Psychiatrist Salary: What Can You Expect to Earn in 2024?

According to the U.S. Bureau of Labor Statistics, the median annual wage for psychiatrists was $242,790 in May 2020. The lowest 10% earned less than $108,520, and the highest 10% earned more than $355,010.

Psychiatrists who work in private practice typically earn more than those who work in hospitals or clinics. Psychiatrists who have additional subspecialty training, such as in child and adolescent psychiatry or forensic psychiatry, may also earn more money.

The demand for psychiatrists is expected to grow in the coming years. The U.S. Bureau of Labor Statistics projects that employment of psychiatrists will grow by 12% from 2019 to 2029, faster than the average for all occupations. This growth is expected to be driven by a number of factors, including the rising demand for mental health services and the growing number of people who are uninsured or underinsured.