Psychiatrist Salary Guide 2024

How much do psychiatrists make?

The average annual salary for a psychiatrist in the US is $247,350.

Psychiatry is one of the highest-paying subfields in the mental health industry. Psychiatrists have the skills to assess, diagnose, evaluate, and prescribe medications. They can work in private practices, clinics, hospitals, academic centers, community centers, nursing homes, government agencies, military locations, rehabilitation centers, prisons, and more.

What Salary Can I Expect to Earn as a Psychiatrist?

The field of psychiatry pays very well. As we’ve already noted, the average annual psychiatrist salary in the United States is $247,350. Entry-level psychiatrists can expect to earn about $133,000 per year.

The bottom ten percent of psychiatrists make about $133,000 per year, the same as the average salary for entry-level psychiatrists. The top ten percent, however, make $393,000.

The average annual salary in the United States across all jobs is $74,738. Thus, the psychiatrist salary is over three times as much as the average American’s salary.

Of course, psychiatrists also experience more student loan debt than the average American employee. They must receive a medical doctorate before practicing psychiatry. Out-of-state public school students paid about $330,000 on average to attend medical school and college.

Which U.S. Cities Are Paying Psychiatrists the Most?

Location is one of the most significant factors that affect the psychiatrist salary. The cost of living and demand for psychiatrists in each area will impact pay rates.

The United States cities that pay psychiatrists the most are:

  1. San Mateo, California: $318,915 per year
  2. Boston, Massachusetts: $317,639 per year
  3. Green River, Wyoming: $314,774 per year
  4. Daly City, California: $314,097 per year
  5. Renton, Washington: $314,021 per year
  6. Berkeley, California: $312,668 per year
  7. Santa Monica, California: $312,523 per year
  8. Lowell, Massachusetts: $307,733 per year
  9. Laguna Beach, California: $306,455 per year
  10. Falls Church, Virginia: $305,511 per year

Which U.S. States Are Paying Psychiatrists the Most?

Although the psychiatrist salary can vary quite a bit across the United States, looking at the average salary by state can help narrow it down.

Ironically, the top ten cities that pay psychiatrists the most do not match the top ten states that pay psychiatrists the most. While more populated cities pay more, it tends to be less populated states that pay more overall.

The states that pay psychiatrists the most are:

  1. South Dakota: $383,934 per year
  2. Delaware: $373,845 per year
  3. North Dakota: $351,306 per year
  4. Montana: $350,689 per year
  5. Utah: $332,867 per year
  6. Maine: $304,202 per year
  7. Mississippi: $298,010 per year
  8. Oklahoma: $295,992 per year
  9. Michigan:$288,453 per year
  10. Pennsylvania: $282,383 per year

How Does the Salary of Psychiatrists Compare to Other Psychology Subfields?

Psychiatrists make far more money than any other common psychology subfield. They must undergo the most schooling to allow them to prescribe medications. While many psychologists may need to earn doctorate degrees, psychiatrists must go a step further to earn medical doctorate degrees.

Psychiatric nurse practitioners share many of the same responsibilities as psychiatrists. They assess, diagnose, evaluate, and make plans for patients with mental health problems. While psychiatric nurse practitioners are advanced practice registered nurses, psychiatrists are doctors who have completed medical school.

While many professionals in mental health industries work directly with patients, research psychologists strive to improve the lives of many by conducting studies. They observe, make hypotheses, and gather data to learn about human thought and behavior

Clinical psychology is a unique sub-category of psychology. These professionals assess and treat mental illness rather than simply observing it. Psychologists often receive doctoral degrees like psychiatrists but do not receive the training necessary for medical doctors.

LCSWs assess, diagnose, and treat individuals to help them deal with significant emotional, mental, or life problems. They must receive a Master’s Degree in Social Work and typically work in private practices, hospitals, community mental health centers, primary care offices, and agencies.

How Do I Advance My Career as a Psychiatrist and Earn More?

Many psychiatrists advance in their field by focusing on a sub-category, such as addiction, emergency, geriatric, pediatric, forensic, pain, rehabilitation, perinatal, or learning disability psychiatry.

Typically, child, geriatric, and pediatric psychiatrists make the most money. Child psychiatrists start at about $144,000 and advance to $277,000, while geriatric psychiatrists begin at $196,000 and eventually make $252,000.

On top of the eight years of schooling to receive a Doctorate, psychiatrists planning to specialize in a sub-category must participate in a fellowship that lasts one to two years.

Other psychiatrists start a private practice or become educators. Private practice psychiatrists earn about $242,058 per year on average. Professors of Psychiatry earn lower salaries on average, totaling about $199,723 per year. However, certain universities and colleges will pay much more.

Additional education can also help increase the psychiatrist salary. They can pursue degrees in Health Administration, Business Administration, Public Health, and more. Master’s degrees are typically the most beneficial.

If you continue schooling to add a specialty or additional degrees, practice in an area where these skills are in high demand. For example, geriatric psychiatrists will earn high salaries in locations with higher elderly populations.