Psychiatrists are among the best paid professions in the United States, with an average salary of $185,000 a year and top salaries reaching up to $269,000 a year. The 2013 Psychiatrist Compensation Report released by Medscape reveals, however, that psychiatrists are not among the best paid specialists in the medical field.
In 2012, 50% of psychiatrists reported that their annual income remained the same from the previous year, while 22% saw an increase by up to 10%, and 12% had a decrease by up to 10%. 7% of these professionals had a salary increase by more than 10%, and 9% reported that their salaries decreased by 10% or more.
Average salary
The average annual income for psychiatrists employed in the United States is $198,484 according to Salary.com, $186,000 according to Medscape’s 2013 Psychiatrist Compensation Report, and $179,565 according to Payscale’s salary statistics. The Bureau of Labor Statistics (BLS) reports a slightly lower median salary for the profession, at $177,520 a year.
The salary data from the 2013 Psychiatrist Compensation Report reveals that men earn significantly more than women: the median yearly salary for men is $198,000, and for women it is $165,000.
Psychiatrist salaries also vary depending on the work setting. Professionals in solo practices have the highest salaries, $214,000 a year on average, followed by those working in single-specialty group practices, who earn around $206,000 a year. Psychiatrists employed by healthcare organizations earn $200,000 a year on average, those working at hospitals are paid around $194,000 annually, and professionals working in multispecialty group practices make $183,000 a year on average. Psychiatrists working in an academic setting earn around $172,000 a year, and those working at outpatient clinics make $152,000 a year on average.
Work situation is another major factor that determines a psychiatrist’s salary. Independent contractors earn $195,000 a year on average, owners of solo practices and employees are paid $184,000 a year, and psychiatrists who are partners in their organizations have an average yearly salary of $213,000 a year.
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The Bureau of Labor Statistics (BLS) reports that psychiatrists working at outpatient care centers have the highest median annual salary, at $198,290, followed by those employed at psychiatric and substance abuse hospitals, who earn $177,670 a year on average, and professionals who work at physicians’ offices, who make around $176,930 a year. Psychiatrists working at general medical and surgical hospitals have a median yearly salary of $164,830, and those employed by colleges, universities, and professional schools are paid $144,440 annually on average.
Starting salary
The starting salary for psychiatrists with less than a year of professional experience typically ranges from $45,113 to $217,940 a year according to salary information provided by Payscale.
Salary range
In 2012, the highest percentage of psychiatrists (24%) employed in the United States earned an annual salary in the range from $200,000 to $250,000 a year, and 17% reported an annual income in the range between $175,000 and $200,000 a year according to the BLS.
13% of psychiatrists earned $100,000 a year or less, while only 1% made more than $400,000 a year, and 3% reported a salary in the range from $350,000 to $400,000 a year.
15% of these professionals had a salary in the range from $300,000 to $350,000 annually, and 10% earned between $250,000 and $300,000.
On the lower end of the scale, 7% of psychiatrists reported earning between $100,000 and $125,000 a year, and 6% had salaries in the range from $125,000 and $150,000 a year. The remaining 15% of psychiatrists were paid a yearly salary in the range between $150,000 and $175,000.
Salary data from Payscale reveals that psychiatrists typically earn salaries in the range from $90,893 to $251,298 a year including bonuses. The salary range varies depending on a number of factors, including years of professional work experience. Professionals with 1 to 4 years of experience generally earn between $73,327 and $204,205 a year, those with 5 to 9 years of experience make between $92,398 and $224,439 a year, psychiatrists with 10 to 19 years of experience are paid between $97,734 and $243,054 annually, and professionals with 20 or more years of experience report earning an annual pay in the range from $102,294 to $246,060 a year.
Salary by state
Psychiatrist salaries can vary significantly from state to state. Psychiatrists employed in New York generally earn salaries in the range from $57,812 to $203,823, those living in California make between $87,172 and $249,017 a year, professionals in Texas are paid between $97,474 and $250,862 annually, and those working in Florida earn between $77,281 and $206,243 a year on average. Psychiatrists in Pennsylvania report salaries in the range from $102,556 to $246,581 a year, those working in Massachusetts make between $79,668 and $232,210 annually, and professionals working in Illinois are paid between $100,671 and $223,491 a year according to Payscale’s salary data.
The states with the highest employment level for this profession are California, where psychiatrists have an average annual pay of $179,270, New York ($165,460), Texas ($178,530), Ohio ($157,830), and Pennsylvania ($185,500) according to the Bureau of Labor Statistics (BLS).
The top paying states for psychiatrists are Maine, with a median yearly salary of $232,390, Oregon ($228,580), Idaho ($219,340), Wyoming ($215,680), and North Dakota ($210,580).
Salary by city
Psychiatrists’ salaries also vary from city to city. Professionals based in New York typically earn between $72,945 and $198,694 a year, those working in Los Angeles make between $86,293 and $249,165 a year, and psychiatrists employed in Chicago report salaries in the range from $40,851 to $196,863 a year.
Professionals working in Boston earn between $98,986 and $240,709 a year, those employed in Houston are paid between $44,908 and $247,926 annually, those based in Minneapolis make between $48,738 and $225,016 a year, and psychiatrists based in Atlanta typically earn salaries in the range from $116,078 to $212,500 a year according to Payscale’s salary information.
Hourly rate
The hourly rate depends to a significant degree on the psychiatrist’s experience. Psychiatrists with 1 to 4 years of experience typically earn between $11.26 and $171.20 per hour, those with 5 to 9 years of experience are offered an hourly wage of $39.15 to $153.19, professionals with 10 to 19 years of experience earn between $44.04 and $153.19 per hour, and those with 20 or more years of experience under their belt typically earn between $82.68 and $200.67 per hour according to Payscale’s salary statistics.
The Bureau of Labor Statistics (BLS) reports a median hourly wage of $85.35 for this occupation.
Psychiatrists working at physicians’ offices earn around $85.06 per hour, those employed by psychiatric and substance abuse hospitals make $85.42 per hour, and professionals working at outpatient care centers have an average hourly rate of $95.33. Psychiatrists employed at general medical and surgical hospitals earn around $79.24 per hour, and those employed by universities, colleges, and professional schools are paid $69.44 per hour on average according to the BLS.
Benefits
Psychiatrists’ benefits packages can reflect their average salaries. Professionals who get 401(k) plans typically earn between $90,105 and $227,520 a year, those who get liability or malpractice insurance earn between $119,168 and $226,159 a year, psychiatrists who get life or disability insurance have salaries in the range from $141,628 to $233,102 a year, and those who get 403(b) plans are generally paid between $141,176 and $241,846 annually. Psychiatrists who get paid holidays earn between $99,351 and $228,366 a year, those who get reimbursed for training, education, certification, or tuition earn between $106,654 and $233,199 annually, and professionals who get paid sick leave as part of their benefits package report salaries in the range from $119,818 to $228,975 a year according to Payscale.
The most popular benefits among psychiatrists are 401(k) plans, paid holidays and vacations, paid sick leave, life and disability insurance, and 403(b) plans.
Other income factors
Hospital setting is yet another factor that can affect a psychiatrist’s annual income. Psychiatrists employed at general hospitals typically earn between $78,385 and $229,937 a year, those working at physicians’ offices or private practices have salaries in the range from $78,906 to $234,567 a year, and those working in community or home health are paid between $96,958 and $215,871 a year. Psychiatrists employed by the military earn between $61,277 and $241,940 annually, and those working in ambulatory care or surgery centers report annual salaries in the range from $165,637 to $211,508 according to the salary information provided by Payscale.
Salaries also vary depending on industry. Professionals working at psychiatrists’ offices generally make between $91,231 and $232,665 a year, those employed at psychiatric hospitals earn between $97,444 and $354,786 a year, and psychiatrists working at community mental health centers typically have salaries in the range from $49,460 to $200,870 a year. The general salary range for psychiatrists working in the healthcare industry goes from $98,032 to $224,412 a year, and professionals working in medical offices report earning between $60,820 and $198,744 a year according to Payscale.