Professor Salaries: Are They Worth It?

Hey there, I'm considering a potential career in academia and was wondering about professor salaries. Do professors generally make good money? What factors can affect the wage of a professor?

Hello! It's great that you're considering a career in academia. Professor salaries can vary widely depending on several factors such as the type of institution, the field of study, and the individual's level of experience and education. To give you a general idea, here's a breakdown of some influencing factors:

1. Type of institution: Professors can teach at various institutions like public universities, private universities, community colleges, and liberal arts colleges. Faculty at private universities and well-funded public universities often earn higher salaries compared to those at community colleges or smaller public institutions. Research-focused institutions also tend to pay higher salaries than teaching-focused institutions.

2. Field of study: Academic disciplines significantly impact professor salaries. Fields with higher earning potential in the private sector, such as business, law, engineering, and economics, generally receive higher pay in academia. On the other hand, fields like humanities, social sciences, and education can have lower salaries compared to their counterparts.

3. Experience and education: A professor's educational background, years of experience, and tenure status can also influence their salary. A tenured professor typically makes more than a non-tenured professor or an adjunct faculty member. Additionally, professors with advanced degrees, particularly a Ph.D., tend to earn more in comparison to those with master's degrees.

According to the American Association of University Professors, the average salary for full-time faculty across all ranks (including assistant professors, associate professors, and full professors) was around $95,000 for the 2019-2020 academic year. This number can be higher or lower depending on the factors mentioned above.

It's essential to consider whether pursuing an academic career aligns with your passion, interests, and long-term goals. Becoming a professor takes years of study, and while the salary may not be as high as some high-paying jobs in the private sector, there are unique benefits, such as intellectual engagement, research opportunities, job security through tenure, and a flexible work schedule.

Ultimately, whether a professor's salary is "worth it" depends on your personal preferences and how much you value the non-monetary aspects of a career in academia.