Psychiatrists working in ambulatory settings earned the highest average annual salary in 2024, according to data from the Bureau of Labor Statistics.
The BLS published updated compensation data for 2024 on April 2.
Psychiatrists working in residential mental health and substance use facilities and specialty hospitals earned the highest average salaries, while those working in education and universities had the lowest average salaries.
Here is how psychiatrist pay compares by industry:
Ambulatory Healthcare Services: $294,890
Physicians offices: $296,410
Outpatient mental health and substance use centers: $296,240
Offices of mental health practitioners: $271,380
Nursing and residential care facilities: $289,390
Residential mental health and substance abuse facilities: $306,760
Individual and family services: $281,400
Hospitals: $241,700
Specialty hospitals: $334,370
Psychiatric and substance abuse hospitals: $265,890
General medical and surgical hospitals: $219,210
Educational Services: $171,660
Colleges, universities and professional schools: $169,930
