I have a PhD in psychology, but not my clinical training (masters component), which means I am a research psychologist and I have provisional registration status, but I don't see or treat clients. I did 8 years at university from start to finish to gain my PhD. As PP have said, getting into Honours is hard, and you typically need a first class Honours to go on further to do Masters and/or PhD, but not always. The academic pressure can be quite intense. It's a hard, expensive road, but in my opinion it was completely worth it. I am employed as a research fellow at a university and I work in trauma and mental health research, which is very rewarding. Jobs are competitive but not impossible in my experience, especially if you are willing to relocate.