Psychiatrists make a great salary. There are several different sources that report salaries for Psychiatrists. According to the Medscape Physician Compensation Report in 2022, Psychiatrists make an average of $287,000 plus a $33,000 incentive bonus for a total compensation of $320,000. Another source reports Psychiatrist's salary for those in academic medicine (usually at a large teaching hospital). According to AAMC Careers in Medicine, an assistant Psychiatry professor in academic medicine makes an average of $233,321 while an associate/full professor makes an average of $262,353.