Psychiatrists earn $250,000-$400,000+ per year — with demand surging due to the mental health crisis and a shortage of providers.
Average Psychiatrist Salary in 2026
| Experience Level |
Salary Range |
| New Attending (1-3 years) |
$220,000-$270,000 |
| Mid-Career (5-10 years) |
$280,000-$340,000 |
| Experienced (10+ years) |
$340,000-$450,000 |
| National Average |
$287,000 |
Psychiatrist Salary by Subspecialty
| Subspecialty |
Average Salary |
Fellowship |
| Addiction Psychiatry |
$310,000 |
1 year |
| Interventional Psychiatry |
$350,000 |
— |
| Child & Adolescent |
$295,000 |
2 years |
| Forensic Psychiatry |
$300,000 |
1 year |
| Consultation-Liaison |
$285,000 |
1 year |
| Geriatric Psychiatry |
$280,000 |
1 year |
| General Adult Psychiatry |
$285,000 |
— |
Interventional psychiatry (TMS, ketamine/esketamine) is a growing high-income niche.
Psychiatrist Salary by State
| State |
Average Salary |
vs. National |
| California |
$350,000 |
+22% |
| New York |
$340,000 |
+18% |
| New Jersey |
$335,000 |
+17% |
| Massachusetts |
$325,000 |
+13% |
| Washington |
$320,000 |
+12% |
| Oregon |
$315,000 |
+10% |
| Alaska |
$330,000 |
+15% |
| Texas |
$290,000 |
+1% |
| Florida |
$275,000 |
-4% |
| Ohio |
$270,000 |
-6% |
Psychiatrist shortages in coastal states drive higher salaries.
Psychiatrist Salary by Practice Setting
| Practice Type |
Salary Range |
Notes |
| Private Practice |
$300,000-$500,000 |
Highest potential, business overhead |
| Telepsychiatry |
$280,000-$400,000 |
Remote, flexible, growing fast |
| Hospital-Employed |
$260,000-$320,000 |
Stable, benefits |
| Academic |
$200,000-$280,000 |
Teaching, research |
| Community Mental Health |
$220,000-$280,000 |
Loan forgiveness eligible |
| VA/Government |
$230,000-$300,000 |
Pension, job security |
| Locum Tenens |
$300,000-$450,000 |
Per diem, flexible |
Psychiatrist vs. Psychologist vs. Therapist
| Factor |
Psychiatrist |
Psychologist |
Therapist (LCSW/LPC) |
| Average Salary |
$287,000 |
$106,000 |
$58,000 |
| Education |
12 years |
8-10 years |
6 years |
| Can Prescribe? |
Yes |
No (most states) |
No |
| Student Debt |
$200,000-$350,000 |
$100,000-$200,000 |
$50,000-$100,000 |
| Start Earning |
Age 30 |
Age 28 |
Age 24 |
Path to Becoming a Psychiatrist
| Stage |
Duration |
Cost/Salary |
| Bachelor’s degree |
4 years |
$50,000-$200,000 debt |
| Medical school |
4 years |
$200,000-$350,000 debt |
| Psychiatry residency |
4 years |
$65,000-$85,000/year |
| Fellowship (optional) |
1-2 years |
$80,000-$95,000/year |
| Total Training |
12-14 years |
— |
| Average Debt |
— |
$220,000-$320,000 |
Psychiatrist Work-Life Balance
| Factor |
Typical Range |
| Hours per week |
40-50 |
| Night call |
Rare to none |
| Weekend work |
Minimal |
| Vacation weeks |
4-6 |
| Remote work |
Excellent (telepsychiatry) |
Psychiatry offers one of the best lifestyles in medicine — minimal emergencies, no procedures, regular hours.
Telepsychiatry Boom
| Factor |
2020 |
2026 |
| % of visits via telehealth |
5% |
45% |
| Fully remote psychiatrists |
2% |
15% |
| Telehealth-only practices |
Rare |
Common |
| Compensation vs. in-person |
-10% |
Equal |
The pandemic permanently shifted psychiatry toward virtual care.
Demand for Psychiatrists
| Factor |
Assessment |
| Shortage |
Severe (27,000 shortage nationally) |
| Job growth (2024-2034) |
+7% (faster than average) |
| Wait times for patients |
2-4 months average |
| States with critical shortage |
Most rural states |
Mental health demand continues outpacing supply.
Psychiatrist Salary After Taxes
| Gross Salary |
Federal Tax |
FICA |
State Tax (5%) |
Take-Home |
| $250,000 |
$55,000 |
$11,773 |
$12,500 |
$170,727 |
| $287,000 |
$67,000 |
$11,773 |
$14,350 |
$193,877 |
| $400,000 |
$100,000 |
$11,773 |
$20,000 |
$268,227 |
Private Practice Potential
| Factor |
Employed |
Private Practice |
| Base salary |
$280,000 |
$350,000+ |
| Overhead |
None |
30-40% |
| Schedule control |
Limited |
Full |
| Earning ceiling |
$320,000 |
$500,000+ |
Many psychiatrists transition to private practice mid-career for higher earnings and autonomy.
Career Earnings Comparison
| Career Path |
Training Debt |
30-Year Earnings |
Net Lifetime |
| Community Mental Health |
-$250,000 |
$7.5M |
~$7M |
| Hospital-Employed |
-$250,000 |
$9M |
~$8.5M |
| Private Practice |
-$250,000 |
$12M |
~$11.5M |
Tips for Maximizing Income
- Private practice — Highest earning potential after building patient base
- Telepsychiatry — Work from anywhere, add patients in underserved areas
- Medication management focus — Higher throughput than therapy
- Interventional psychiatry — TMS, esketamine procedures add revenue
- Locum work — Can earn $200-$300/hour for temporary coverage
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Data sources: Bureau of Labor Statistics, Medscape Physician Compensation Report, MGMA, APA. Updated March 2026.