The short answer is that psychiatry pays better than psychology, but it is important to understand the differences between these two professions. Psychiatry is a medical discipline that requires a minimum of four years of post-graduate medical training plus a residency.
Psychiatrists can also prescribe medications and diagnose and treat mental health disorders. On the other hand, psychology is a non-medical field that typically requires a master’s degree to practice.
Psychologists often focus on behavioral or investigative approaches to treating psychological issues.
When looking at the pay differences between psychiatry and psychology, psychiatrists tend to make much more money than psychologists. On average, psychiatrists earn $216,090 per year while psychologists make an average of $80,370 per year, according to the Bureau of Labor Statistics.
The main reason for the large salary discrepancy is because psychiatrists are medical professionals and have a much longer educational background than psychologists. Additionally, psychiatrists have much more autonomy to offer treatments and diagnostic tools, while psychologists focus primarily on behavioral and therapeutic approaches to treatment.
Do psychiatrist or psychologist make more money?
The answer to this question depends on a variety of factors, including geographical location, type of practice, years of experience, patient load, and the severity of mental health issues treated by each provider.
Generally speaking, psychiatrists (M.D.s) usually make more than psychologists (Ph.D.s). This is because psychiatrists’ medical degree allows them to administer prescriptions and other physical treatments that psychologists cannot provide.
Additionally, psychiatrists have to complete a longer residency program.
Pay also varies greatly by region. For instance, in 2019 psychiatrists in New York made an average of $276,133 per year, while Alabama psychiatrists earned an average of $215,852. For comparison, psychologists in New York made an average of $96,237 per year while Alabama was lower at $83,341.
It’s also important to consider that many providers in the mental health field work for a salary in a hospital, clinic, or educational institution. These salaries tend to be far lower than providers in private practice.
Those in private practice also have to take into account costs associated with running a business, such as marketing and office space.
In short, psychiatrists and psychologists can vary drastically in terms of how much money they make, and the answer depends on a lot of different factors.