Psychiatrists
Wages & Outlook
Wages
#no wage table because wages off the chart; this data from 08-09 OOH
Nationally, the median wage for psychiatrists with at least two years of experience is $180,000 per year.
Wages vary by years of experience, area of the country, and hours worked. The doctor's skill, personality, and professional reputation also affect wages. Self-employed psychiatrists generally earn more than those who are not self-employed.
Salaried psychiatrists who work full time usually receive benefits. Typical benefits include sick leave, paid vacation, and health insurance. Some employers also provide a retirement plan. Psychiatrists who are self-employed must provide their own insurance and retirement plan.
View the Regional Wage Comparison Chart for:
Employment
Information on the number of psychiatrists working in Minnesota is not available.
About 15 percent of doctors (include psychiatrists) are self-employed. Information about the percentage of self-employed psychiatrists is not available.
Major employers:
- Psychiatrists' offices
- Hospitals
- Federal, state, and local government agencies
Outlook
As the population grows and people live longer, the demand for psychiatrists will be strong. The elderly will be the largest group in the population. This group is most likely to have mental changes. The need to treat these changes will increase the demand for psychiatrists. In addition, those who research mental illness and new treatment options will be in demand. Another factor in the demand for these workers is that the public is becoming more aware of the importance of mental health. As a result, people are more likely to consult a psychiatrist when they have a problem.
| Employment | Employment Change | |||
|---|---|---|---|---|
| 2006 | 2016 | Number | Percent | |
| State | 390 | 456 | 66 | 16.9 |
