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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]http://www.dcurbanmom.com/jforum/posts/list/614822.page[/quote]

Thank you. Any other insights will be appreciated. I'm guessing I will need an MSW and hours of internship, then I can go into private practice. Would love to have more info on starting your own practice costs/benefits ect[/quote]

I'm the psychologist from that thread (one of them, maybe there were a few of us?)--you have to think of private practice as running a small business, because that's what it is.  Identify a need in the community in which you'd want to practice.  For example, the DC market is saturated with general adult practitioners, so move beyond that.  Would you take insurance?  How would you find patients?  Private practice can be lucrative, but not immediately.  Building one from scratch takes time, and people often begin as associates in a larger practice to break in.  Do you know anyone in private practice now with whom you can network?  [/quote]

No , I dont know anyone, thats why i started my research online. Im a banker, so this would be a complete career change, i fon't know anyone in real life who does this for a living. My interest would be in Couple therapy, marriage counseling. How lucrative is that in the DC area? Is there demand? How long does it take to make 6 figures in PP?  [b]My fear to be honest is to leave a stable careeer in banking and not be able to make ends meet as a counselor[/b][/quote]

That's a legitimate concern, particularly if you're used to a certain lifestyle as a banker.  You're not going to match that as a psychotherapist.  There's no company benefits, no 401K match, no paid vacation, no bonuses.  There's demand for good couples therapists, but it's also very emotionally difficult work.  It's hard to predict how many face to face clinical hours you'll be able to work without burning out.

I have a lot of friends/colleagues in private practice, and most didn't get close to six figures until at least five years after they finished grad school--and these are PhD psychologists.  And by six figures, I mean $100K, not $400K.  It takes time to build the kind of expertise and clinical competence that allows you to charge high fees and set your own hours.  When they started out, it was a lot of late nights, weekends, etc., to build their reputations.  Many also diversify their practices beyond psychotherapy (say, into testing), but that's less of an option without a PhD.

I'm not trying to discourage you, but I'm also not going to tell you it's easy.  The best psychotherapists focus on being outstanding at their profession first, money second.  The ones who focus on the money first, frankly, cut corners and practice in ways I never would.[/quote]

Thank you , this is very helpful. I have a lot to think about, i was thinking about going the master's route not PhD as it is faster and im not interested in research. The money issue though is hard to swallow. My 1st salary out of business school with O years of experience was $50K over 10 years ago. I cant imagine going back to that[/quote]

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