Psychiatrist Salary Guide

The average annual psychiatrist salary is $247,350 per year in the U.S., according to the United States Bureau of Labor Statistics. That being said, psychiatrists make a total of $309,000 per year, according to Medscape’s 2023 psychiatrist compensation report.  

The average annual compensation for psychiatrists has increased by 8% from 2022 to 2023, an avenger higher than most specialties.

Locum tenens psychiatrists can make up to $200 per hour on average, however, there are many factors that impact rates including location, years of experience, and the level of demand.

If you were to extrapolate that rate over a year (at 40 hours per week), the average locum salary comes out to around $416,000. 

That means locum tenens psychiatrists can make roughly 35% more than the average provider. However, making direct salary comparisons can be complicated. While perm psychiatrists are more likely to be salaried, locum tenens psychiatrists are independent contractors earning an hourly rate, which can vary based on which assignments they take in a year. 

Furthermore, because locum tenens psychiatrists  are paid by the hour, the hours they work are directly reflected in their pay, while a salaried psychiatrists additional hours may not be reflected in their salary. Finally, paid time off and insurance may be reflected in the perm psychiatrists salary structure, but locum tenens providers do have options when it comes to health insurance.

The most recent state breakdown of psychiatrist salaries comes from the US Bureau of Labor Statistics. The BLS was not able to collect enough data for all 50 states, however the top 5 highest paying states for psychiatrists salary include:

• New Mexico 
• Wyoming 
• North Dakota 
• California 
• Connecticut

Psychiatrists are in the bottom half of the 30+ physician specialties surveyed in the Medscape 2023 compensation report. The top five specialties (plastic surgery, orthopedics, cardiology, urology, gastroenterology) all reported annual income of greater than $500,000.

Psychiatrist salaries have increased by 43% since 2015, according to the Medscape annual compensation report, with an increase of 8% from 2022 to 2023 alone. Based on this data, it is safe to estimate that psychiatrists will make an annual salary of $333,720 in 2024.