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How Much Does a Psychiatrist Make?

A psychiatric career lets you improve the mental health — and the lives — of patients through psychotherapy, psychoanalysis, medication, and hospitalization. Forget the image of a long couch where you tell patients to lie down, because you’ll do so much more than that.

Today’s Psychiatrist holds regular discussions with patients about the struggles in their lives, and assists in finding solutions. You give tips on changing behavioral patterns, verbally dissect past experiences, and incorporate family members in the discussion. In this psychiatric career, you help your patients get to the root of the problems of their past so they can move toward the future.

What is the average income of a Psychiatrist?

The average income of a Psychiatrist was $200,220 as of May 2016, according to the U.S. Bureau of Labor Statistics. The lowest-paid 10 percent of Psychiatrists earn less than $61,330 per year, while the highest-paid 10 percent earn more than $208,000. The middle 50 percent of Psychiatrists are paid between $125,570 and $208,000 per year, meaning there’s a good chance that you’ll earn an average income of more than $100,000 annually.

The factors that determine the salary for this psychiatric career include location of employment, amount of experience, and type of practice. For example, a Psychiatrist working for a government agency earns an average salary of $219,550 while others employed by residential or outpatient care facilities average between $212,590 and $214,460 per year. Psychiatrists working in South Dakota — the top-paying state for this field — earn an average of $267,520 per year. California, Wyoming, Alaska, and Indiana round out the five highest-paying states, with salaries ranging from $235,470 to $252,030 annually.

Are positions available for Psychiatrists?

The employment rate for Psychiatrists is expected to grow at a much faster than average pace when compared with all other occupations. Continued population growth, along with the greater acceptance of mental health treatments by health insurance companies, adds to the increase in demand for Psychiatrists.

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