grad school

Here is what I know: If he wants to make a living doing psychology he's going to need to get a more than a masters degree in order to become a clinical psychologist (or a professor). Anything less than that and his degree will essentially be worthless. THAT BEING SAID, if he does become a clinical psychologist, it is absolutely possible to make good money.

Clinical psychologists and psychiatrists do essentially the same stuff with the exception of medication.

It will be easier to make more money as a Psychiatrist, but there is also a higher cost involved in the education process, and the path to get there is more difficult IMO.