Psychiatrists reported an average 3% compensation decline in 2025, even as most physicians overall saw pay growth that outpaced inflation, according to Medscape’s 2026 physician compensation report.
The report was based on an online survey of U.S. physicians. Respondents were required to be full-time practicing physicians in the U.S. A total of 5,916 respondents across more than 29 specialties met the screening criteria and completed the survey. The recruitment period ran from Sept. 5 to Dec. 17.
Here are five things to know:
- Psychiatrists’ average annual compensation declined to $331,000 in 2025 from $341,000 in 2024; it was $323,000 in 2023. Sixty-five percent of psychiatrists said they felt fairly compensated for their work, compared with 48% of physicians overall in Medscape’s broader survey data.
- Forty-four percent of psychiatrists expected some level of compensation increase by year end, down from 49% in the previous report. Meanwhile, 15% anticipated lower compensation, up from 8% the year before.
- Nine medical specialties, including psychiatry, reported flat compensation or declines year over year, versus seven in the last year’s report. Cardiology ($575,000), radiology ($571,000) and orthopedics ($611,000) were among specialties reporting the strongest compensation growth.
- Psychiatrists said they worked the same average of 45 hours per week as last year, compared with 49 hours for physicians overall, according to the survey.
- About 65% said they felt fairly compensated individually, higher than physicians overall in the previous year (48%).
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