be applied across borders. These larger companies historically pay their experts higher salaries, or hire large fee independent consultants.

In terms of business psychology salary potential, may students feel the increased cost of higher education well worth the potential for higher income. As such, in order to qualify for jobs on the higher end of the pay scale, students often choose to pursue master or doctoral degree programs. While these graduate degree programs due significantly increase educational costs and student loan debt balances, the pay off for a graduate degree, especially a PhD in Industrial-Organizational Psychology, is far higher than the cost. However, students must consider their own job market, increased educational costs, and increased time until graduation, before deciding if the income potential is worth the risk.