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Is there a high demand for psychiatrists?
The Bureau of Labor Statistics projects 8.7% employment growth for psychiatrists between 2021 and 2031. In that period, an estimated 2,400 jobs should open up. Psychiatrists are physicians who diagnose, treat and work to prevent disorders relating to the mind and mental health. Nationally, according to the Bureau of Labor and Statistics, psychiatrists earn a mean annual wage of $208,000 per year. By comparison, a psychologist’s median pay in 2019 was $80,370. Others may be more interested in the research side of psychiatry. For example, research-focused psychiatrists might work with corporations to assess employee mental health or join a criminal justice agency to study forensics. Psychiatrists also can transition into teaching or working at research universities. Because potential psychiatrists must earn a medical school degree, the undergraduate should take the types of courses required to get into medical school, such as biology, chemistry, physics, and math. Good majors to declare include psychology, biology, or pre-med.
What is the current demand for psychiatrists?
Depression, anxiety, grief, and substance abuse have soared during the pandemic, but 111 million Americans live in a psychiatry shortage area, according to the US Department of Health and Human Services—and the current shortage of 6% is expected to be between 14,280 and 31,109 psychiatrists by 2024. Several factors fuel the shortage. “The U.S. population has grown, there’s a lot of mental health need especially with the pandemic, and we don’t have enough residency slots to train people,” says Anna Ratzliff, MD, PhD, psychiatry residency program director at the University of Washington (UW) in Seattle. Reasons for the Psychiatrist Shortage An aging workforce and physician burnout are problems across the board. However, for psychiatrists specifically, many are reluctant to join this specialty owing to lower rates of reimbursement and the burden of the documentation requirements that the job entails. How Much Does a Psychiatrist Make? Psychiatrists made a median salary of $208,000 in 2021. The best-paid 25% made $208,000 that year, while the lowest-paid 25% made $128,380. A lot of psychiatrists will tell you that we enjoy a great work-life balance. Psychiatrists are often fortunate to have variability in their practices, which is known to be one of the most protective factors in preventing burnout.