Having an undergrad psych degree often qualified one to be a manager somewhere. Better to major in business with a minor in psych. Better yet to get a technical degree, because the psych professors don't know what they're talking about.
I've always thought that, if you really want to get an education in how people tick, have a few beers with a successful salesman or business owner.
On average, business and psychology majors have among the lowest SAT scores of all college grads. Of course, there are many exceptions, but in general, it is a marker of less than the brightest and hardest working.
Then again, for some industries and roles—e.g., sales, which is of course critical to business—it can suggest someone who would therefore be willing to stay in a less-than-top job.