Psychiatrists study the human mind, how it works, and the disorders that can affect it. To work as a licensed psychiatrist requires extensive education including a bachelor's degree, master's degree and a doctorate in medicine. Additionally, completing a residency program is also necessary for licensure. After this hard work, new entrants to psychiatry will likely find impressive salaries.
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According to a report by PayScale, base pay for psychiatrists spans from £76,238 to £116,595. These results are based on information from 778 psychiatrists of varying experience levels and employer types. PayScale's salary figures are accurate as of December 2010.
In addition to base pay, PayScale records averages for additional monetary elements of psychiatrists' compensation packages. Average bonus pay for the position varies between £1,326 and £11,700 per year. Furthermore, profit-sharing programs add between £510 and £13,225 to the average psychiatrist's yearly pay.
PayScale breaks the salary information it collects down by experience level and reports that psychiatrists with less than one year of experience earn between £39,830 and £96,720 per year. From one to four years, average salaries span from £64,457 to £106,187. After five to nine years, the top end of this range climbs to £121,280.
A significant portion of a psychiatrist's pay may come from non-cash benefits, which are not factored into PayScale's salary ranges. According to their survey, however, 78 per cent of psychiatry professionals receive medical insurance benefits. Additionally, 61 per cent have dental coverage plans, and 44 per cent get vision coverage from work.