What is the pay difference between a psychiatrist and psychologist?

Psychiatrists

* Median annual salary: $216,090

* Hourly wage: $104.32

* Top 10% annual salary: $345,370

Psychologists

* Median annual salary: $79,580

* Hourly wage: $38.26

* Top 10% annual salary: $130,660

As you can see, psychiatrists earn significantly more than psychologists on average. This is likely due to the fact that psychiatrists are medical doctors, while psychologists are not. Psychiatrists undergo many years of medical training, including medical school and residency, while psychologists typically have a doctorate in psychology following two years of internship. Psychiatrists are also able to prescribe medication, while psychologists cannot.