Psychiatrist pay up 8% in 2023: 8 numbers to know

The average salary of a psychiatrist in 2023 is $309,000, up 8 percent from 2022, according to Medscape's "Physician Compensation Report" for 2023.

Medscape surveyed 10,011 physicians across more than 29 specialties about their income, work hours, job satisfaction and more from Oct. 7, 2022, to Jan. 17, 2023. The full methodology can be found here.

Here are six statistics on the work life of psychiatrists to know:

1. Psychiatrists were paid an average of $309,000 in 2023. They ranked as the 20th-highest-paid specialty. 

2. Sixty-eight percent of psychiatrists reported feeling fairly compensated.

3. The average incentive bonus given to psychiatrists was $37,000.

4. Forty-four percent of psychiatrists are women. 

5. Psychiatrists work an average of 46.6 hours a week. About 16 of those hours are spent on paperwork on administrative work. 

6. Eighty-four percent of psychiatrists said they would choose the same specialty again if they had to do it over. 

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