How Much Do Psychiatrists Make? Psychiatrist Salary And Career Path
Deciding on a rewarding and long-term career can be challenging. You might wonder whether the career path will bring happiness, financial stability, or a significant amount of hard work. Psychiatry is one of these types of careers for many people.
The mental health industry offers many career paths to choose from. Psychologists, licensed mental health counselors, licensed social workers, and other professionals provide care to patients in various contexts. If you have felt the desire to help others psychologically, you may have wondered what a career as a psychiatrist might look like. To decide whether a career in psychiatry is for you, looking at the educational and occupational requirements of the psychiatry career path can be helpful.
Choosing a job that makes you happy and provides financial stability are important factors when researching a career path. If you’re interested in becoming a psychiatrist, read on to learn how to become a psychiatrist, where psychiatrists work, and how much money they can earn.
How do psychiatrists treat mental health disorders?
Psychiatrists are mental health professionals who are also medical doctors (MDs) or doctors of osteopathic medicine (DOs). Psychiatry is the medical specialty devoted to diagnosing, preventing, and treating mental health disorders and mental illnesses. Psychiatrists are not psychologists. While psychiatrists and psychologists are licensed to treat mental illnesses, psychiatrists require more schooling.
Unlike mental health professionals with a master's or doctoral degree, psychiatrists are medical doctors. For this reason, they must go through medical school, take board exams, and complete a successful residency. In addition, psychiatrists can prescribe medication, which psychologists cannot (in most states). As a medical doctor, psychiatrists often make significantly more money than most psychologists.
Becoming a psychiatrist
There are five steps you must take before being able to practice as a psychiatrist, including the following.
Initial education requirements
According to the American Psychiatric Association, 12 years of education are required following high school to become a psychiatrist (14 for those who want to practice child and adolescent psychiatry). Upon completion of high school, you must obtain a bachelor's degree. A science degree or pre-med path may be the most beneficial for your undergraduate degree. Taking a pre-med course can put you on track for medical school. However, talk to your advisor to learn which courses are best for your unique goals.
Courses that can prepare you for medical school, such as chemistry, math, physics, and biology, may be crucial to take in your first four years to meet later requirements and ensure you have the necessary educational foundation and experience. Getting involved in the medical field as early as possible can also be a strategic move. For example, you can volunteer or work at a hospital or a clinic to gain hands-on experience. Toward the end of your college career, med schools require you to take the MCAT, a standardized entrance exam like the high school SAT and ACT exams.
Toward the end of your college career, med schools require the MCAT, a standardized entrance exam like the high school SAT and ACT exams.
Medical school
Residency
After graduating from medical school, new doctors complete their residency at a clinic or a hospital. Most residency programs last four years and help doctors specialize in their chosen field, though they may also offer broad training for other disciplines. You begin your residency learning general practices but can study under a psychiatrist at your institution. Other doctors supervise you, and you may begin to treat the mental health conditions you may encounter when you break off to practice independently.
Licensing
Each state has medical boards and licensure requirements doctors must meet to obtain their licenses. To become a licensed psychiatrist, you must finish your residency and take your state's medical examinations.
Boards
In the United States, the American Board of Psychiatry and Neurology works with some psychiatrists and neurologists. Becoming certified through this board is a way to show your patients your expertise and increase employment opportunities, including potentially opening a practice. To remain board-certified, you may be required to take continued education courses or participate in specific training to stay current on the best practices for your patients.
Psychiatry career path: What's it like to be a psychiatrist?
Once you've done the work to become a psychiatrist, the next step is finding a job and beginning the next chapter along your career path. You may expect to spend some time working with your clients to determine treatment plans, including finding medications that treat symptoms. However, you may also offer psychotherapy (though most psychiatrists do not conduct talk therapy while treating patients) or work with other psychiatrists to conduct research.
Diagnosing and treating mental health disorders in psychiatry
As a psychiatrist, you'll specialize in the physical brain and how it interacts with behavior. Your training can prepare you to analyze a patient's health history, risks, and potential responses to treatment. You might diagnose mental health disorders, help your clients understand their symptoms, and prescribe medication.
A psychiatrist typically must develop several core competencies to effectively care for patients. According to the American Board of Psychiatry and Neurology, these include professionalism, medical knowledge, communication skills, and the ability to evaluate clients comprehensively.
The demand for psychiatrists is high, second to general care practitioners. Many areas lack knowledgeable and trained psychiatrists who can support patients. As a psychiatrist, there may be many options for work, whether you decide to open your own practice or work in a hospital or clinic.
The BetterHelp platform is not intended to provide any information regarding which medication or medical treatment may be appropriate for you. The content provides generalized information that is not specific to one individual. Do not take any action (including starting, stopping, or changing medications) without consulting a qualified medical professional.
Psychiatric work settings
Psychiatrists can perform widely varying duties in an array of settings. The following are a few of the areas in which a psychiatrist may treat patients, conduct research, or otherwise utilize their knowledge and experience.
Nonpublic psychiatric practice
Nonpublic practice psychiatrists are self-employed, as opposed to being part of a clinic or other organization. When a psychiatrist works for themselves, they often have more autonomy in selecting which disorders to address, determining how many patients to take on, and making other important decisions. Some nonpublic practice psychiatrists work with varied mental illnesses and populations, while others specialize.
Psychiatric hospitals
Professionals trained in emergency psychiatry, rehabilitation psychiatry, and other areas may work in a psychiatric hospital. An emergency psychiatrist can help individuals experiencing mental health challenges that may be life-threatening. In addition to concerns related to mental health, issues related to physical health can arise in those admitted to a psychiatric hospital. Because they are trained physicians and mental health professionals, psychiatrists working in hospitals can assess how a physical illness may influence mental health challenges and vice versa.
Government agencies
Psychiatrists are often employed in court systems, correctional facilities, police forces, and several other types of government agencies. These professionals may provide care for inmates in prison, evaluate individuals prior to trial, or develop treatment plans for law enforcement officers experiencing trauma.
Psychiatric care in assisted living facilities
Nursing homes, hospice programs, and other care facilities often need geriatric psychiatrists and other professionals. Geriatric psychiatrists at assisted living facilities can treat mental illnesses or other challenges (e.g., mental health concerns related to chronic pain) in the elderly. Several different types of providers may work in care facilities. In addition to geriatric psychiatrists, specialists in rehabilitation psychiatry, neuropsychiatry, and certain mental health disorders may practice psychiatry at these facilities.
The average salary of a psychiatrist: How much do psychiatrists make?
Salary may be a vital aspect of a career path for some, especially because becoming a psychiatrist requires extensive schooling and preparation.
The average salary of psychiatrists
Psychiatrists are often paid more than other mental health professionals due to their being doctors. According to the Bureau of Labor Statistics, the mean hourly wage for a psychiatrist in 2023 was $123.53, and the mean annual wage was $256,930.
Psychiatrist salary trends
Psychiatrist compensation has changed over time. Data shows that advertised salaries for psychiatrists have increased 23% between September 2020 to 2023.
Exploring your mental health career options
Deciding your career path can be up to you and the level of commitment you want to put into a future job. Overall, from the beginning of school to the end of residency, some psychiatrists spend about 12 to 14 years studying before they begin on their career path. Still, the psychiatrist's ability to help those experiencing mental health disorders can be advantageous. As you navigate the benefits and drawbacks of becoming a psychiatrist, you might find it helpful to seek advice on a career path in psychiatry from a mental health professional like a career counselor.
If you have a busy schedule and struggle to find time for an in-person meeting with a professional, you can also try online career counseling through a platform like BetterHelp. Because you can speak with a therapist from the comfort of your home, you can save yourself the time, money, and effort that often goes into pursuing traditional counseling options.
Studies back up the effectiveness of online counseling in treating various challenges. One study analyzing the efficacy of online therapy in reducing psychological distress among university students found that the treatment can produce noticeable improvements in symptoms. A counselor can guide you if you are experiencing stress surrounding your career path, schooling, or schedule.
Takeaway
Why do people want a career as a psychiatrist?
While helping people cultivate better mental health and well-being is among the most typical reasons people cite for practicing psychiatry, there are several others. Many people enjoy learning about it, finding the study of the human mind and behavior fascinating. Some appreciate the freedom that it offers to work in many different settings.
Others find it beneficial to apply the principles and phenomena they learn in psychiatry to learn more about themselves. For people who've been exposed to issues in the family, such as mental illness or substance use, studying psychiatry may help them understand more about their own experiences and cultivate empathy for others.
How many years does it take to study psychology as part of the psychiatrist career path?
How long it takes to become a psychologist often depends on the individual and their course load. On average, it takes four or five years of undergraduate courses followed by two to seven years of postgraduate studies, depending on the type of graduate degree and area of specialization.
How long is psychiatry career specialization?
It typically takes 12+ years to start your official career as a psychiatrist, depending on the medical schools' requirements for postgraduate and psychiatry residency requirements (most medical schools require four years each). After four years of undergraduate studies, one must take four years of medical school, then another four to complete residency and earn board certification to begin a career as a psychiatrist.
Is psychiatry a stressful career?
As with many medical disciplines, psychiatry can be a stressful profession. The level of education required to obtain a degree is typically highly challenging. They work long hours while completing the residency program, often in potentially confrontational, high-stress areas like emergency care.
After education and training, these professionals must remain mindful of the possibility that their patient's mental health conditions can have long-term effects on their own well-being. They must also contend with violence or the threat of violence, high work demands, workplace conflict, limited resources, and crowded inpatient wards. As a result, these professionals must take preventive measures and implement interventional strategies to avoid burnout.
What is the highest degree one can earn in psychiatry?
The highest degree one can earn in psychiatry is a doctorate. That said, students may also pursue areas of specialization requiring further study and additional doctorate degrees. After earning an advanced degree, these students must then take the medical licensing examination to earn a medical license and practice medicine in their state of choice.
Where is the best place to be a psychiatrist?
While some research suggests that Alaska is the best state to practice psychiatry in the US, it is difficult to provide a concrete answer because what is best will be a subjective experience for each individual. Some may look for where these professionals would receive the highest salary, while others prefer to focus on overall quality of life.
Is psychiatry a specialization?
Psychiatry is a specialized career branch of medicine focusing on diagnosing, treating, and preventing mental health disorders. Psychiatrists must qualify as medical doctors, but beyond that, they may choose to receive extra specialized training for studying specific disciplines depending on their career path.
Geriatric, forensic, addiction, and adolescent psychiatry are examples of psychiatry students' career options. Some psychiatry students also choose to specialize in inpatient care or treat patients with specific mental health conditions, such as behavioral disorders or psychosis, as they progress in their career path as psychiatrists.
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