Psychiatrists are doctors who diagnose and treat illnesses of the mind and brain. Using medications and a variety of therapies they treat mental disorders and illness.
The average Psychiatrist Salary is calculated by the US Government Bureau of Labor Statistics from a variety of sources. Psychiatrists work in a number of settings including hospitals, clinics and schools.
The average salary varies depending on the location and the setting. The assumption was made that the Psychiatrists reflected here were working an average of 40 hours per week with a total of 2080 hours per year.
The average Psychiatrist salary is $83.33 per hour. The lowest 10% earn $34 per hour and those in the upper 10% earn more than $90 per hour.
On an annual basis the median Psychiatrist Salary is greater than $173,000. The lowest 10% earn less than $71,000 per year while the upper 10% earn more than $180,000 per year. These salaries are calculated as a mean or average.
Lowest and Highest Psychiatrist Salary
The lowest paid Psychiatrists earn less with mean or average wages below $35 per hour. Presumably this is offset by costs of living and other factors. The lower pay levels are associated with rural areas. The highest pay levels are found in major metropolitan areas where the mean or average wage is over $100 per hour. Demand and low supply seem to be a significant factor in fueling higher salaries.
Top 5 States
The best paying states for Psychiatrists to earn a salary are Maine $232,390, Oregon 228,580, Idaho $219,300, Wyoming $215,680, and North Dakota $210,580.
Top 5 Metropolitan Areas
The best paying city or metropolitan areas are Sherman-Denison TX $253,000, Riverside-San Bernardino CA 252,000, Fort Worth-Arlington TX $249,500, Vallejo-Fairfield CA $249,250, and Fargo ND-MN $244,700.
Other Industries that Employ Psychiatrists
Vocational rehab, nursing care facilities and management of companies account for a small number of psychiatrists. A number of psychiatrists may be employed locum tenens through employment services. Approximately 1200-1500 are employed by the military and federal,state, or local government.
There are over 24,000 Psychiatrists working in
the U.S. according to the Bureau of Labor Statistics. A large number of
physicians are considered to be self-employed and are not captured by the US
Bureau of Labor census. The American Psychiatric Association claims over 35,000
members. This may include international and retired members.
Where They Work
Of all the Psychiatrists employed in the United States over 6800 work in the offices of physicians. Over 2900 work in hospitals with an additional 3800 working in psychiatric hospitals. Outpatient care centers account for 3300 psychiatrists. Approximately 1700 work in colleges or universities.
Private Practice vs. Employment
A rapidly growing trend in the healthcare arena is the use of the locum tenens. This is a doctor who agrees to a short term contract to fill in for a doctor who is on leave or extended absence. These contracts can be arranged individually by the doctor or through an intermediary such as an employment agency. In those cases the doctor is considered an employee of the Locum Tenens company. The majority of doctors in the U.S. are considered to be self-employed and/or running a small business.
Fringe benefits will vary depending on business size and other factors. A typical employment benefits package is worth over $20,000 per year.
A typical medical practice will employ from one to ten employees. Benefits packages will vary but typically include vacation, medical coverage, and some type of 401K.
Canada Psychiatrist Salary
The average psychiatrist salary in Canada is $151,000 CAD. The salary ranges from $43,000 to $363,000 CAD. At current exchange rates the average annual salary for a psychiatrist in Canada is $135,900 USD.
United Kingdom (UK) Salary
In the United Kingdom (UK) a psychiatrist's average salary is £49,363 GBP. The range is from £20,398 to £150,285. At current exchange rates the average annual salary for a psychiatrist in the United Kingdom (UK) is $83,917 USD.
Australia (AUS) Salary
The average psychiatrist salary in Australia is $144,500 AUD. A psychiatrist in Australia will earn between $77,800 and $308,500 AUD. In US currency the average annual wage is $130,050 US.