How Much Money Do Psychiatrists Make a Year?

Psychiatrists deal with matters of the mind, diagnosing and treating myriad mental disorders. The extensive expertise required to do the job well is paired with impressive salaries and compensation packages. The average pay of a psychiatrist varies based on experience, location, and place of employment. All figures included are accurate as of November 2010.

National Averages

Based on a collection of data from more than 700 psychiatrists, online service PayScale calculates an average salary range from $123,846 to $194,433. These totals take into account bonus pay, profit sharing programs, and commissions. They do not include, however, noncash benefits and medical coverage plans.

Experience

Based on PayScale's findings, psychiatrists with one to four years of experience have salaries ranging from $98,981 to $163,468. Salaries of those with five to nine years of experience fall in a range from $122,835 to $184,251. After 10 years of experience, the high end of the range remains around $185,000, while the low end increases to about $144,000.

Employer

Self-employed psychiatrists have the top salaries, ranging from around $101,428 to $195,593. The second highest average salary belongs to those employed by state and local government, reaching $186,500 at the high end of the scale. Psychiatrists employed by hospitals, private practices, and nonprofit organizations all lag behind with top average salaries around $175,000.

Gender

PayScale's breakdown of psychiatrist salary information reveals an interesting discrepancy between the pay of men and women. Men, who make up 48 percent of surveyed individuals, have an average salary range from $138,812 to $187,330. Women, on the other hand, trail behind with a salary range from $101,097 to $166,768.

Benefits

While the above salaries do not account for medical coverage plans, these benefits can comprise a significant portion of a psychiatrist's overall compensation. According to PayScale's data, 77 percent of psychiatric professionals receive medical insurance, 60 percent dental coverage, and 44 percent vision care. Likely due to the considerable amount of self-employed psychiatrists, 21 percent of those surveyed receive no medical benefits from an employer.