If you are a psychiatrist looking for the perfect state to move to, our list of the 11 highest paying states for psychiatrists will definitely be of some help.
As defined by the American Psychiatric Association, psychiatry is “the branch of medicine focused on the diagnosis, treatment, and prevention of mental, emotional and behavioral disorders.” Along with expertise, a huge degree of responsibility comes with this job, and it isn’t just for anyone. Perhaps that’s why the US faces a severe shortage of psychiatrists.
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Mental illness was once considered a taboo subject, but in recent times, awareness of the importance of dealing with mental issues has grown among the masses. People seek out therapy without feeling embarrassed. This can be accounted for as another reason that employment of 24,060 psychiatrists in the country is unable to fulfill the demand of the public.
The average salary of a psychiatrist is $193,680 per year, which sounds very reasonable, but is actually not much when compared to other medical specialists. This fact is evident from our piece on the 11 highest paying states for orthopedic surgeons.
To compile the salaries of psychiatrists, we’ve referred to the report of Occupational Employment Statistics (OES) issued by the Bureau of Labor Statistics, and collected the annual and hourly salaries of psychiatrists in every state. However, data were missing for two states, namely Maine and Idaho, for which we consulted Salary. This is a website providing compensation details for the main cities of each state, which we then averaged to get the overall salary for the state.
Now that we’ve covered the basics of this occupation, let’s proceed to the 11 highest paying states for psychiatrists.
11. Minnesota
Average Annual Salary: $216,760
Average Hourly Salary: $104.21
Number of Psychiatrists Employed: 380
The Land of 10,000 Lakes is the state with which we kick off our list. With a mean yearly income of $216,760, Minnesota sets the bar.
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10. New Jersey
Average Annual Salary: $217,690
Average Hourly Salary: $104.66
Number of Psychiatrists Employed: 740
New Jersey comes in at number ten with not much difference in the average salary compared to its predecessor. However, the Garden State employs a lot more psychiatrists within its boundaries.
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9. Mississippi
Average Annual Salary: $222,040
Average Hourly Salary: $106.75
Number of Psychiatrists Employed: 90
The state known for its hospitality does not house many psychiatrists, but the ones who do work here earn quite a lot with an annual salary of $222,040.
8. Georgia
Average Annual Salary: $224,560
Average Hourly Salary: $107.96
Number of Psychiatrists Employed: 410
With an annual salary almost touching $225K, Georgia, also known as the Peach State, proves to be a lucrative state for psychiatrists.
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7. Iowa
Average Annual Salary: $224,860
Average Hourly Salary: $108.10
Number of Psychiatrists Employed: 90
Iowa, nicknamed the Hawkeye State, makes its way onto our list with its average yearly salary almost at a tie with Georgia. Merely 90 psychiatrists reside here who earn an hourly wage of $108.10.
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6. Kentucky
Average Annual Salary: $227,890
Average Hourly Salary: $109.56
Number of Psychiatrists Employed: 180
Kentucky pays its psychiatrists an average of $227,890 per year and $109.56 per hour. These numbers have succeeded in landing it in the sixth spot on our list of the 11 highest paying states for psychiatrists.
5. Alaska
Average Annual Salary: $234,130
Average Hourly Salary: $112.56
Number of Psychiatrists Employed: 40
Since Alaska is the third least populous state of the United States in addition to being the least densely populated, it is no surprise that only 40 psychiatrists are employed here. Their salary packages, however, are quite attractive.
4. Indiana
Average Annual Salary: $238,780
Average Hourly Salary: $114.80
Number of Psychiatrists Employed: 270
The Hoosier State follows with an average salary of $238,780 per year, which is over $4,000 more than its predecessor. Compared to Alaska’s nominal 40, a lot more psychiatrists reside in Indiana, the next state on our list of highest paying states for psychiatrists.
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3. South Dakota
Average Annual Salary: $240,710
Average Hourly Salary: $115.72
Number of Psychiatrists Employed: 40
The Mount Rushmore State is one of the least populated states on our list, but the small number of psychiatrists employed here does little to diminish their income, which amounts to an impressive $240K.
2. Wyoming
Average Annual Salary: $240,890
Average Hourly Salary: $115.81
Number of Psychiatrists Employed: 40
Despite being quite large in terms of area, the Equality State is the least populous of all 50 states in the country and hence employs only 40 psychiatrists. Its average annual and hourly salaries are both just a little bit higher than the state in the third spot, especially the latter, which only boasts an increase of 9 cents as compared to South Dakota.
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1. California
Average Annual Salary: $250,090
Average Hourly Salary: $120.24
Number of Psychiatrists Employed: 3,160
The Golden State wraps up our list of the 11 highest paying states for psychiatrists, being the only state with an annual salary of more than $250,000. California also holds the distinction of employing the most psychiatrists than any other state in the US, a whopping 3,160. Its hourly salary, at $120.24/hour, is also incredibly high for the average psychiatrist in the US.
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