The licensure to practice as a psychologist is essentially the same, although the programs may be different. At least the APA doesn't distinguish between clinical psych and counseling psych, although counseling psych seems to have a bit more concentration on educational settings and applications. There seems to be less and less difference these days between what psychologists can do, and master's level counselors (LCSW, LFT, LPC, etc.), although they all have different licensing organizations and different emphases in the coursework.
I used to feel that master's level counselors were really not adequately trained, as I had not gotten what I needed from them. My last few therapists have been psychologists. I do think that there is an advantage there, but I know some master's level counselors who I think are pretty good. Now that I am in a master's program, the differences that I see are that master's programs focus more intensely on practical application and have less flexibility for developing specialties and other interests. It will take the same amount of time to become licensed, since a doctoral program is 4 years of classes (with practicum experiences along the way) and a year of internship, and a dissertation so there is a lot more research focus; and master's programs (mine anyway) consist of a couple of years of classes, then a year of practicum, after which the master's degree is awarded, but still require 3 years of supervision before being eligible for licensure.
There are also continuing education requirements for all. I don't know if I will ever have the opportunity to earn a phd as I would like to do, but I am sure that I will continue to learn, formally and informally, and maybe get certifications in specific theories and methods, and get involved in research. I think that someone who has the motivation will be competent whichever path they take.
Rap
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“We should always pray for help, but we should always listen for inspiration and impression to proceed in ways different from those we may have thought of.”
– John H. Groberg
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