Speech Therapist Salary – Facts You Should Know
Speech therapist salary range is computed based on several factors: education/work experience, employer/industry and location of practice. All of these will affect whether you get the minimum or maximum wage that a speech therapy makes.
Based on a 40 hour work week, a speech therapist will earn an average salary of $32.85/hour or $68,000 annually. The highest it can go is up to $48.95/hour or $101,000 per year.
When you are fresh out of graduate school, you will only be relying on your education credentials and the practical experience that is required and supervised by the program you enrolled in. It is a good idea to volunteer or work part time while you are studying. This way, your experience will be more substantial and thus will give you an edge when you start looking for a permanent job. Coming from a reputable graduate school will also help you land high paying jobs in the speech therapist salary scale. As you go past the entry level stage, your salary rate will increase as you pile years into your work experience. The factors that make this possible are the credibility that you build up and the loyal clients that you get.
Your wage will also be affected by the industry or employer where you choose to practice your profession. There are several job opportunities for a speech therapist and these depend on your specialization. Nursing care facilities seem to be the highest paying employer. Speech therapists will earn as much as $79,000 annually. Health care services follow shortly with $77,000. Hospitals and educational institutions give lower than $70,000 of annual wages.
Though these industries are low on the speech therapist salary range, a lot of them work here. This could be due to the high demand and other benefits that come along with the monetary compensation. For instance, hospitals generally give good health benefits. A good benefit package is estimated to reach up to $20,000 annually.
Speech therapist salary is also influenced by the supply and demand principle. When the demand is high but only a few therapists are available, patients are clamouring for priority. The few speech therapists are able to charge higher rates. Apart from that, it is guaranteed that their hours are occupied by appointments. On the other hand, if the supply is high but the demand is less, the therapists compete with lower rates so patients will choose them over the others. Unless they have accumulated a pool of patients already, their appointments are not guaranteed to be filled in. Some of the speech therapy friendly states include Nevada, Alaska and California. They average compensation in these states is estimated to be in the range of $80,000- $96,000.
Speech therapist salary can be maximized if you studied the statistics early on. You get to position yourself to be qualified in the top paying industries and states. However, there is more to the compensation package that a speech therapy can enjoy. People who love working with children will not mind the lower salary if it means they get to help shape a better future for these kids. The same goes for working with the elderly. There is much to gain by working in an industry that makes a difference in people’s lives. There is no monetary value that can compare with that.