How Much Do Psychiatrists Make? Psychiatrist Career Path

Deciding on a rewarding and long-term career can be challenging. You might wonder whether the career path will bring happiness, financial stability, or a significant amount of hard work.

The mental health industry offers many career paths to choose from. Psychologists, licensed mental health counselors, licensed social workers, and other professionals provide care to patients in various contexts. If you have felt the desire to help others psychologically, you may have wondered what a career as a psychiatrist might look like. To decide whether a career as in psychiatry is for you, looking at the educational and occupational requirements of the psychiatry career path can be helpful.

How do psychiatrists treat mental health disorders? 

Psychiatrists are mental health professionals who are also medical doctors (MDs) or doctors of osteopathic medicine (DOs). Psychiatry is the medical specialty devoted to diagnosing, preventing, and treating mental health disorders and mental illness.

Psychiatrists are not psychologists. While psychiatrists and psychologists are licensed to treat mental illness, psychiatrists require more schooling. Psychiatrists are medical doctors, unlike those with a master's or doctoral degree. For this reason, psychiatrists must go through medical school, take board exams, and complete a successful residency. In addition, psychiatrists can prescribe medication, which psychologists cannot do. As a medical doctor, a psychiatrist makes significantly more money than most psychologists. 

Becoming a psychiatrist

There are five steps you must take before being able to practice as a psychiatrist, including the following. 

According to the American Psychiatric Association, 12 years of education are required following high school to become a psychiatrist (14 for those who want to practice child and adolescent psychiatry). Upon completion of high school, you must obtain a bachelor's degree. A science degree or pre-med path may be the most beneficial for your undergraduate degree. Taking a pre-med course can put you on track for medical school. 

Toward the end of your college career, med schools require the MCAT, a standardized entrance exam like the high school SAT and ACT exams. 

Medical school

Residency

You begin your residency learning general practices but can study under a psychiatrist at your institution. Other doctors supervise you, and you may begin to treat the mental health conditions you may encounter when you break off to practice independently. 

Licensing

Each state has medical boards and licensure requirements doctors must meet to obtain their licenses. To become a licensed psychiatrist, you must finish your residency and take your state's medical examinations. 

Boards

Psychiatrist career path: What's it like? 

Once you've done the work to become a psychiatrist, the next step is finding a job and beginning the next chapter along your career path. You may expect to spend some time working with patients to determine treatment plans that include finding medications that treat symptoms. However, you may also offer psychotherapy (though most psychiatrists do not conduct talk therapy while treating patients) or work with other psychiatrists to conduct research. 

As a psychiatrist, you'll specialize in the physical brain and how it interacts with behavior. Your training can prepare you to analyze a patient's health history, risks, and potential responses to treatment. You might diagnose mental health disorders, help your clients understand their symptoms, and prescribe medication. 

There are several core competencies a psychiatrist typically must develop to care for patients effectively. According to the American Board of Psychiatry and Neurology, these include professionalism, medical knowledge, communication skills, and the ability to evaluate clients comprehensively. 

The demand for psychiatrists is high, second to general care practitioners. Many areas lack knowledgeable and trained psychiatrists who can support patients. As a psychiatrist, there may be many options for work, whether you decide to open your own practice or work in a hospital or clinic.

Where do psychiatrists work?

Psychiatrists can perform widely varying duties in an array of settings. The following are a few of the arenas in which a psychiatrist may treat patients, conduct research, or otherwise utilize their knowledge and experience. 

Nonpublic psychiatric practice

Nonpublic practice psychiatrists are self-employed, as opposed to being part of a clinic or other organization. When a psychiatrist works for themselves, they often have more autonomy in selecting which disorders to address, determining how many patients to take on, and making other important decisions. Some nonpublic practice psychiatrists work with varied mental illnesses and populations, while others specialize.

Psychiatric hospitals

Professionals trained in emergency psychiatry, rehabilitation psychiatry, and other areas may work in a psychiatric hospital. An emergency psychiatrist can help individuals experiencing mental health challenges that may be life-threatening. In addition to concerns related to mental health, issues related to physical health can arise in those admitted to a psychiatric hospital. Because they are trained physicians and mental health professionals, psychiatrists working in hospitals can assess how a physical illness may influence mental health challenges and vice versa. 

Government agencies

Psychiatrists are often employed in court systems, correctional facilities, police forces, and several other types of government agencies. These professionals may provide care for inmates in prison, evaluate individuals prior to trial, or develop treatment plans for law enforcement officers experiencing trauma.

Assisted living facilities

Nursing homes, hospice programs, and other care facilities often need geriatric psychiatrists and other professionals. Geriatric psychiatrists at assisted living facilities can treat mental illnesses or other challenges (e.g., mental health concerns related to chronic pain) in the elderly. Several different types of providers may work in care facilities. In addition to geriatric psychiatrists, specialists in rehabilitation psychiatry, neuropsychiatry, and certain mental health disorders may practice psychiatry at these facilities. 

How much do psychiatrists make?

Salary may be a vital aspect of a career path for some, especially because becoming a psychiatrist requires extensive schooling and preparation. Psychiatrists are often paid more than other mental health professionals due to their being doctors. According to the Bureau of Labor Statistics, the mean hourly wage for a psychiatrist in 2023 was $120.08, and the mean annual wage was $249,760.

Discovering your career options 

Deciding your career path can be up to you and the level of commitment you want to put into a future job. Overall, from the beginning of school to the end of residency, some psychiatrists spend about 12 to 14 years studying before they begin on their career path. Still, the psychiatrist's ability to help those experiencing mental health disorders can be advantageous. As you navigate the benefits and drawbacks of becoming a psychiatrist, you might find it helpful to seek advice on a career path in psychiatry from a mental health professional like a career counselor. 

Studies back up the effectiveness of online counseling in treating various challenges. One study analyzing the efficacy of online therapy in reducing psychological distress among university students found that the treatment can produce noticeable improvements in symptoms. A counselor can guide you if you are experiencing stress surrounding your career pth, schooling, or schedule.