The psychiatrist highest salary is more than $200,000 per year. Find out what is the average psychiatrist salary.
Introduction
Psychiatry is the branch of medicine focused on the diagnosis, treatment, and prevention of mental, emotional, and behavioral disorders. A psychiatrist is a medical personnel that assesses all mental and physical symptoms. They make a diagnosis and work with you to develop a management plan for your treatment and recovery.
Psychiatrists provide psychological treatment, prescribe medications, and help people suffering from mental unwellness. From another perspective, psychiatrists can be seen as medical professionals that treat people suffering from mental health problems, including depression, anxiety, addiction, and personality disorders.
The role of psychiatrists in the modern world is almost indispensable, as the number of the population especially the teenagers and younger adults that develop mental health issues keep rising due to different reasons.
Like many other medical professions, Psychiatry has different specialties which include: child and adolescent psychiatry, geriatric psychiatry, forensic (legal) psychiatry, administrative psychiatry, addiction psychiatry, emergency psychiatry, consultation/liaison psychiatry, mental retardation psychiatry, and many others.
Meanwhile, this article will contain the highest paid psychiatrist specialties in the World, top the careers and their salaries.
What are the salaries of the Highest Paid Psychiatrist Specialties ?
There are about 28,000 professional psychiatrists, in the United States alone. According to the U.S. Bureau of Labor Statistics, the average income of a Psychiatrist was $200,220.
Salary and Growth
Psychiatrists earn an average $216,090 per year, or $103.89 per hour states the U.S. Bureau of Labor Statistics. The lowest-earning received less than $71,560 annually, or $34.41 hourly. ONET OnLine sees psychiatrist jobs increasing by 10 percent to 14 percent. This is in line with the BLS prediction of 13 percent growth for all physicians and surgeons, and faster than the 7 percent expected for all workers in all U.S. occupations. The fuel for this growth will be a growing and aging population.
Top Employers
The biggest employers of psychiatrists according to the BLS, are the offices of physicians, which include those professionals who are self-employed. With 8,570 out of the total 25,250 psychiatrist positions, this employment category shows average pay at $222,460 per year, or $106.95 per hour. Psychiatric and substance abuse hospitals are next for jobs, with 3,770 professionals making a mean annual salary of $205,200, or $98.65 per hour. The highest paying employer is state government, showing average salaries of $254,170 per year, or $122.20 per hour. Home health care services are next, with mean compensation of $234,690 yearly, or $112.83 hourly.
Pay Based on Location
The state with the most jobs for psychiatrists is New York with 3,700 jobs and mean wages of $201,220, or $96.74 per hour. Not surprisingly, New York City has the highest employment of psychiatrists with 2,890 positions, making an average annual salary of $206,980 or $99.51 an hour. New York City is followed by the Los Angeles area and then Chicago.
For highest pay, California leads the state list with mean earnings of $259,570 per year, or $124.79 per hour. Among metropolitan areas, Trenton, New Jersey tops the list followed by the Tacoma, Washington area and then the Stockton area in the Central Valley of California.
Why are psychiatrists among the highest-paid specialties?
There are quite a number of reasons why psychiatrists make a lot of money and some of the reasons that justify their pay are:
- Psychiatrists are in great demand in the United States.
- A high number of psychiatrists are hired by the military and prisons which eventually, leaves few for the rest of the society.
- Psychiatrists are paid salaries when they work in hospitals or paid on per-patient basis by health insurance companies. They are not paid hourly
- The malpractice insurance is rather high.
- Psychiatry education like most medial sciences is long and the work is dangerous depending on the setting.
- Psychiatrists most of the time have to deal with unpleasant patients with special skills they acquire from thorough trainings while at school.
How Much Do Psychiatrist Make?
Psychiatrists make an average salary of $224, 247 annually. How much a psychiatrist makes in a year is dependent on a number of factors.
In 2020, the best-paid psychiatrist 25th percentile made over $205, 000 while the lowest-paid earned $135, 000 annually.
The average annual pay for a Psychiatrist in the United States is $269,171 a year.
Just in case you need a simple salary calculator, that works out to be approximately $129.41 an hour. This is the equivalent of $5,176/week or $22,431/month.
While is seeing annual salaries as high as $400,000 and as low as $51,000, the majority of Psychiatrist salaries currently range between $210,000 (25th percentile) to $339,000 (75th percentile) with top earners (90th percentile) making $400,000 annually across the United States. The average pay range for a Psychiatrist varies greatly (by as much as $129,000), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience.
Based on recent job posting activity on the Psychiatrist job market in both Lagos, NG and throughout the entire state of is not very active as few companies are currently hiring. A Psychiatrist in your area makes on average $270,087 per year, or $916 (0%) more than the national average annual salary of $269,171. ranks number 1 out of 50 states nationwide for Psychiatrist salaries.
What are Top 10 Highest Paying Cities for Psychiatrist Jobs
We’ve identified 10 cities where the typical salary for a Psychiatrist job is above the national average. Topping the list is San Mateo, CA, with Boston, MA and Daly City, CA close behind in the second and third positions. Daly City, CA beats the national average by $42,781 (15.9%), and San Mateo, CA furthers that trend with another $48,454 (18.0%) above the $269,171 average.
With these 10 cities having average salaries higher than the national average, the opportunities for economic advancement by changing locations as a Psychiatrist appears to be exceedingly fruitful.
Finally, another factor to consider is the average salary for these top ten cities varies very little at 4% between San Mateo, CA and Laguna Beach, CA, reinforcing the limited potential for much wage advancement. The possibility of a lower cost of living may be the best factor to use when considering location and salary for a Psychiatrist role.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| San Mateo, CA | $317,625 | $26,469 | $6,108 | $152.70 |
| Boston, MA | $315,369 | $26,281 | $6,065 | $151.62 |
| Daly City, CA | $311,952 | $25,996 | $5,999 | $149.98 |
| Berkeley, CA | $311,782 | $25,982 | $5,996 | $149.90 |
| Renton, WA | $310,985 | $25,915 | $5,980 | $149.51 |
| Santa Monica, CA | $310,944 | $25,912 | $5,980 | $149.49 |
| Lowell, MA | $307,448 | $25,621 | $5,912 | $147.81 |
| Green River, WY | $306,107 | $25,509 | $5,887 | $147.17 |
| Falls Church, VA | $304,020 | $25,335 | $5,847 | $146.16 |
| Laguna Beach, CA | $302,747 | $25,229 | $5,822 | $145.55 |
What are Top 5 Best Paying Related Psychiatrist Jobs in the U.S.
We found at least five jobs related to the Psychiatrist job category that pay more per year than a typical Psychiatrist salary. Top examples of these roles include: Child Adolescent Psychiatrist, Locum Psychiatrist, and Part Time Psychiatrist.
Importantly, all of these jobs are paid between $18,293 (6.8%) and $61,540 (22.9%) more than the average Psychiatrist salary of $269,171. If you’re qualified, getting hired for one of these related Psychiatrist jobs may help you make more money than that of the average Psychiatrist position.
| Job Title | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Child Adolescent Psychiatrist | $330,711 | $27,559 | $6,360 | $159.00 |
| Locum Psychiatrist | $306,002 | $25,500 | $5,885 | $147.12 |
| Part Time Psychiatrist | $295,530 | $24,628 | $5,683 | $142.08 |
| Child And Adolescent Psychiatrist | $289,594 | $24,133 | $5,569 | $139.23 |
| Chief Psychiatrist | $287,464 | $23,955 | $5,528 | $138.2 |
Psychiatrist is one of the highest-paying jobs in the United States. A psychiatrist is a medical doctor who specializes in mental health and emotional well-being. They are trained to diagnose and treat mental disorders, including substance abuse, mood disorders and anxiety disorders. Psychiatrists can also prescribe medicine for their patients.
Psychiatry is a very lucrative career choice for those who choose to pursue it. Psychiatrists’ average annual salary was $196,000 in 2017, according to the BLS.
It’s important to note that psychiatrists earn more than other medical professionals because they are trained to have a deeper understanding of mental health issues than most other doctors who treat physical ailments only.
Conclusion
Becoming a psychiatrist does require extensive education, but the salary outlook for someone with their degree is bright. If you’re thinking about pursuing this career path, it’s worth noting that competition in this field is intense. There are many variables that affect a physician’s annual salary and bonuses. A physician’s salary can increase with additional certifications and continuing education courses. Also, employment opportunities and compensation vary by specialty.
