Psychiatrists

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 an average of between $65,100 to $88,624 in the 2023–2024 academic year, according to a survey by the Association of American Medical Colleges.

The mean salary for a general psychiatrist in May 2024 was $269,120, according to the U.S. Department of Labor (DOL). Ten percent of psychiatrists earned less than $77,360. The DOL reports the following mean annual salaries for psychiatrists by employer: offices of physicians, $296,410; residential intellectual and developmental disability, mental health, and substance abuse facilities, $305,920; outpatient care centers, $301,040; specialty hospitals, $334,370; and local government, $318,070.

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.