How Much Do Psychiatrists Make?
Having a clear understanding of earnings potential is important, especially if you are researching career paths or considering changing jobs. If you're one of those people, and you're curious what kind of salary psychiatrists make, you've come to the right place.
Using data from Lightcast,™ the Best Adult Colleges and Careers Guide has compiled rich information about salary for psychiatrists and related jobs, including details about average compensation, salary trends and job growth. We've also gathered advertised salaries from actual job postings to provide insight into what employers of psychiatrists are offering as compensation.
Keep reading to learn more about how much psychiatrists can expect to make in the United States.
At a Glance: Salary & Jobs for Psychiatrists
According to data from 2023, there were about 1,459 positions for psychiatrists in the United States. In terms of salary, the national median salary for psychiatrists was reported to be $147,410. Additionally, when examining job demand, employers across the country posted 289 job postings related to positions for psychiatrists.
How Much Money Do Psychiatrists Make?
Median salary is just one data point. To build a better understanding of how much money psychiatrists and related positions can expect to make in the United States, it can be helpful to look at the full range of compensation for those jobs.
Let's look more deeply at data that was reported to the U.S. Bureau of Labor Statistics (BLS) for detail into the lowest and highest salary earnings for psychiatrists.
Annual Salary for Psychiatrists
According to the BLS, the lowest earners for psychiatrists and related professions earned about $45,864 per year in 2023. Meanwhile, at the other end of the spectrum, the highest earners made about $219,814 annually.
As mentioned previously, the median salary for psychiatrists in the United States in 2023 was $147,410.
Annual Salary Range For Psychiatrists In 2023
Hourly Salary for Psychiatrists
The BLS also breaks down compensation for psychiatrists by hourly salary, and the median average hourly pay for psychiatrists in 2023 was $71. Lowest hourly earners took home $22 while the highest reported hourly salaries for psychiatrists was $106.
Hourly Salary Range For Psychiatrists In 2023
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Advertised Compensation for Psychiatrists
Data from the BLS is one way to dig into compensation for psychiatrists, but another way to build a more real-time understanding of salary is to look at actual job postings and see what compensation organizations are currently providing to fill open positions for psychiatrists.
Keep in mind that salary data is not included in every job posting, so the information compiled here is reflective of the data available through Lightcast.™
Annual Salary from Job Postings for Psychiatrists
Advertised Annual Salary
During a review of 306 job postings related to psychiatrists, advertised salary was included in 72 of them, which was 24%. Based on those postings, the median advertised salary for psychiatrists was $135,680 per year.
Hourly Salary from Job Postings for Psychiatrists
Advertised Hourly Salary
A similar analysis of job postings provides insight into advertised hourly salary for psychiatrists. Based on 25% of postings with advertised compensation, the median hourly salary for open positions for psychiatrists in the United States is about $65.
Salary Trend for Psychiatrists
If you're thinking about pursuing a career in the field, you may want to understand how compensation has changed over time for psychiatrists. The chart below provides a snapshot of advertised salaries over the past three years.
Based on compensation data that was included in job postings for psychiatrists dating back to September 2020, advertised salaries for psychiatrists have increased 49%.
Advertised Wage Trend For Psychiatrists
What's the Job Growth for Psychiatrists?
Another data point that someone thinking about a career path should consider is whether or not jobs are expected to see growth in the future. The chart below looks at projected employment for psychiatrists over the next 10 years.
According to the data obtained through Lightcast,™ there were 1,458 jobs for psychiatrists in the United States in 2023. By 2033, it is expected that about 174 jobs will be added. That's a 11.9% increase over the next 10-year period.
Employment Projections For Psychiatrists
Additional Links
Ready to dig deeper into career information about psychiatrists? Visit our other pages focused on salary and education for psychiatrists.
What do psychiatrists do?
Psychiatrists: How do you become one?
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