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A career as a psychiatrist can be highly rewarding, both professionally and financially, with the average annual salary in the U.S. coming in at $269,940, according to the U.S. Bureau of Labor Statistics.
Becoming a psychiatrist requires a lot of dedication and time — 12 years on average. But as the need for mental health services outstrips demand in the U.S., the outlook for a career in psychiatry is strong. Indeed, the U.S. Health Resources and Services Administration predicts a shortage of 43,810 psychiatrists by 2038 if current supply and utilization patterns continue.
Read on to learn more about how much a psychiatrist makes, as well as the job’s requirements, duties, and benefits.
Key Points
• The average annual salary for a psychiatrist in the U.S. is $269,940.
• Psychiatrists are medical doctors who specialize in mental health. They’re qualified to assess disorders, diagnose, develop treatment plans, and prescribe medication.
• Becoming a psychiatrist requires around 12 years of education, including a bachelor’s degree, medical school, and a four-year medical residency.
• The pros of the profession include the opportunity to help others, strong job security due to demand, the ability to work in various places, and the option to be self-employed.
• Challenges include the potential for emotional draining and professional burnout, substantial educational debt from the years of schooling, and the risk of irregular hours or fluctuating income.
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What Are Psychiatrists?
Psychiatrists are medical doctors who specialize in mental health. They’re qualified to assess mental health disorders, including depression, anxiety, and substance abuse, and prescribe medication.
The duties of a psychiatrist generally include:
• Assessing patients’ mental health through holding interviews, reviewing medical history, and performing tests
• Delivering an accurate diagnosis and developing a treatment plan
• Consulting with other mental health professionals
• Prescribing medication if needed
• Following up with patients and making treatment adjustments if necessary
• Documenting each patient’s diagnosis and progress
• Offering emotional support and coping mechanisms
• Staying current on new developments and psychiatric treatment methods
An effective psychiatrist should be able to:
• Be compassionate and empathetic: These qualities allow a psychiatrist to understand what’s going on with their patients.
• Establish trust: Patients need to feel safe opening up to their doctors.
• Be patient: The road to mental wellness can be a long one.
• Possess strong communication skills: Psychiatry isn’t a job for introverts. A successful psychiatrist needs to be able to actively listen, provide guidance, and communicate solutions.
• Maintain flexibility: The job requires flexibility in both your schedule and treatment approaches in order to provide customized help for each patient.
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How Much Do Starting Psychiatrists Make a Year?
Professional psychiatrists can make over $100,000. Even as a starting salary, the bottom 10% of earners make, on average, $84,060 a year.
What Is the Average Salary for a Psychiatrist?
Being a psychiatrist is one of the highest paying jobs in the U.S. The average salary ranges from $84,060 to $446,520 a year, with the average psychiatrist salary in the U.S. landing at $269,940. However, location makes a significant impact on how much a psychiatrist gets paid, with the average salary in New York City coming in at $283,899.
A psychiatrist can command a yearly salary or an hourly wage in a private practice. As for how much a psychiatrist makes in an hour, the national average is just under $130.
What Is the Average Psychiatrist Salary by State?
Psychiatrists can earn competitive pay no matter where they live and work. However, geographic location does have an influence on how much a psychiatrist makes. Here’s a look at the average psychiatrist’s annual salary by state.
| State | Average Psychiatrist Salary |
|---|---|
| Alabama | $235,205 |
| Alaska | $279,464 |
| Arizona | $241,822 |
| Arkansas | $214,580 |
| California | $256,099 |
| Colorado | $272,866 |
| Connecticut | $246,856 |
| Delaware | $259,721 |
| Florida | $193,920 |
| Georgia | $219,115 |
| Hawaii | $269,607 |
| Idaho | $244,160 |
| Illinois | $251,459 |
| Indiana | $246,928 |
| Iowa | $243,737 |
| Kansas | $231,432 |
| Kentucky | $225,381 |
| Louisiana | $221,903 |
| Maine | $251,245 |
| Maryland | $251,853 |
| Massachusetts | $283,403 |
| Michigan | $226,177 |
| Minnesota | $254,155 |
| Mississippi | $245,762 |
| Missouri | $243,410 |
| Montana | $238,179 |
| Nebraska | $247,418 |
| Nevada | $264,248 |
| New Hampshire | $252,363 |
| New Jersey | $263,451 |
| New Mexico | $251,472 |
| New York | $283,899 |
| North Carolina | $235,832 |
| North Dakota | $274,569 |
| Ohio | $246,703 |
| Oklahoma | $239,603 |
| Oregon | $274,363 |
| Pennsylvania | $260,120 |
| Rhode Island | $254,129 |
| South Carolina | $240,802 |
| South Dakota | $259,497 |
| Tennessee | $235,524 |
| Texas | $241,762 |
| Utah | $236,239 |
| Vermont | $275,911 |
| Virginia | $257,271 |
| Washington | $293,906 |
| West Virginia | $200,895 |
| Wisconsin | $261,924 |
| Wyoming | $249,434 |
Source: ZipRecruiter
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Psychiatrist Job Considerations for Pay and Benefits
A professional psychiatrist can earn a high salary while helping to improve the lives of others. But there are a lot of steps you need to take in order to become a licensed psychiatrist. These include:
1. Earning a bachelor’s degree: Preferably, you’ll want a degree in psychology, biology, or biochemistry.
2. Taking the Medical College Admission Test (MCAT): The MCAT is a challenging standardized test used as an admissions requirement when applying for a medical degree program.
3. Applying to and attending medical school: Medical school typically takes about four years to complete as a full-time student.
4. Completing a four-year medical residency: This is required to obtain your medical license and involves treating patients in real-world scenarios. It’s generally a good idea to obtain your license in the same state you intend to practice in.
In addition to strong job prospects and a high salary, psychiatrists who work for a public, private, or government institution may be eligible for the following job benefits:
• Health insurance (medical, vision, and dental)
• Life and disability insurance
• Vacation and holiday pay
• Paid sick leave
• Retirement plans
• Malpractice coverage
Of course, if you open your own practice, you’ll have to cover those benefits yourself. But you’ll have the flexibility to set your own schedule and session rates.đź’ˇ Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Being a Psychiatrist
As with any profession, there are positive and negative sides to being a psychiatrist. Here’s a closer look at the job’s pros and cons.
Pros of Being a Psychiatrist
• Have the opportunity to help others: One of the reasons people enter the field of psychiatry is to help change people for the better and, in some cases, save their lives.
• See a mix of patients: You’ll be challenged with helping people of all different ages and backgrounds to achieve mental wellness.
• Work in a variety of places: Psychiatrists can work in private offices, hospitals, schools, mental health clinics, and other institutions.
• Form relationships: In addition to establishing relationships with their patients, many psychiatrists have the opportunity to work with other professionals, including psychologists and occupational therapists, as part of a holistic treatment plan.
• Be your own boss: If you decide to form your own practice, you’ll be able to set your own schedule and session rates.
• Enjoy job security: As noted above, psychiatry is one of the types of jobs that are currently in demand.
Cons of Being a Psychiatrist
• Emotionally drain: Caring for patients, especially those who have dealt with traumatic experiences, can be emotionally exhausting. The stress of responsibility, coupled with intense sessions, can potentially lead to professional burnout.
• Substantial educational debt: The 12 years or more of school and residency required to become a psychiatrist can be costly and leave you with a lot of student loans to repay.
• Irregular hours: Many psychiatrists have to be flexible in order to accommodate working patients and don’t work the traditional nine-to-five hours.
• Fluctuating income: The goal of any psychiatrist is to help people manage their lives on their own, which means patients (hopefully) come and go. If you have a private practice, you could experience fluctuations in income from year to year.
• Physical danger: Unfortunately, some more severely mentally ill patients can potentially become physically violent with their doctors.
• Risk of lawsuits: Patients can sue their psychiatrist for prescription errors, a misdiagnosis, or session misconduct. Your place of work or private practice will have to have malpractice insurance.
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The Takeaway
You can earn a lot of money working as a psychiatrist if you are willing to spend years on your education, with the average psychiatrist salary coming in at $269,940. But helping others is also a calling. When you make a difference in a person’s life, the rewards can be more than financial.
Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday expenses. To help ensure your monthly inflows always exceed your monthly outflows, try creating a budget and check out financial tools that can help track your income and spending.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
Can you make $100k a year as a psychiatrist?
Yes. The average salary range for a psychiatrist is generally between $84,060 and $446,520 a year. The national average salary is $269,940, and even the bottom 10% make an average of $84,060 a year.
Do people like being a psychiatrist?
While the job can be emotionally draining at times, many psychiatrists find tremendous satisfaction in helping others. The profession offers the opportunity to help people change for the better and, in some cases, save their lives. However, caring for patients, especially those with traumatic experiences, can be emotionally exhausting.
Is it hard to get hired as a psychiatrist?
No. There’s currently a great demand for psychiatrists, and there will likely always be a need to help patients with mental health issues. The U.S. Health Resources and Services Administration predicts a shortage of 43,810 psychiatrists by 2038 if current patterns continue.
How long does it take to become a psychiatrist?
Becoming a licensed psychiatrist typically requires an average of 12 years of dedication and schooling. This path includes earning a bachelor’s degree, passing the Medical College Admission Test, attending four years of medical school, and completing a four-year medical residency.
What are the primary duties of a psychiatrist?
Psychiatrists are medical doctors qualified to assess mental health disorders, deliver an accurate diagnosis, and develop a treatment plan. Their duties generally involve interviewing patients, reviewing medical history, prescribing medication if necessary, and consulting with other mental health professionals.
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