Mental health is a growing field with many career opportunities. With increased awareness around mental health issues, there is more demand for qualified mental health professionals. For those considering a career in mental health, a top consideration is often earning potential. So what is the highest paying job in mental health?
Quick Answer
The highest paying mental health career is psychiatrist. On average, psychiatrists earn over $220,000 per year. However, there are several other high paying mental health jobs as well.
What is a Psychiatrist?
A psychiatrist is a medical doctor who specializes in the diagnosis and treatment of mental health disorders. Psychiatrists must complete medical school and a four-year psychiatry residency program. They can prescribe medication and provide psychotherapy. According to the Bureau of Labor Statistics, the average annual salary for psychiatrists is $220,380.
Psychiatrist Job Duties
- Assess patient medical histories and mental health
- Diagnose psychiatric disorders such as depression, anxiety, bipolar disorder
- Provide psychotherapy and counseling
- Prescribe and manage medications
- Develop patient treatment plans
- Consult with other healthcare professionals
Skills and Training
To become a psychiatrist takes extensive training:
- Complete medical school – 4 years
- Residency in psychiatry – 4 years
- Licensing by medical board
Psychiatrists need skills in:
- Diagnosing mental disorders
- Applying psychotherapy theories and techniques
- Medication management
- Building rapport with patients
- Attention to detail
Other High Paying Mental Health Careers
Though psychiatrist is the top paying mental health career, there are several other high earning options as well. Here are some other top paying mental health jobs:
Psychologist
Psychologists assess, diagnose, and treat mental health disorders through psychotherapy and counseling. With a median salary of $79,010, psychologist is one of the highest paying mental health careers. It requires a doctoral degree and licensure to practice.
Psychiatric Nurse Practitioner
Psychiatric nurse practitioners provide many services similar to psychiatrists, though with less extensive medical training. Their average salary is $110,630. Psychiatric nurse practitioners must have a Master’s degree and certification.
Clinical Social Worker
Clinical social workers provide psychotherapy, counseling, and other mental health treatment. Average salary is $56,200. A Master’s degree in social work (MSW) is required to become a licensed clinical social worker.
Marriage and Family Therapist
Marriage and family therapists provide counseling aimed at relationship issues for individuals, couples, and families. With an average salary of $51,340, a Master’s degree and licensure is required.
Mental Health Counselor
Mental health counselors work with patients on overcoming mental health and daily living issues. Average salary is $46,240. A Master’s degree in counseling is typically required.
Highest Paying Job Comparison
While psychiatrist earns significantly higher salaries than other mental health careers on average, here is a comparison of the highest paying mental health jobs:
| Job Title | Average Salary | Education Needed |
|---|---|---|
| Psychiatrist | $220,380 | Medical degree + residency |
| Psychiatric Nurse Practitioner | $110,630 | Master’s degree |
| Psychologist | $79,010 | Doctoral degree |
| Clinical Social Worker | $56,200 | Master’s degree |
| Marriage and Family Therapist | $51,340 | Master’s degree |
| Mental Health Counselor | $46,240 | Master’s degree |
Job Outlook and Growth
In addition to strong salaries, mental health careers also have excellent job growth projections. Here are job outlook details for top paying mental health jobs:
- Psychiatrist: Job growth of 5% projected from 2019-2029, faster than average.
- Psychiatric Nurse Practitioner: 45% job growth projected through 2029.
- Psychologist: Job growth of 3% expected from 2019-2029.
- Clinical Social Worker: 13% increase in jobs projected through 2029.
- Marriage and Family Therapist: 22% increase in positions expected from 2019-2029.
- Mental Health Counselor: 25% job growth projected through 2029.
The above projections indicate strong job growth in mental health due to increasing demand for services. Openings will need to be filled by qualified candidates.
Highest Paying Setting
Within most mental health careers, salaries can vary based on your work setting. Here are some of the highest paying settings for mental health jobs:
- Private practice – Private practices tend to offer the highest pay for psychologists, therapists, and counselors.
- Hospitals – For psychiatrists and psychiatric nurse practitioners, working in hospitals typically delivers higher pay than other facilities.
- Outpatient centers – Outpatient mental health centers connected to hospitals also offer lucrative salaries for psychiatrists and nurse practitioners.
Those seeking the highest salaries may want to target opening a private practice or working in a hospital system.
Factors That Influence Salary
There are several factors that impact how much you can earn within mental health careers, including:
- Experience level – The most experienced professionals earn significantly higher salaries.
- Reputation – Well-known, respected mental health professionals can demand higher pay.
- Specialized skills – Expertise in high demand areas like child psychiatry allows for increased pay.
- Geography – Location makes a big difference, with coastal cities and metropolitan areas paying the most.
- Work setting – As mentioned, private practice and hospitals offer the top incomes in the field.
Job Satisfaction and Benefits
In addition to strong earning potential, mental health careers also provide high job satisfaction and benefits:
- The ability to truly help people overcome issues.
- Intellectually stimulating work.
- High degree of autonomy in many positions.
- Flexible and convenient schedules, especially in private practice.
- Excellent job security due to need for services.
- Health insurance, retirement savings plans, and other benefits with many positions.
For those looking for a balance of compensation, meaningful work, and solid benefits, the mental health field provides appealing careers.
Conclusion
Though all mental health jobs provide the reward of helping others, psychiatrist stands out as the highest paying career. However, there are several other lucrative mental health professions as well, with salaries typically ranging from $50,000 to over $100,000 annually. Factors like experience level, reputation, specialization, work setting, and location impact pay. With high salaries, strong job outlook, and intrinsic benefits, mental health careers offer excellent prospects for those looking to do meaningful work in a growing field.
