As an expert in the field of psychology and human behavior, I've spent a considerable amount of time studying the various aspects of this profession, including the financial remuneration that psychologists can expect to receive. It's important to note that the income of a psychologist can vary widely based on a number of factors, including their level of education, years of experience, the type of psychology they practice, the geographical location where they work, and whether they are self-employed or working for an organization.

To begin with, let's consider the median annual salary for psychologists as reported by the Bureau of Labor Statistics (BLS) as of May 2016. According to the BLS, the median annual salary for clinical, counseling, and school psychologists was $73,270. This median value is a significant data point as it represents the midpoint of the salary range, with half of psychologists earning more and half earning less.

However, it's crucial to understand that this figure is just the median and there is a broad spectrum of earnings within the field. The BLS also reported that the lowest 10 percent of earners in this profession made less than $41,890, while the highest 10 percent earned more than $121,610. These figures illustrate the disparity in income that can occur, which may be influenced by the aforementioned factors.

When we consider hourly wages, we must take into account that psychologists typically work full-time hours, which are often around 40 hours per week. However, part-time work and overtime are also possibilities, which can affect the hourly rate. To calculate an approximate hourly wage from the median annual salary, we can use the following formula:

\[ \text{Hourly Wage} = \frac{\text{Annual Salary}}{\text{Number of Work Hours per Year}} \]

Assuming a full-time schedule of 2080 work hours per year (40 hours per week for 52 weeks), the median hourly wage would be:

\[ \text{Hourly Wage} = \frac{73,270}{2080} \approx \$35.24 \]

Again, this is a rough estimate and actual hourly wages can differ. For those in the lower end of the salary scale, the hourly rate would be correspondingly lower, and for those in the higher end, the rate would be higher.

It's also important to consider that psychologists with advanced degrees, such as a Psy.D. or Ph.D., may command higher salaries. Additionally, those with specializations in certain areas of psychology, like neuropsychology or forensic psychology, may also see a higher income due to the specialized nature of their work.

Geographical location plays a significant role in determining a psychologist's salary. Urban areas and states with a higher cost of living tend to offer higher salaries to compensate for the increased cost of living expenses. On the other hand, psychologists working in rural areas or states with a lower cost of living may earn less.

Finally, the work setting can also influence earnings. Psychologists working in private practice have the potential to earn more, especially as they build a reputation and client base. However, they also face more financial risks and may have to deal with the business aspects of running a practice. In contrast, those working for hospitals, schools, or government agencies may have a more stable income but might earn less on average.

In conclusion, the hourly wage for a psychologist is not a one-size-fits-all figure and can vary greatly based on a multitude of factors. It's essential for individuals interested in this career to research the specific conditions of the job market they are interested in, as well as to consider their own career goals and the level of education and experience they bring to the field.

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As of May 2016, the median annual salary for clinical, counseling, and school psychologists was $73,270 per year, according to the Bureau of Labor Statistics. The lowest 10 percent of workers earned less than $41,890, and the highest 10 percent earned more than $121,610.read more >>