Psychiatrists earn $250,000-$400,000+ per year — with demand surging due to the mental health crisis and a shortage of providers.
Pay at a Glance (BLS Data)
Bureau of Labor Statistics wage estimates for psychiatrists, across all industries:
| Percentile | Annual Wage | Hourly Equivalent |
|---|---|---|
| 10th (entry level) | $84,060 | $40.41 |
| 25th | $154,150 | $74.11 |
| 50th (median) | $281,870 | $135.51 |
| 75th | $362,740 | $174.39 |
| 90th | $446,520 | $214.67 |
| Average (mean) | $269,940 | $129.78 |
Source: US Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025, for Psychiatrists (all industries). Hourly figures are annual wages divided by 2,080 hours. “Not published” means BLS withheld the estimate, usually because wages are above its top reporting limit.
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 (BLS mean) | $269,940 |
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
| Rank | State | Avg Salary | Starting Salary | Median Salary |
|---|---|---|---|---|
| 1 | Missouri | $345,860 | $122,240 | $312,680 |
| 2 | Minnesota | $333,320 | $90,470 | $336,410 |
| 3 | Florida | $328,060 | $71,680 | $316,200 |
| 4 | Louisiana | $321,300 | $190,550 | $345,040 |
| 5 | California | $315,380 | $113,990 | $353,500 |
| 6 | Maryland | $306,100 | $154,720 | $305,320 |
| 7 | Vermont | $298,070 | $77,450 | $302,770 |
| 8 | Indiana | $297,220 | $161,820 | $284,110 |
| 9 | Connecticut | $292,660 | $75,190 | $326,670 |
| 10 | Utah | $288,370 | $158,990 | $299,670 |
| 11 | Wisconsin | $282,980 | $86,340 | $331,070 |
| 12 | Pennsylvania | $282,370 | $148,050 | $278,970 |
| 13 | Oregon | $282,210 | $62,300 | $314,880 |
| 14 | Alaska | $278,800 | $83,170 | $342,170 |
| 15 | Maine | $275,050 | $110,690 | $300,180 |
| 16 | Iowa | $273,190 | $77,320 | $295,270 |
| 17 | Virginia | $272,960 | $129,440 | $295,010 |
| 18 | Oklahoma | $272,510 | $123,220 | $271,640 |
| 19 | Michigan | $272,010 | $81,390 | $291,850 |
| 20 | Hawaii | $271,330 | $156,990 | $289,990 |
| 21 | South Dakota | $270,220 | $130,000 | $226,180 |
| 22 | Illinois | $269,000 | $134,770 | $258,740 |
| 23 | Washington | $265,600 | $92,320 | $304,920 |
| 24 | Kansas | $265,280 | $147,070 | $278,100 |
| 25 | Arizona | $264,260 | $128,350 | $249,720 |
| 26 | Colorado | $258,210 | $134,050 | $266,370 |
| 27 | Rhode Island | $257,290 | $145,780 | $287,610 |
| 28 | New York | $252,840 | $86,120 | $265,890 |
| 29 | Ohio | $250,210 | $82,650 | $244,990 |
| 30 | New Jersey | $244,560 | $87,120 | $194,070 |
| 31 | Delaware | $243,740 | $57,150 | $279,410 |
| 32 | New Mexico | $238,260 | $172,340 | $227,730 |
| 33 | Georgia | $227,430 | $89,990 | $237,480 |
| 34 | South Carolina | $226,360 | $129,250 | $237,250 |
| 35 | Kentucky | $221,190 | $74,200 | $237,770 |
| 36 | Texas | $221,100 | $73,330 | $228,460 |
| 37 | Mississippi | $218,620 | $61,380 | $213,680 |
| 38 | Tennessee | $210,520 | $65,820 | $214,880 |
| 39 | Nevada | $203,980 | $100,880 | $210,030 |
| 40 | North Carolina | $201,840 | $101,080 | $168,880 |
| 41 | New Hampshire | $199,220 | $69,970 | $246,140 |
| 42 | Nebraska | $196,590 | $53,160 | $135,180 |
| 43 | Arkansas | $182,100 | $66,030 | $124,750 |
| 44 | District of Columbia | $181,090 | $45,150 | $183,080 |
| 45 | West Virginia | $173,570 | $63,320 | $63,320 |
| 46 | Idaho | $159,470 | $75,470 | $75,470 |
| — | National | $269,940 | $84,060 | $281,870 |
Source: US Bureau of Labor Statistics OEWS, 2025 estimates, fetched 2026-09-29. Figures cover Psychiatrists (cross-industry). Some states are omitted where BLS did not publish a reliable estimate. Psychiatrist shortages in coastal states drive higher salaries.
Psychiatrist Salary by Practice Setting
| Practice Type | Notes |
|---|---|
| Private Practice | Highest potential, business overhead |
| Telepsychiatry | Remote, flexible, growing fast |
| Hospital-Employed | Stable, benefits |
| Academic | Teaching, research |
| Community Mental Health | Loan forgiveness eligible |
| VA/Government | Pension, job security |
| Locum Tenens | Per diem, flexible |
Psychiatrist vs. Psychologist vs. Therapist
| Factor | Psychiatrist | Psychologist | Therapist (LCSW/LPC) |
|---|---|---|---|
| Average Salary (BLS, May 2025) | $269,940 | $112,750 | $64,440 |
| 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 |
|---|---|---|
| Psychiatry residency | 4 years | $65,000-$85,000/year |
| Fellowship (optional) | 1-2 years | $80,000-$95,000/year |
| Total Training | 12-14 years | — |
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 (2025-2035) | 4% |
| 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 Income Tax | Social Security + Medicare | Take-Home Before State Tax | Monthly |
|---|---|---|---|---|
| $250,000 | $51,304 | $15,514 | $183,182 | $15,265 |
| $269,940 | $57,685 | $15,983 | $196,273 | $16,356 |
| $400,000 | $103,134 | $19,039 | $277,827 | $23,152 |
2026 federal income tax for a single filer taking the standard deduction ($16,100), plus Social Security and Medicare. Not included: state and local income tax, retirement contributions and other pre-tax deductions. For your own situation, use the take-home pay calculator.
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
Related Articles
Data sources: Bureau of Labor Statistics, Medscape Physician Compensation Report, MGMA, APA. Updated March 2026.
Related Salary Guides
- Psychologist salary
- Pulmonologist salary
- Physician Assistant salary
- Physical Therapist Assistant salary
See every profession in our salary by profession guides.
Sources
- U.S. Bureau of Labor Statistics. “Occupational Employment and Wage Statistics, May 2024.” bls.gov/oes
- U.S. Department of Labor. “Wages and the Fair Labor Standards Act.” dol.gov/agencies/whd/flsa
- Social Security Administration. “Benefits and Eligibility Information.” ssa.gov/benefits
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