How much does a professor make? If you are planning to take up teaching and need to know how much does a professor make, don't be surprised. As per American Association of University Professors 2008-2009 survey, most full time professors take home approximately $79,500 annually.
But the reality check is that salaries are governed by the type and rank of the institutes, geographical areas and the professor's field of education. If you look at the annual salary structure by rank, full grade professors took home $108,749, associate professors $76,147 and assistant professors had earnings of $63,827, while the instructors got $45,977and $52,436 for lecturers. For more in depth statistical data on the salary structure of professors, take a brief look at this:
Median Salary by Job
Assistant Professor, Post secondary/Higher education- $55,274
Professor, Postsecondary/Higher education $79,350
Associate professor, Postsecondary/Higher education $67,300
Postdoctoral Research Associate $39,199
Administrative Assistant $31,133
Admissions Counsellor (Collage/University) $33,412
Instructor, Postsecondary/Higher education $40,686
However, the salaries of full time professors are also affected by the place where they teach. As per the details of the 2008-2009 study, the professors got $92,257 in private independent institutions, $71,857 in religiously affiliated private colleges and $77,000 in public educational institutes. Additionally professors and faculty at a 4 year institutes were better paid than those employed at 2-year educational facilities.
Teachers and professors employed to teach business, engineering, medicine, law and other non academic courses took home higher salary than their counterparts in other educational institutes especially those that teach humanities and liberal arts. Technical education and post secondary teachers' salaries depended on the academic credentials, experience, subject and the state of employment. However, if you are more inclined to know the part time or hourly wages of professors, here are some bare facts:
Hourly Rate By Experience
1-4 years $25 – $50.87
5-9 years $26 – $56
10-19 years $25.43 – $51.10
20 years or more $25.55 – $70.74
The differences in salaries are also determined by the state of employment and universities where the professors teach. Check out the top paying universities as far as the salaries of teachers are concerned:
University And Annual Salary
New York University $69,541 – $111,910
Cornell University $90,258 – $118,014
University of Illinois $67,249 – $82,349
Florida State University $59,550 – $122,085
Arizona State University $56,000 – $129,060
Other than the basic pay scales mentioned above, most of the professors and faculty members enjoy additional benefits of campus facilities, tuition aid/waivers to dependents, travel and housing allowances, fully paid leave on sabbaticals and health care benefits. However, instructors, part time faculty and temporary teachers don't have as many benefits. Additionally, faculty professors augment their earnings from teaching additional courses, consulting, research, writing for magazines and publications that net additional income apart from the above mentioned pay.
Now you know about 'how much does a professor make' and the dedication of the teachers and professors is what lays the foundation of scientific temper in the future generations. A noble profession that has imparted selfless knowledge and breakthroughs in science and technology shall continue with more people taking to academics in recent years.