Did you know that psychiatrist jobs in the USA rank 7th among the best-paying jobs and 12th in the best healthcare jobs? You read it right! As per U.S. News and World Report, psychiatry is a well-paying profession. Psychiatrists are medical doctors specializing in treating mental illnesses and emotional disorders. 

With a vital role to play in the mental healthcare system, they have a wide scope of practice in hospitals, community mental healthcare centres, correctional facilities, and academic and research settings. Psychiatrists can administer procedures, such as electroconvulsive therapy, and prescribe medicines in addition to providing psychological care.  

In this article, we will discuss the job prospects and salaries of psychiatrists in the US.

Psychiatrist Salary in USA 

The Bureau of Labor Statistics projects 8.7% employment growth for psychiatrists between 2021 and 2031. The numbers reflect how more people worldwide are becoming aware of mental health disorders and opening up to treatments. 

According to Indeed’s salary information, the average salary of a psychiatrist in the USA is $268,851 per year. Their pay is dependent on many important factors, including education, certifications, additional skills, years of experience, case volume, geographical location etc. The more years of experience and case volume, the more the salary of the psychiatrists in the US. 52% of psychiatrists in the United States think their salaries are enough for the cost of living in their area, as per Indeed. 

Some of the most common benefits for psychiatrists over and above their salary are: 

• Life insurance
• Loan assistance
• Loan forgiveness
• Loan repayment program
• Malpractice insurance
• Paid time off and many more

5 Best Paying Cities for Psychiatrists in USA 

The metropolitan areas that pay the highest salary in the psychiatrist profession are Torrance, Santa Ana, Springfield, Grand Rapids, San Diago.

City	Annual Average Salary of Psychiatrists in USA*
Torrance	$359,605/year and $184 per hour. It is 34% above national average
Santa Ana	$358,284/year and $183 per hour. It is 33% above national average
Springfield	$347100/year and $178 per hour. It is 29% above national average
Grand Rapids	$310929/year and $159 per hour. It is 16% above national average
San Diago	$301956/year and $155 per hour. It is 12% above national average

*As per Indeed

 Comparison Between Average Psychiatrist Salary in USA and India

According to Indeed’s salary information, a psychiatrist in India makes an average annual salary of $19483 (INR 16 lakh). This equates to a monthly rate of $1379 (INR 1.12 lakh) in contrast to that of $19035 (INR 15.5 lakh) in the USA per month. An important point to note is that the average annual salary of a psychiatrist in India almost equates to the psychiatrist salary in the US per month.

Conclusion 

Psychiatrists are professionals who can make a significant income given the significance of their work across various horizons of personal and professional fronts. Psychiatrists rank 32nd in the best 100 paying jobs and one of the most sought-after medical specialities. In the USA, it is one career that is in high demand and looks to be lucrative! With about 2,400 psychiatrist jobs opening in the USA till 2031, students who are looking to pursue their career as a psychiatrist in the USA must go ahead with it.