As one of the few MSW/Ph.D. combos, I want to add my two cents to this
thread.

I usually approach this issue looking at time, money and prestige.  Now, I
know that people will disagree with my thinking on this but feel free to add
your own interpretations.  Also, all my facts are from California

Clinical Psych Ph.D. --at least 5 years in a post-college graduate program.
Then, you have to accumulate 3000 clinical hours for licensure.  You can
earn up to half those hours prior to completing your graduate program.
These programs are extremely competitive from large universities.  Also, you
can have any psychology Ph.D. to get clinical licensure.  You just need
someone who is licensed to supervise you.  Only psychiatrists and licensed
psychologists can supervise you.

Psy.D.--at least 5 years in a counseling/applied type of program.  Few large
universities offer this degree--mostly CSPP.  Many people get specifically
counseling-type jobs or have positions and then get the degree to enhance
their status. 

LCSW--two years in a Master's of Social Work program and 3200 hours
post-graduation.  Pass a written and oral test for licensure.  A flexible
degree that allows you to do a variety of jobs.  Most "therapists" are
social workers.

MFCC--Here in California we have Marriage, Family, and Child Counseling
licensure.  Typically, part of a one-year or Master's in
Psychology/Counseling program.  You have to do 3000 hours but half can be
during graduate school.  However, there are restrictions of what tasks count
as hours.  These programs are offered everywhere and MFCC's are a dime a
dozen.

Consumer Reports did a large scale study on the effectiveness of different
types of therapists and essentially found little differences.  However,
American Psychologist had a special issue a few years back critical of that
study.

I always ask the students that the program they want is dependent on time
and their ultimate outcome of career.

Rob Weisskirch, MSW, PH.D.
Department of Child and Adolescent Studies
California State University, Fullerton
P.O. Box 6868
Fullerton, CA 92834-6868
(714) 278-2896

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