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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.
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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.
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