Psychiatrist Salary Information

The average psychiatrist salary is usually calculated by the United States Bureau of Labor Statistics using information from different but relevant sources. Psychiatrists are basically doctors who diagnose and treat disorders of the mind. They are well trained in psychotherapy and diagnostic evaluation. They are the only mental health professionals authorized to conduct physical examination, interpret laboratory results and prescribe medication for mental health patients.

Psychiatrist Job Description

Besides diagnosing patients with mental problems, psychiatrists also treat behavioral problems such as alcoholism and drug abuse. They work in close collaboration with other mental health workers including psychologists and social workers. Psychiatrists normally talk to patients in evaluating their mental health problems. They also use information from a patient’s family or close associates as well as from other mental health and social workers in their treatment procedures. There are many types of treatment procedures a psychiatrist can prescribe including drugs, shock therapy, or in some cases psychotherapy which involves personal or group discussions on the best way to cope with mental and behavioral problems.

A psychiatrist’s career may also include research and studies on causes and treatment procedures for mental illnesses. They also write and edit books, psychiatrist research reports, and journals. There are many psychiatrists who work as lecturers in medical schools and special institutions.

Psychiatrist Education

Psychiatrists normally undergo extensive training that takes close to eight years after completion of high school. To become a psychiatrist you will be required to get a bachelors degree preferably in science oriented courses which will be followed by four years in medical school and a one year internship program. You will then have to undergo three years training in psychiatry as a resident in a hospital.

After two years of residency, you will be required to take and pass an examination in psychiatry in order to get a State license. With additional experience under supervision of a qualified senior psychiatrist you will take a final examination to qualify as a psychiatrist.

Work Settings

The average psychiatrist salary largely depends on the place one is employed. A psychiatrist can work in a hospital, clinic, college, or in a private practice. Most normally combine different types of settings and might have private practice and still work in an institution or college. Working in a private practice is among the most lucrative options but it takes a long time to build one. Psychiatrists in their early years of their careers can only work in hospitals or established psychiatrist clinics and offices.

Average Psychiatrist Salary

According to the US Bureau of Labor Statistics, the average salaries for psychiatrists vary considerably depending on location and work settings. Most psychiatrists work for an average of 40 hours a week which translates to an annual 2080 hours so their salaries can be calculated on either hourly or yearly basis.

• The average psychiatrist salary calculated on an hourly basis is around $78.68 with the lowest 10% earning $31.53 per hour and the highest paid 10% taking home more than $80 per hour.
• The US Bureau of Labor Statistics gives the annual median salary for psychiatrists at more than $163,660 with the lowest paid 10% earning $65,590 and the upper 10% earning in excess of $180,000 annually. These are basically mean or average figures.
• The differences in the lowest and highest paid psychiatrist salaries can be attributed to several factors. For example the lowest paid psychiatrists work in rural areas while the highest paid work in major metropolitan areas. This difference is often offset by factors such as differences cost of living between rural and large metropolitan areas. High salaries are also dictated by the law of demand and supply.

Top 5 High Paying States

Based on US Bureau of Labor Statistics averages, the top five paying states include:

1. Idaho with an annual psychiatrist salary of $190,000
2. Alaska with an annual psychiatrist salary of $189,350
3. Alabama with an annual psychiatrist salary of $183,560
4. Colorado with an annual psychiatrist salary of $181,190 and
5. New Jersey with an annual psychiatrist salary of $180,450

The Top 5 High Paying Metropolitan Areas

The highest paying cities or metropolitan areas include:

1. Oregon with an annual psychiatrist salary of $219,450
2. Wyoming with $210,550 per year
3. Minnesota with $209,190 annual salary
4. Alaska with an annual psychiatrist salary of $204,140
5. South Dakota with an annual psychiatrist salary of $202,210

According to recent statistics, there are 5440 psychiatrists employed in physician offices, 3780 in hospitals, 3450 in hospitals and over 3000 in outpatient hospitals run by the government and other organizations.

Career Advancement

Most psychiatrists advance their careers by building private practices. There are others who venture in specialist fields such as legal, child, or educational psychiatry. Some opt for a teaching career in universities and medical schools while others choose administration jobs in colleges and hospitals.

The employment outlook for psychiatrists indicate an expected growth that is higher than average for most occupations through the year 2014. This can largely be attributed to expansion in the health care industry, increased life spans, population growth, and higher incomes. Presently, there is an acute shortage of psychiatrists in rural areas and large public hospitals. This growth is expected to lead to better psychiatrist salary packages over time.