![]() Each college degree holder from one of these schools is expected to hold a top job title! College professors, who are known as the best in their field, are also expected to enjoy full time faculty salaries. Prestigious schools like Harvard University, Yale University, Massachusetts Institute of Technology, and Columbia University are almost synonymous with the highest paid graduates. Nearly 40% of these teachers attest that the pay they get in their jobs is barely enough to cover basic household expenses. A 2020 report by the American Federation of Teachers found that roughly 25% of these adjunct professors heavily rely on public assistance. They are paid by the course and usually work at two schools or more to make ends meet.Īdjunct professors are also not qualified for retirement packages and healthcare benefits a full-time, tenured faculty may receive. It’s also important to note that part-time professors-commonly called adjunct professors-earn significantly less than traditional faculty instructors. holders also earn more money than those with a master’s degree. ![]() But most four-year universities require a Ph.D. Best Colleges and Universities by Faculty Salary: Experience as a FactorĬollege professors with master’s degrees can teach at community colleges. For instance, a law school professor with a JD degree who teaches graduate-level students is expected to earn more than a music teacher handling undergraduate-level students. However, the paycheck of every college professor will vary by institution, geographical location, degree level, field of degree, and academic rank. The US Bureau of Labor Statistics stated that the median annual salary of postsecondary professors is $79,640. Aside from these ranks, there are also full-time and adjunct, non-tenured faculty members, who are called instructors or lecturers. During the first few phases of a tenure track, assistant professors are introductory, full-time professors who carry a terminal degree, while the full-time professors are at the senior level. There are three major ranks for college professors: full-time, associate, and assistant. Featured Programs Let’s Talk Faculty Salary As we will see in this second ranking, professors incur quite a “prestige premium” for becoming faculty at elite schools. Thus, after ranking the top 100 colleges and universities simply in terms of average salary of full professors, we then rank the top 100 colleges by salary as corrected by the cost-of-living index by state. The same amount of money earned from one school will go a lot farther than money from another school. Nonetheless, we also regard such a ranking as inadequate, even from a purely monetary perspective, because certain parts of the country are far more expensive to live in than others. We repeat this ranking here, for the top 100 schools by salary, because it shows which schools are paying the most to their senior faculty. If we simply ranked these schools by the average salaries of their full professors, we would be repeating a ranking readily available at the Chronicle of Higher Education and through the Carnegie Classifications. Since the senior faculty at an institution best define it, we therefore focused on full professors in this ranking of colleges and universities by salary. The data on faculty salaries cover not only full professors, but also associate and assistant professors as well as instructors and lecturers. It’s therefore possible to rank these schools by the salaries they pay their faculty. What if we made money the sole criterion for identifying the academic quality of an institution? As it turns out, data from the (2018-19) Carnegie Classifications of Institutions of Higher Education detail the salaries that colleges and universities pay their faculty (available at ). ![]()
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