Who makes more money? A psychologist or therapist/psychiatrist?
by 
Sandra Moscicki
ANSWERS: 7
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It depends on: -Where they live -How much they charge per hour -How many hours a week they work -If they are a Medicare provider Generally, a psychiatrist can charge more and make more. They also do hospital calls and rounds, which they get paid for as well. A "therapist" can be an MSW, a psychologist, a psychiatrist, or other branches of mental health counseling. So it is a general term.
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Generally a psychiatrist will make the most money, as they have a medical degree and can write perscriptions. But the money really depends more on how good you are and how long you have been practicing.
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The Psychiatrist -- They can order medicine a Psychologist can not
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Psychiatrist make more because they have a medical degree. If they handle "pain management" then they make a killing.
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Psychiatrists make more, but your job will be mostly diagnosing mental illness. Also keep in mind that becoming a psychiatrist requires med school, as well as residency training. Psychologists/therapists make good money too, especially if you can build up a good reputation. Psychologists/therapists are the ones who typically do counseling and help patients with their everyday problems, which can include depression, eating disorders...you name it. You don't need med school to become a psychologist - just graduate study in psychology.
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I am a psychotherapist in NYC. I graduated with my MSW (Masters in Social work) from NYU and now have my PhD in social work. In 2008, I made 102k. When the term therapist is used, it is often used to refer to social workers with extensive clinical experience. It is not necessary to get a degree in psychology of psychiatry to be a therapist. LCSW Social workers are also excellent clinicians and are usually on the front lines at hospitals and other mental health facilities.
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Except for some extraordinary exceptions, Psychiatrists make significantly more money than Psychologists. These are the average salaries of the two professions where I live: Psychologist: $90,000 Psychiatrist: $200,000 Both of these figures are significantly higher than the national average as I live in Boston which is sort of a hub for the health professions, but you'll find that Psychiatrists will be making approximately double what Psychologists make in most other areas as well. This is mainly due to the fact that Psychiatrists are able to bill more due to their ability to prescribe medication and their more prestigious, though perhaps not much more rigorous, training. Therapist is not a legally regulated term and can be used to describe any mental health professional who provides therapy to clients including Psychologists, Psychiatrists, Clinical Social Workers, people with Masters degrees in Counseling, etc.
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