The Average Annual Income of a Psychiatrist
Psychiatrists specialize in studying the human mind. By conversing with patients as well as conducting research in the field, these professionals hope to better understand and treat mental and emotional illnesses and instability. Psychiatrists are licensed medical doctors, and the extensive requirements for entering the profession are matched with impressive compensation plans.
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National Averages
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According to a December 2010 survey by PayScale, total annual pay for psychiatrists ranges from $123,787 to $194,655. This range incorporates bonus pay, profit-sharing programs and commission income. The survey compiled data from 778 psychiatry professionals.
Experience
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Those considering psychiatry as a profession may be more concerned with starting salaries than overall averages. According to PayScale, psychiatrists with less than one year of experience earn between $61,277 and $148,800. With one to four years under their belts, these average salaries grow to a range from $99,166 to $163,365. After five to nine years, the range increases to $123,543 to $186,586.
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Employer
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Psychiatrists perform their work for a variety of organizations. According to PayScale, self-employed professionals earn the most -- between $114,745 and $194,613 per year. Employees of state and local government have average salaries between $146,851 and $185,756. Annual pay for those working in traditional hospitals spans from $119,354 to $180,822.
Benefits
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Non-cash benefits are not incorporated into the salary totals reported by PayScale. The site's survey does show, however, how prevalent these benefits are among psychiatrists. According to these results, 78 percent of psychiatrists receive medical insurance from their job. Sixty-one percent have dental care plans and 44 percent receive vision care.
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References
- Photo Credit blue brain image by John Sfondilias from Fotolia.com
