How much do psychiatrists earn?
Psychiatrists are physicians who treat patients with mental health issues.
The psychiatrist treats patients with medication and psychotherapy.
A psychiatrist must go through the same training and medical school as a medical doctor. The average salary for a psychiatrist as of December 2010 is between £80,288 and £126,527, according to PayScale.
Type of Employer
Psychiatrists can be self-employed or work for hospitals, private practices, non-profit organisations or government employers. The salary of psychiatrists depends on the type of employer.
Self-employed psychiatrists earn salaries between £75,676 and £127,745 per year and those working for a hospital earn between £77,900 and £117,388. Private practice psychiatrists earn lower average salaries, between £63,057 and £113,918, according to PayScale.
Experienced psychiatrists earn the highest salaries in the field. A psychiatrist who has between 10 and 19 years in the field can earn a salary as high as £125,325 annually while those with less than a year on the job earn a salary as high as £97,310. Psychiatrists with more experience earn a reputation in the field and can command higher earnings.
The cost of living in different states can cause the average salaries of psychiatrists to vary. For example, a psychiatrist practicing in California earns salaries between £78,714 and £129,192 per year while those in Florida earn a salary range of £78,019 to £118,247. The cost of living is 36 per cent higher in Los Angeles, California, than Jacksonville, Florida, according to My Salary. Demand may be higher for psychiatrists in some parts of the country as well, which may cause salaries to increase in those areas.
Psychiatrists working in a private practice, hospital or for a government employer receive benefits as a part of a salary package. The benefits for a psychiatrist may include health insurance, paid sick time, paid vacations, 401k plans and malpractice insurance. Self-employed psychiatrists must pay for these benefits on their own, which decreases the value of the annual salary.