Salary Information for Psychiatrists

Interested in becoming a psychiatrist? This career option takes about twelve years of education, so it’s no small undertaking. However, after you graduate, the salary you can expect might make all the work worth it! Here’s what you need to know about salary rates for psychiatrists.

Average Salary for a Psychiatrist

According to the Bureau of Labor Statistics, psychiatrists earn an average of $167,610 annually (or $80.58 per hour). Even the bottom ten percent of psychiatrists, often working in rural areas or less intense positions, earn and average of $65,530 annually, so as you can seen, there’s definitely the opportunity to make a lot of money in this field.

Top Locations for Psychiatrists, by Salary

Where you decide to live and work plays a huge role in the salary you can expect to earn as a psychiatrist. Studies show that the top-paying positions are found in the following states:

Oregon: $229,210
Minnesota: $207,070
Wyoming: $206,770
Nebraska: $206,020
Iowa: $202,380

More specifically, top-paying jobs can be found in the following metropolitan areas:

Waterbury, CT: $240,870
Rochester, MN: $235,280
San Diego-Carlsbad-San Marcos, CA: $227,650
Portland-Vancouver-Beaverton, OR-WA: $226,010
Indianapolis-Carmel, IN: $224,410
Raleigh-Cary, NC: $220,860
Newark-Union, NJ-PA: $215,280
Lowell-Billerica-Chelmsford, MA-NH: $214,060
Sacramento-Arden-Arcade-Roseville, CA: $212,650
Lincoln, NE: $212,450

As a psychiatrist, you can almost always make more money working in an urban environment. That said, there are some more rural environments that offer high salaries as well. Check out job openings in more rural areas of Kentucky, Pennsylvania, Maine, West Virginia, and Upstate New York.

Salary by Type of Employer

The type of employer who hires you also plays a role in the money you can expect to make. Statistics show that the highest average salaries are found with the following types of employers:

State Government Branches: $196,020
Nursing Homes: $190,100
Outpatient Care Facilities: $188,210
Other Residential Facilities: $186,770
Substance Abuse, Mental Health, and Mental Retardation Care Facilities: $180,460

Other common places where psychiatrists are hired include corporations, schools, hospitals, home health care companies, physician offices, psychiatric hospitals, substance abuse hospitals, clinics, and other government branches.

Psychiatrists also have the option of going into business for themselves. Since you’ll have a medical license, you can operate independently, without the supervision of another medical doctor, though many psychiatrists do choose to associate with a specific hospital or health care facility.

Online Programs and Schools for Psychiatry

MS - Psychology	Kaplan University Kaplan University offers students BS in Psychology, BS in Child Psychology, MS in Psychology, and MS in Addictions Psychology. These programs explore historical trends, concepts, values, theories, studies, and research methods of the specific degree field. Graduates are competitive for a variety of careers in the psychology field.
AA - Psychology BS - Psychology	Liberty University Liberty University features two great programs in psychology, the AA in Psychology and BS in Psychology. These programs focus on the expansion of knowledge and provide the opportunity to perform research and service. Specializations include Adult Development, Child/Adolescent Development, Clinical/Experimental, Human Services/Counseling, and Industrial/Organizational. Graduates find jobs in private practice, human resources, and many other exciting fields.
BS - Psychology MS - General Psychology MS - I/O Psychology	Grand Canyon University Grand Canyon University offers students the BS in Psychology, MS in General Psychology, MS in I/O Psychology, PhD in Cognitive Psychology, and PhD in I/O Psychology. These programs offer both a broad array of courses that increase the understanding of past and present human actions and opportunities for individuated research.

How to Become a Psychiatrist