Originally Answered: Other jobs available for people with degrees to become a psychiatrist?
While a Ph.D. in clinical psychology and an M.D. could be a useful combination, it's important to distinguish between psychology and psychiatry. -iatry means the medical study and treatment of something, so psychiatry is the medical treatment of psychological and behavioral issues and certainly encompasses topics from traditional psychology. In order to call yourself a psychiatrist you must complete an appropriate residency after 4 years of medical school and then pass a rigorous board exam.
Regardless of your specialty, the M.D. degree (and proper licensing) gives you full prescriptive authority so if you were unable to find a job in psychiatry you could, in theory, get a job in any other specialty, although this would be rather unusual.
With either a Ph.D. in clinical (or any other area of) psychology or an M.D. you could have a career in academics and/or research without seeing patients. You could teach in medicine or psychology departments, or other departments in some cases. For instance a department of psychiatry in a medical school might have psychologists on as part of the faculty. M.D.s might do clinical research testing new drugs, surgeries or other disease markers like cholesterol and genetic tests, but they also may participate in basic science research in areas like biochemistry or others. Psychologists do many behavioral experiments and also clinical research; since they do not prescribe and are not generally trained in medications they would be less likely to participate in drug studies, but they might be involved in some capacity.
There is a lot of interesting work going on in neuroscience (AKA neurobiology) with people from diverse academic and professional backgrounds. Physicians--psychiatrists and neurologists, but others too--and psychologists may participate in these. There is cutting edge work in brain imaging that involves everyone from physicists to social workers.
One side note, psychiatrists and psychologists are in high demand and many areas are said to have a shortage. Psychiatrists serve a particularly specialized market because while many professionals offer psychotherapy, they are the only specialists in neuropsychopharmacology. Primary care doctors may not feel comfortable diagnosing and prescribing medication for complex psychiatric disorders, and psychologists, counselors and clinical social workers who have made a diagnosis might refer patients to a psychiatrist for medication management. Clinical neuropsychologists also provide specialized diagnosis of and care for people with certain developmental problems, and others.