Psychiatrist Salary NYC: What You'll Actually Earn in America's Most Expensive City
Jan 3, 2026
Jan 3, 2026
Look, let's be real about psychiatrist salaries in NYC - it's a whole different ballgame here, and I've learned this the hard way after talking to dozens of colleagues over the years. The money is definitely there, but this city has a sneaky way of making even a solid six-figure salary feel tight sometimes.
Here's what nobody warns you about during residency: according to recent data from SalaryDr, psychiatrists in New York earn approximately $330,000 per year ($27,500 monthly), which translates to about $198 per hour based on an average 32-hour work week. Sounds incredible, right? I remember thinking I'd be set for life when I first saw these numbers.
Then I started apartment hunting in Manhattan. Reality check: incoming.
Understanding average salary in NYC helps put these psychiatrist figures into perspective compared to other high-paying professions in the area - spoiler alert, we do pretty well, but everything here costs more.
Fresh out of residency, you're probably looking at $220,000-$280,000 to start, which sounds amazing until you realize your rent alone might eat up a quarter of that before taxes. I've watched too many friends get excited about their first offer only to have a minor panic attack when they see what decent housing costs here.
My friend Jake from residency thought he'd be living large on his $280K starting salary until he saw his first Manhattan rent bill. The variation in starting salaries really depends on where you're willing to work and how hard you negotiate. Academic medical centers usually lowball you - I'm talking closer to that $220K range - while private groups and the big hospital systems will push you toward the higher end.
Pro tip that saved me thousands: don't forget to ask about signing bonuses. They're becoming standard as hospitals compete for talent, usually $10,000-$25,000, and every little bit helps when you're dropping first month, last month, security deposit, and broker fee on an apartment.
Dr. Sarah Chen graduated from Columbia's psychiatry residency program in 2023 and secured her first position at NYU Langone with a starting salary of $265,000 plus a $15,000 signing bonus. While her salary exceeded the national average by 18%, her Manhattan studio apartment costs $3,800 monthly - and I'm talking about a place so small she can touch both walls with her arms stretched out. That's consuming 17% of her gross income before taxes just for a place to sleep.
Here's the thing everyone talks about but doesn't really explain well: you will earn more here than almost anywhere else in the country - that's just facts. The premium typically runs 15-25% above national medians, which sounds great until you start apartment hunting and grocery shopping.
But here's what I learned the hard way - this isn't just about cost of living adjustments. You're not just competing with local practitioners; you're in a market that attracts talent from across the globe. This competition pushes salaries up while simultaneously raising the bar for clinical excellence and professional networking. Some days it's exhilarating, other days it's exhausting.
What makes NYC unique is the sheer density of opportunity. I can't walk to lunch without running into someone who might have a referral, a consultation opportunity, or knowledge about some new practice opening up. Higher patient volumes and better insurance reimbursement rates drive much of this salary differential, but the networking possibilities are honestly priceless.
Okay, so here's where it gets really interesting - and where a lot of people make mistakes. Where you work makes a massive difference in your paycheck, and I mean massive. Let me break this down based on what I've actually seen colleagues earning, not just what the surveys say:
|
Practice Setting |
Salary Range |
Benefits |
Overhead Responsibility |
|
Academic Medical Centers |
$240,000-$350,000 |
Comprehensive + Research Funding |
None |
|
Hospital Systems |
$280,000-$400,000 |
Full Benefits + Malpractice |
None |
|
Group Private Practice |
$350,000-$600,000 |
Variable |
Shared |
|
Solo Private Practice |
$400,000-$700,000+ |
Self-Funded |
Full |
|
Community Health Centers |
$250,000-$350,000 |
Good + Loan Forgiveness |
None |
|
Corporate Chains |
$300,000-$450,000 |
Structured + Bonuses |
None |
The big hospital systems - NYU Langone, Mount Sinai, NewYork-Presbyterian - offer something private practice can't match: predictable income with minimal business headaches. You're looking at $280,000-$400,000 base salaries, plus benefits that would cost you $30,000-$50,000 annually if you had to buy them yourself.
Sometimes I'm honestly jealous of my hospital-employed friends. Malpractice insurance alone saves them $8,000-$15,000 yearly. Add comprehensive health coverage, retirement matching, and CME allowances, and the total compensation package often exceeds what the base salary suggests. Many positions include research stipends and teaching opportunities that boost both income and career development.
The trade-off? Less autonomy and potentially lower earning ceilings compared to successful private practices. But you get colleagues for consultation, administrative support, and the backing of major medical institutions when dealing with complex cases. Some days that sounds pretty appealing, not gonna lie.

Private practice represents the highest earning potential, but let me tell you - it's definitely not for everyone. I know guys regularly clearing $400,000-$700,000+ annually, with some exceeding $1 million in premium locations serving affluent clientele. Sounds amazing, right?
Here's what they don't tell you in those inspiring "go private" articles: the overhead costs will make your eyes water. Prime Manhattan office space runs $8,000-$15,000+ monthly, and that's before you hire anyone, buy insurance, or figure out marketing. I watched one colleague underestimate these expenses and end up working 60-hour weeks just to break even his first year.
Group practices offer a middle ground - shared overhead costs while maintaining higher earning potential than hospital employment. You'll typically see 60-70% of collections after expenses, which can still result in substantial income if you maintain a full patient panel and don't go crazy with the office renovations.
Community health centers and outpatient facilities offer something increasingly valuable that nobody talks about enough: loan forgiveness programs. Salaries typically range $250,000-$350,000, but Public Service Loan Forgiveness can eliminate six-figure debt burdens for qualifying practitioners. Do the math on that - sometimes taking a "lower" salary actually puts more money in your pocket long-term.
Corporate mental health chains are expanding rapidly in NYC, offering $300,000-$450,000 with performance bonuses. Word on the street is they're getting pretty aggressive with their recruitment packages. These positions often include structured career advancement, comprehensive training programs, and the backing of well-funded organizations investing heavily in mental health services.
The patient populations in these settings tend to be more diverse and challenging, providing excellent clinical experience while serving communities with significant mental health needs. Honestly, some of the most rewarding work I've done has been in these settings, even if the compensation doesn't match private practice potential.
Different practice environments in NYC create completely different financial realities, and I wish someone had explained this to me more clearly when I was making my first career moves. It's not just about the base salary number - it's about the whole package and what your day-to-day life actually looks like.
Academic medicine in NYC is tricky territory. Base salaries at Columbia, NYU, or other institutions typically run $240,000-$350,000 - definitely on the lower end of the spectrum. I remember sitting in a coffee shop near Mount Sinai, calculator out, trying to figure out if I could actually afford to work there.
But here's what the salary surveys don't capture: the side opportunities are absolutely insane. Research opportunities can supplement income significantly. NIH grants, pharmaceutical consulting, and industry partnerships often add $50,000-$150,000 annually for productive researchers. Teaching responsibilities provide additional income while building your professional reputation and network.
The real value, though? Career optionality. Academic credentials open doors to consultation opportunities, expert witness work, and media appearances that can be extremely lucrative down the road. One of my mentors transitioned from academics to private practice after 10 years, and his academic credentials let him charge premium rates from day one. The long-term play can definitely be worth the short-term salary sacrifice.

Corporate healthcare is completely reshaping psychiatric practice in NYC, and honestly, it's pretty fascinating to watch. Companies like Mindpath Health and LifeStance are offering $320,000-$450,000 salaries with equity participation and rapid expansion opportunities that weren't even on the table five years ago.
These organizations handle all business operations - scheduling, billing, marketing, compliance - allowing you to focus entirely on clinical care. Many offer productivity bonuses, continuing education support, and clear advancement paths to leadership positions. If you want to practice medicine without running a business, these positions offer excellent work-life balance with competitive compensation.
The downside? Less clinical autonomy and sometimes cookie-cutter treatment protocols that may not suit every practitioner's style. But for psychiatrists who prefer clinical focus over business management, it's honestly a pretty sweet deal.
Here's something I wish I'd understood better early in my career: subspecialty training isn't just about following your interests - it's about creating serious earning differentials. Some specialties are absolutely booming in NYC right now, and the money reflects that demand.
Child and adolescent psychiatry is absolutely exploding right now. The shortage is severe - I'm talking 3-6 month wait times for pediatric psychiatric services, which is honestly heartbreaking but creates real opportunities for those willing to specialize. This scarcity drives salaries 20-30% above general psychiatry, with experienced practitioners earning $320,000-$450,000+ annually.
My colleague Mike completed his child psychiatry fellowship at Mount Sinai and now earns $425,000 annually at a private practice in Manhattan's Upper East Side. His subspecialty certification allows him to command $400 per session for initial evaluations - that's 60% higher than general psychiatrists in the same practice. The math works out pretty well when you can maintain a full schedule.
Addiction psychiatry has exploded in demand following the opioid crisis and increased recognition of substance use disorders. I heard through the grapevine that some specialized addiction treatment programs are getting desperate for qualified psychiatrists and paying serious premiums. Many positions include performance bonuses tied to patient outcomes and program success metrics, which can add substantial income if you're good at what you do.
Forensic psychiatry offers unique earning opportunities through court consultations, expert witness testimony, and correctional facility contracts. The patient population can be challenging - let's be honest, it's not for everyone - but the specialized nature of the work commands premium rates, often $500-$1,500+ per hour for consultation services.
Dr. Michael Rodriguez completed his child psychiatry fellowship at Mount Sinai and now earns $425,000 annually at a private practice in Manhattan's Upper East Side. His subspecialty certification allows him to command $400 per session for initial evaluations, 60% higher than general psychiatrists in the same practice.
Executive psychiatry is absolutely booming in NYC's finance and tech sectors, and it's honestly pretty fascinating. High-functioning professionals dealing with stress, anxiety, and performance issues are willing to pay premium rates for discrete, highly personalized psychiatric care. Some practitioners charge $500-$1,000+ per session and maintain exclusive practices serving C-suite executives. The discretion and flexibility required is intense, but the compensation reflects that.
Integrative psychiatry combining traditional treatment with wellness approaches, nutritional psychiatry, and alternative therapies is attracting affluent patients seeking comprehensive mental health care. These practices often operate outside insurance networks, allowing for higher fees and more personalized treatment approaches. Is it worth it? Honestly, some days I'm not sure, but the patients who can afford it seem pretty satisfied.
Telepsychiatry specialists who've mastered virtual care delivery are expanding their reach beyond NYC, serving patients across multiple states while maintaining premium pricing. This model allows for higher patient volumes and increased annual earnings without geographic limitations - though the licensing requirements across states can be a real headache.
Professional development in NYC follows some predictable patterns, but there are definitely ways to accelerate your trajectory if you're strategic about it. The key is understanding when to make your moves and how to leverage each stage of your career.
Salary growth follows some pretty predictable patterns, but there are definitely acceleration points where smart moves can really pay off. Let me break down what I've seen actually happen to colleagues over the years.
Your first three years are honestly make-or-break for long-term earning potential. Expect 8-12% annual increases as you build your patient panel and clinical reputation. Most psychiatrists move from that $220,000 starting point to $280,000-$320,000 by year three, assuming they're strategic about their career moves and don't just coast.
This period is crucial for building relationships with referring physicians, establishing your clinical expertise, and deciding on potential subspecialty training. The connections you make now often determine your earning potential later - I can't emphasize this enough. Don't just focus on the immediate salary; invest in relationships and professional development that'll pay dividends for decades.
Many successful psychiatrists use these early years to explore different practice settings and patient populations. This exploration helps you identify what type of practice you want to build long-term and where your clinical interests align with market demand. Plus, it keeps things interesting when everything feels overwhelming.
For young professionals establishing their careers, understanding the real cost of living in NYC becomes crucial when evaluating salary offers and career moves.
Checklist: Early Career Development
This is where the real money gets made, and where strategic thinking really pays off. Years 4-10 represent your peak earning growth potential, with strategic moves enabling jumps to $400,000-$600,000+ ranges. Subspecialty board certification, practice optimization, and leadership roles all contribute to this acceleration.
Many psychiatrists make their biggest career moves during this period - transitioning to private practice, joining prestigious group practices, or taking leadership positions in healthcare systems. The key is timing these moves strategically rather than jumping at every opportunity that comes your way.
Developing expertise in high-demand areas during this period pays dividends for decades. Whether it's mastering specific therapeutic techniques, building expertise in particular patient populations, or developing business skills for practice management, these investments compound over time in ways that honestly surprised me.
After 10+ years, the highest earners have typically diversified beyond pure clinical work. Leadership positions, consultation services, expert witness work, and premium private practices enable total compensation exceeding $700,000 annually for top performers.
This is when your reputation and network become your most valuable assets. Established psychiatrists often command premium rates for their expertise, whether through direct patient care, consultation services, or leadership roles in healthcare organizations. I know several colleagues who've transitioned to part-time clinical work while maintaining high income through consultation, teaching, and expert services.
According to White Coat Investor, "One of the things I have noticed that no one ever seems to talk about is that intra specialty pay variation is higher than inter specialty pay variation," which really emphasizes how strategic career moves within psychiatry can dramatically impact earning potential.
Dr. Patricia Williams, with 15 years of experience, transitioned from full-time hospital employment ($350,000) to a hybrid model combining part-time private practice with forensic consultation work. Her annual income increased to $580,000 while working 20% fewer hours - that's the kind of optimization that makes all the early career stress worth it.
NYC's diverse economy provides psychiatrists with tons of opportunities to supplement clinical income, and honestly, some of these side gigs can be more lucrative than your day job if you play your cards right.
Legal consultation represents one of the most lucrative supplemental income streams for experienced psychiatrists. Expert witness work in personal injury, disability, and criminal cases typically pays $500-$1,500+ per hour, with some complex cases requiring dozens of hours of preparation and testimony. The money is real, but the work can be intense.
Corporate wellness programs are expanding rapidly as companies finally recognize the importance of employee mental health. Many psychiatrists consult with major corporations on stress management, workplace mental health policies, and executive coaching programs. These contracts often pay $200-$500+ per hour with ongoing retainer arrangements that provide nice predictable income.
Media opportunities in NYC are abundant for psychiatrists willing to provide expert commentary on mental health topics. While individual TV appearances may not pay significantly, regular media presence builds your professional brand and often leads to much higher-paying consultation opportunities down the road.

Teaching opportunities at NYC's medical schools provide steady supplemental income while enhancing your professional reputation. Adjunct positions typically pay $30,000-$80,000 annually, with full-time academic appointments offering higher compensation plus research opportunities that can really add up.
Research grants from NIH, private foundations, and pharmaceutical companies can provide substantial funding for qualified investigators. Principal investigators on major studies often receive $50,000-$200,000+ annually in salary support, plus funding for research activities and professional development.
Pharmaceutical consulting has become increasingly lucrative as companies seek psychiatric expertise for drug development, clinical trials, and market research. Experienced psychiatrists with research backgrounds can earn $300-$800+ per hour for consulting services, with some maintaining ongoing advisory relationships worth $25,000-$100,000+ annually.
The psychiatric job market in NYC is honestly pretty wild right now, with several major trends reshaping compensation in ways that create both opportunities and challenges.
The mental health crisis has fundamentally altered the supply-demand equation for psychiatric services in NYC. Demand has increased 25-40% since 2020, while the number of practicing psychiatrists has remained relatively static. This imbalance is driving aggressive salary competition across all practice settings - I've never seen anything like it.
Healthcare systems are expanding psychiatric services rapidly, often struggling to fill positions even with premium compensation packages. Emergency departments report 50-70% increases in psychiatric presentations, creating urgent needs for consultation-liaison psychiatrists and crisis intervention specialists. Word on the street is that some hospitals are getting pretty desperate.
Insurance companies are finally recognizing the cost-effectiveness of mental health treatment, leading to improved reimbursement rates that enable higher salaries. This shift is particularly noticeable in outpatient settings where historically low reimbursement rates limited compensation growth for years.
Recent data shows that physician compensation rose an average of 3.6% in 2024, with mental health specialists experiencing above-average increases due to heightened demand for psychiatric services across all practice settings.
Mental health parity enforcement has strengthened significantly in New York, forcing insurance companies to provide equivalent coverage for psychiatric services. This regulatory pressure is translating directly into better reimbursement rates and, consequently, higher salaries for psychiatrists across all practice settings.
Medicaid expansion and enhanced mental health benefits are creating new patient populations with reliable insurance coverage. Community health centers and safety-net providers are now able to offer competitive salaries as their payer mix improves and financial stability increases.
Telehealth regulations that became permanent during the pandemic have opened new practice models and revenue streams. Psychiatrists can now serve patients across state lines (with proper licensing), dramatically expanding potential patient panels and earning opportunities.

Digital health innovations are creating new salary structures and compensation opportunities for psychiatrists willing to embrace change, though honestly, some of the technology learning curve has been pretty steep.
Telepsychiatry isn't just a pandemic response anymore - it's become a permanent practice enhancement that can boost your earnings significantly. Psychiatrists who've mastered hybrid models report 20-35% increases in annual income through expanded patient capacity and reduced overhead costs.
Virtual sessions eliminate travel time between appointments, allowing you to see more patients daily. Many practitioners now schedule 15-minute medication management visits virtually while reserving longer in-person sessions for initial evaluations and therapy-intensive cases. The efficiency gains are honestly pretty impressive once you get the hang of it.
The technology also enables you to serve patients outside traditional geographic boundaries. With proper licensing, you can maintain patients who relocate or expand your practice to underserved areas with limited psychiatric access, all while maintaining premium NYC rates.
Value-based care models are creating new compensation structures that reward clinical effectiveness rather than just volume. Healthcare systems are implementing bonus programs worth $25,000-$75,000+ annually for psychiatrists who demonstrate superior patient outcomes and cost-effective treatment approaches.
These programs typically measure factors like medication adherence, hospitalization rates, patient satisfaction scores, and treatment completion rates. Psychiatrists who excel at engaging patients and achieving measurable improvements are seeing substantial bonus payments on top of base salaries.
Population health management is becoming increasingly important as healthcare systems take on financial risk for patient outcomes. Psychiatrists who can demonstrate expertise in managing complex patient populations while controlling costs are becoming highly sought after and well-compensated.
|
NYC Public Sector Psychiatry Positions |
Annual Salary |
Facility |
Benefits |
|
Psychiatrist 2 |
$223,510 |
NYS Psychiatric Institute |
State Benefits + Pension |
|
Clinical Physician 2 |
$234,439 |
Manhattan Psych Center |
Full Healthcare + Retirement |
|
Nurse Practitioner Psychiatry |
$151,725 |
NYS Psychiatric Institute |
Comprehensive Benefits |
|
Licensed Psychologist |
$137,531 |
Kirby Forensic Psych Center |
State Employee Benefits |
|
Medical Specialist 2 |
$223,510 |
Manhattan Psych Center |
Full Benefits Package |
Source: Staten Island Live Civil Service Positions
Here's the reality check nobody wants to talk about: understanding the relationship between psychiatrist salaries and NYC's brutal cost of living is crucial for making smart financial decisions. Even on our salaries, this city will test your budgeting skills.
Housing will likely consume 25-40% of your gross income, even on a psychiatrist's salary, and that's honestly pretty depressing when you think about it. Manhattan apartments suitable for professionals average $4,000-$8,000+ monthly, while comparable housing in Brooklyn or Queens ranges $2,500-$4,500. These numbers force some difficult decisions about commute time versus housing costs.
Many psychiatrists opt for outer borough living to maximize disposable income, accepting longer commutes in exchange for significantly lower housing costs. Others prioritize proximity to work and accept that housing will consume a larger portion of their income. There's no right answer - just trade-offs.
For those considering Brooklyn neighborhoods, exploring living in Crown Heights or Bed Stuy safety can provide valuable insights into affordable professional housing options.
Consider the total cost of homeownership if you're planning to buy. Property taxes, maintenance fees, and insurance can add $2,000-$5,000+ monthly to mortgage payments. However, building equity in NYC real estate has historically provided excellent long-term returns for those who can afford the entry costs - if you can afford them.

Taxes will take a bigger bite out of your income than almost anywhere else in the country, and it's honestly pretty painful. Combined federal, state, and city taxes can claim 35-45% of your gross income, making tax-efficient compensation strategies crucial for actually building wealth.
Understanding NYC salary calculator implications helps psychiatrists evaluate the true value of their compensation packages after all deductions.
Pre-tax benefits become extremely valuable in this environment. Maximizing 401(k) contributions, health savings accounts, and flexible spending accounts can save thousands annually in taxes. Many psychiatrists also benefit from professional expense deductions for continuing education, professional memberships, and home office expenses.
Consider working with a tax professional who understands medical practice finances. The complexity of NYC tax law, combined with potential multi-state practice issues from telepsychiatry, makes professional tax planning essential for optimizing your after-tax income.
Professional expenses in NYC are substantial and often underestimated by new practitioners - I definitely underestimated them my first year. Malpractice insurance alone runs $8,000-$15,000 annually, with higher rates for private practice and certain specialties like forensic psychiatry.
Continuing education, licensing, and professional association memberships typically cost $3,000-$7,000 yearly. Add subspecialty board certifications, conference attendance, and professional development, and these expenses can easily exceed $10,000 annually.
Private practice psychiatrists face additional overhead costs that can be absolutely shocking. Office rent in desirable Manhattan locations runs $100-$200+ per square foot annually, plus staffing costs of $45,000-$65,000 per full-time employee. These expenses must be carefully planned and budgeted to maintain profitability.
Checklist: Annual Professional Expenses
Effective salary negotiation in NYC's competitive psychiatric job market requires understanding leverage points and being strategic about timing - and honestly, most of us are terrible at this because we're trained to focus on patient care, not business negotiations.
Come to negotiations armed with data - this is crucial and something I wish I'd done better early in my career. MGMA, AMGA, and local medical society salary surveys provide concrete benchmarks for your discussions. Request 10-15% above market median for desirable positions, and be prepared to justify this premium with your qualifications and the value you bring.
Timing matters significantly in negotiations. Healthcare systems often have budget cycles that affect their flexibility on compensation. Understanding these cycles and timing your negotiations accordingly can result in substantially better offers - I've seen colleagues get significantly different offers just based on when they applied.
Don't negotiate salary in isolation. Total compensation packages include benefits, time off, continuing education support, and professional development opportunities that can be worth $30,000-$50,000+ annually. Sometimes employers have more flexibility on these items than base salary.

Performance incentives can significantly boost your total compensation while demonstrating your confidence in your clinical abilities. Productivity bonuses based on RVU generation, patient satisfaction, or revenue targets often add $25,000-$100,000+ annually to base salaries.
Structure these incentives carefully to ensure they're achievable and aligned with your practice style. Some bonus structures inadvertently encourage volume over quality, which may not align with your clinical philosophy or patient care standards - and trust me, that misalignment becomes obvious pretty quickly.
Consider negotiating for multiple bonus categories - clinical productivity, patient satisfaction, quality metrics, and professional development achievements. This diversification reduces risk while providing multiple pathways to enhanced compensation.
Benefits often represent 20-30% of total compensation value, making them crucial negotiation points that too many people overlook. Prioritize comprehensive health insurance, retirement matching (aim for 6-8% employer contribution), and generous paid time off policies.
Continuing medical education benefits are particularly valuable for psychiatrists. Negotiate for 5-7 paid CME days annually plus $5,000-$10,000 education budgets. These benefits support your professional development while providing tax-advantaged compensation.
Malpractice insurance coverage can save you $8,000-$15,000+ annually. Ensure your employer provides comprehensive coverage and tail coverage if you leave the position. This protection is essential and expensive to purchase independently.
Checklist: Negotiation Preparation
Building a successful psychiatric practice in NYC demands everything you have, and honestly, sometimes it feels overwhelming. Between patient care, administrative responsibilities, and staying current with rapidly evolving treatment approaches, finding time for meaningful recreation becomes increasingly challenging. Yet maintaining work-life balance isn't just important for personal well-being - it's essential for providing optimal patient care.

Many successful psychiatrists have found that moving to New York requires strategic lifestyle planning to maintain both professional excellence and personal satisfaction.
Outpost's coliving model perfectly addresses the unique needs of busy medical professionals. Instead of committing to traditional long-term leases with their massive upfront costs and inflexible terms, you gain access to fully furnished, professionally managed living spaces that adapt to your demanding schedule.
Our community-focused approach connects you with other high-achieving professionals who understand the pressures of building successful careers in competitive markets. The social networking aspect provides natural stress relief and professional connections that can enhance both your personal well-being and career development. There's something both exciting and relieving about coming home to people who get what you're going through.
For psychiatrists earning $300,000-$700,000+ annually, Outpost membership represents more than housing - it's an investment in professional sustainability and mental health that enables you to maintain peak performance while enjoying flexible, high-quality living arrangements in NYC's most desirable neighborhoods.
Ready to enhance your work-life balance? Explore Outpost coliving options and discover how flexible housing solutions can complement your successful psychiatric practice.
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