How much does a psychiatrist make? If the complexities of mind enamours you and a career in psychiatry interests you as a psychiatrist, but confused about how much does a psychiatrist make, this article will be very informative. Psychiatrists are one of the highly sought after career option in the field of medicine and the median salary in 2010 have been calculated as $181,700. The average range of salary is $160,000 to $200,000 depending upon the prestige, experience and reputation of the psychiatrist.
The potential of earnings as a psychiatrist is very high depending upon the clients, experience, employer and their name in the industry. In most cases, a psychiatrist earns more than majority of psychologists as psychiatrists require more training and education that others. If you are wondering about how much does a psychiatrist make in a year, here are some facts and figures that will help you get a better idea.
As per the statistics PayScale reports, in the month of April 2010 the initial salary of psychiatrist with less than 1 year of experience ranged from $50,868 to $145,422. But with increasing experience, within 1-4 years, the pay rises to $99,262 to $158,162 and psychiatrists with 5-9 years of experience took home nearly $127,962 to $185,625.
Figures can give you a good estimate about the earning capacity and psychiatrists with 10-19 years of working experience received $140,070 to $185,107 while those over 20 years of experience in the industry, earned more than $144,647 to $197,455.
The employer, location and experience are the deciding factors when it comes to your salary or earning capacity. Psychiatrists working in hospitals took home $122,260 to $181,246 while those running their own clinics earned $118,192 to $230,507. Those employed by the state/local government got $128,554 to $174,308 and the federal employees received $139,000 to $177,702.
Non profit organizations and educational institutes employ a variety of medical professionals and psychiatrists with universities had an annual salary of $114,717 to $153,909. Those employed in non profit organizations received $136,084 to $176,069 and those psychiatrists on fellowships get about make $24,250 to $130,500. Those who work part time or on contract have an earning of 57,600 to $213,800.
Additionally the US states where you practice have different salary slabs or hourly wages. To get a better idea, see this chart:
Boston $109,875 to $188,818.
New York $102,231 to $164,183
Atlanta $98,710 to $166,000
Los Angeles $132,257 to $201,683
Chicago $97,591 to $151,014
Pittsburgh $100,000 to $147,052
However, if you are more interested in knowing the hourly wages as per employer, here is a preview:
Physicians Offices $74.35
Substance abuse and psychiatric hospitals $76.29
Surgical and general medical hospitals $77.05
Local government $86.45
Outpatient Care facilities $91.50
Nursing care facilities $96.10
Companies and Enterprises $87.25
State government establishments $91.08
In the coming years, there is tremendous growth potential for all medical related industries and psychiatrists can find employment growth of nearly 22% till 2018, as per the statistical information of Bureau of Labor Statistics. More of the country's population requires mental well being today and in coming years as compared to the last few years. The job prospects in states government and at low income areas are especially higher as demand for psychiatrist is more.