Psychiatrists' earnings are determined by the kind of practice they have and its location, their experience, and the number of patients they treat. Like other physicians, their average income is among the highest of any occupation.
Physicians who were still in their residencies earned $54,083 to $79,719 in the 2019–2020 academic year, according to a survey by the Association of American Medical Colleges.
The mean salary for a general psychiatrist in May 2019 was $220,430, according to the U.S. Department of Labor (DOL). Ten percent of psychiatrists earned less than $74,530. The DOL reports the following mean annual salaries for psychiatrists by employer: offices of physicians, $214,500; psychiatric and substance abuse hospitals, $227,460; outpatient care centers, $250,230; general medical and surgical hospitals, $205,880; state government, $205,960; and local government, $255,070.
Psychiatrists who are employed by health care institutions receive fringe benefits such as health insurance and paid vacation and sick days. Those who are self-employed must provide their own benefits.
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