Psychiatrists are well-compensated for the important work they do in the diagnosis, treatment and management of mental illness. The average annual salary for psychiatrists in 2013 was $182,660, according to the U.S. Bureau of Labor Statistics. Experience affects salaries, however, and starting salaries could be very different from the average for all psychiatrists.

Money, Money, Money

Starting salaries for psychiatrists varied by more than $100,000 in 2013, according to “Becker’s Hospital Review.” The lowest-offered base salary was $165,000, while the highest-offered base salary was $300,000. These salaries excluded bonuses. Profiles Database, a physician-employer matching service, reports median starting salaries of $165,000 for general psychiatrists in 2013. Child psychiatrists earned less, with a median starting salary of $159,000. Those positions were reversed after six years of practice, however, when median salaries for psychiatrists rose to $213,000 and those for child psychiatrists rose to $220,500 annually.