The highest psychiatrist salary in English-speaking countries is registered in the United States of America, where professionals earn $200,220 per year. Psychiatrists in New Zealand earn NZ$175,000 (US$126,840) per year and those in Canada follow close behind with a yearly salary of C$166,000 (US$132,413). Professionals working in Australia earn AU$123,000 (US$93,508) while those in the UK take home about ₤53,000 (US$67,666).
The lowest salaries for psychiatrists are registered in India with Rs890,000 (US$13,799) and South Africa with R480,000 (US$37,033).
How Much Does a Psychiatrist Make per Year?
Psychiatrists are specialized physicians dealing with the diagnosis, treatment, and prevention of a wide array of disorders of the mind. They most often direct, prescribe, or administer different psychotherapeutic medications and treatments to patients with emotional, behavioral, cognitive, or mental disorders.
Some of the most important skills that can prove useful in becoming a psychiatrist are a great deal of patience, communication skills, compassion, empathy, and organization. Actually having previous work experience is, of course, a huge bonus.
Factors that Influence the Psychiatrist Salary
Whether we are talking about a psychiatrist working with the military, in sports, in the forensic field, or in geriatric care, they will all have different skill sets, as well as different wages. Below, you can see the psychiatrist salary, and see what exactly is the most influential factor in determining it.
Geographic Area
Psychiatrist Salary in the US
According to the Bureau of Labor Statistics, a psychiatrist working in the US earns $200,220 per year on average. The starting salary for a psychiatrist in the United States is $96,024 per year; with time, a professional staying in this field can get to earn up to $304,086 per year. Profit sharing opportunities can account for about $200 of that amount, and bonuses – for up to $36,524.
The geographic location of the place of employment can lead to wage differences of more than $100,000 in the United States alone. Since the differences are so major from one state to another, we are only going to focus on how the average salary of a psychiatrist is influenced by location in the USA.
Highest Levels of Employment for Psychiatrists in the US
Below, you can find the states offering the highest levels of employment for psychiatrists in the United States:
The metropolitan areas with the highest levels of employment for psychiatrists are:
For those interested in more rural areas, the nonmetropolitan areas with the highest levels of employment for psychiatrists are as follows:
Highest Salaries for Psychiatrists in the US
The states offering the highest psychiatrist salaries are as follows:
Meanwhile, the metropolitan areas with the highest salaries for the occupation are as follows:
The non-metropolitan areas offering the highest psychiatrist salary are as follows:
Psychiatrist Salary in Canada
A psychiatrist working in Canada earns about C$166,000 (US$132,413)) per year according to PayScale. Psychiatrists in their first years of practice could earn as little as C$66,371 (US$50,134) per year, while mid-career and late-career professionals go well above the average. In fact, an experienced psychiatrist working in Canada takes home up to C$292,604 (US$221,091) per year. Of this amount, bonuses can account for up to C$24,717, or US$18,676.
Psychiatrist Salary in the UK
PayScale reports the mean psychiatrist salary in the UK at ₤53,000 (US$67,666) per year, with a starting salary of £27,265 (US$34,810) for beginners. The same source estimates experienced professionals can earn as much as £127,793 (US$163,157) per year out of which £1,000 (US1,276) in bonus. National Careers Service, however, estimates the psychiatrist salary between £26,350 (US$33,641) and £102,500 (US$130,865) per year, while Prospects.co.uk reports different numbers.
According to the latter, the starting salary for psychiatrists in the UK is £26,350 (US$33,641) for the first year and £30,500 (US$38,940) for the next one, while specialty level trainees can earn from £36,100 (US$46,090) to £45,750(US$58,410). Specialty doctors in psychiatry earn between £37,547 (US$47,937) to £70,018 (US$89,394) per year. However, those who just got their qualification as consultants start off at £77,529 (US$98,965) and could go as high as £104,525 (US$133,426) per year.
Psychiatrist Salary in Australia
According to PayScale, the mean salary for a psychiatrist working in Australia is AU$123,000 (US$93,508) per year. The starting salary for psychiatrists here is AU$76,767 (US$58,355), while experienced professionals can earn up to AU$266,784 (US$202,801). Bonuses can account for about AU$9,000 (US$6,838) of that amount.
Open.edu.au, however, reports the starting salary for psychiatrists at AU$85,000 (US$76,072). The average salary for this profession is AU$125,000 (US$111,871), while experienced professionals can earn as much as AU$185,000 (US$165,570) per year.
Psychiatrist Salary in New Zealand
According to Careers.govt.nz, psychiatry trainees earn between NZ$70,000 (US$50,728) and NZ$175,000 (US$126,840) per year. Experienced professionals, however, can take home between NZ$151,000 (US$109,444) and NZ$600,000 (US$434,880).
Psychiatrist Salary in India
According to PayScale, a psychiatrist working in India earns Rs890,000 (US$13,799) per year on average. The starting salary for this profession in India is Rs119,599 (US$1,854) per year for the first few years. Mid- and late-career professionals can earn up to Rs1,824,614 (US$28,290) per year, out of which Rs150,000 (US$2,325) in bonuses.
IndiaEducation.net, on the other hand, reports a monthly salary of Rs15,000 – Rs20,000 (US$233 – US$310) for psychiatrists in government jobs. This sums up to a yearly salary between Rs180,000 and Rs240,000 (US$2,790 – US$3,721).
Psychiatrist Salary in South Africa
PayScale reports the mean psychiatrist salary in South Africa at R480,000 (US$37,033) per year. The starting salary for this profession is R26,577 (US$2,050) for the first few years. An experienced professional, on the other hand, can earn up to R1,048,941 (US$80,978) per year. Out of this amount, bonuses can account for about R7,500 (US$579), and profit sharing opportunities for another R7,000 (US$540).
Experience
15-20 years of experience can double the salary of a psychiatrist in some countries; nevertheless, the starting salary is much closer to the average for this profession when compared to other healthcare specialties. This is most likely due to the lengthy educational process required to become a psychiatrist, which also counts as experience.
Industry
The industry in which a psychiatrist decides to practice their vocation can guarantee significant wage variations. But that’s only natural, seeing as the monthly tasks of a psychiatrist can differ wildly from one position to another.
Below, you can find a table documenting the five industries offering the highest levels of employment for psychiatrists in the US.
The following table documents the five industries offering the highest wages for psychiatrists in the USA:
While some may see the wage difference as unfair, or even corrupt, the distribution is understandable. For example, a child psychiatrist might make more money than a prison psychiatrist, particularly if they work as a practitioner in a private clinic or hospital.
Similarly, a psychiatrist working as a school consultant will most likely make fewer dollars per hour than a clinical psychiatrist working for an addiction clinic, and even fewer than a criminal psychiatrist. The psychiatrist salary range is generally not only higher than that of most nurse or assistant positions, but also one of the highest in healthcare.
Work Hours
The average psychiatrist generally spends around 48 hours at the office each week. According to several statistics, more than 60% of that time is spent with their patients. Two-thirds of these are considered outpatients, while the rest are usually seen in hospitals, clinics, or community and day residential programs.
Since psychiatrists can practice their jobs in many environments and settings, the working hours can vary wildly. In some settings, the psychiatrist can set their own schedule, while in other, the hospital or clinic dictates their schedule.
Bonuses and Benefits Packages
According to PayScale.com, profit sharing and bonuses can raise that wage by more than $160,000 in the US depending on location and industry. In fact, bonuses can bring the salary up by as much as $25,000 a year, while profit sharing can raise it by more than $138,000 in some areas.
As for the benefits packages, about 78% of psychiatrists receive full medical insurance, 60% receive dental, 46% receive vision, and about 20% don’t receive any insurance at all. The psychiatrist salary also comes joined by a 401(K) plan, as well as paid and sick leave days.
Job Outlook
Even though psychiatrists must first complete four years of medical school, one year of rotations, and four to six years of psychiatry residency, the job outlook seems highly optimistic for the profession in most countries. It is estimated that the rate of employment for psychiatrists will grow 15% by 2024 in the US.
The expected growth is attributed to an increased countrywide access to health insurance, as well as to the healthcare reforms adopted over the past few years. Add to that the decreasing stigma in relation to mental health issues that leads to the increased demand for psychiatrists, and the highly optimistic job outlook can be more easily explained.
Conclusion
Whether professionals go for a pediatric, a criminal, or any other type of specialty, the psychiatrist salary is one of the highest in healthcare. The long educational and formative period explains the high pay grade, as well as the fact that psychiatrists are considered specialists.
Leave a Reply