A psychiatrist counsels individuals about their mental health issues. Unlike a psychologist, a psychiatrist is a physician that has completed all medical training and is able to prescribe medication if necessary. To become a psychiatrist, one must complete both undergraduate and medical school before beginning a residency program. In addition, many hospitals require psychiatry residents to complete at least part of their first year in a residency program focused in internal medicine and neurology. To become a licensed psychiatrist, a physician must also pass a written and oral examination. A psychiatrist can expect to earn between $150,000 and $200,000 per year based on whether they work in private practice or a hospital. In addition, the Bureau of Labor Statistics states that job prospects for psychiatrists will continue to be good.