Along with the emotional rewards of helping others to lead more fulfilling lives with improved well-being, the average salary of a psychiatrist also makes this psychology career path very financially rewarding. Through utilizing their compassion, strong communication skills, and adept problem-solving abilities, psychiatrists diagnose and treat people with a variety of psychiatric disorders, including depression, anxiety, schizophrenia, PTSD, or addiction. Since psychiatrists must have advanced knowledge of mental illnesses to form effective treatment plans, provide counseling, and even prescribe medications, those in this field must invest a significant amount of time and money in their education. In order to determine if entering this career is financially worth it, the following is an overview of the salary potential you can expect when working as a psychiatrist.
Average Annual Salary for Psychiatrists
According to the Bureau of Labor Statistics, the 25,040 psychiatrists across the United States earned an average annual salary of $182,660 as of May 2013. In other words, psychiatrists typically report receiving a mean hourly wage of $87.82 for using their expertise to analyze and treat their patients’ mental health conditions. While the bottom 10% in this field make less than $69,790, the top 10% of psychiatrists with more advanced experience earn considerably more than average. In fact, around 19% of psychiatrists bring home $300,000 or more. However, as the 20th highest-ranked medical specialty, psychiatrists are in the bottom third with income less than orthopedists, radiologists, cardiologists, and anesthesiologists.
Psychiatrist Salary by Mental Health Setting
As with any other field in our economy, salary potential for psychiatrists tends to differ significantly depending on where they work to help mentally ill patients achieve healthier and happier lives. Psychiatrists working in psychiatric hospitals tend to make around average at $179,170 each year, but those employed in medical or surgical hospitals make considerably less at $173,640 annually. The highest percentage of psychiatrists is employed in physicians’ offices or private practices, where they make an average $179,210. As of May 2013, the top-paying work environments for psychiatrists are vocational rehabilitation services, outpatient care centers, and individual or family services with average salaries of $215,530, $201,460, and $197,160 respectively.
Top-Paying States for Psychiatrists in America
In addition, there are many states across the nation that offer higher compensation for psychiatrists than others, often due to their critical shortage of medical professionals to provide psychiatric services to their citizens. If you live in Maine, then you have the potential to earn the nation’s highest average annual salary for psychiatrists at $232,310, or $111.69 each hour. Arizona, Oregon, and Wyoming round out the top-four highest paying states with mean annual wages of $229,740, $227,190, and $225,380 respectively. Psychiatrists can also find salaries higher than average in northwestern Texas, west-central Kentucky, northern New York, and far-western Pennsylvania.
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Overall, psychiatrists are highly trained medical professionals who receive high levels of compensation way passed the six-figure salary mark in exchange for their hard work in diagnosing and treating the presence of mental disorders in a diverse range of clients. In fact, Forbes magazine has recognized psychiatrists for having the 9th best-paying job in America with a higher average salary than Chief Executive Officers (CEOs). Now that you are aware to the salary of a psychiatrist, you can make a well-informed financial decision on whether attending medical school for psychiatry is your right career move.
