In the popular imagination, professors have a cushy life. They have major holidays off, don’t work summers, and enjoy inflated salaries that match their high levels of education. The reality, however, is much different, which is why it’s important to discuss the real financial landscape many academics face today. By understanding the real picture, you, as a professor, can make informed decisions about your career and financial future.
Let’s start by talking about tenure. Tenure is often viewed as the holy grail in academia—a guarantee of job security, respect, and, most importantly, a consistent paycheck. While tenure may be a significant milestone for many professors, it’s not a reality for most. The American Association of University Professors (AAUP) suggests that only 10% of faculty appointments are “tenure track.” And additional research suggests that tenure-track appointments are dwindling. This change poses significant challenges to academics, especially those holding a doctorate, as they navigate their career path.
Breaking Down the Salary
Median salaries in academia vary considerably depending on a multitude of factors, including tenure status, discipline, and institution. According to the AAUP, in 2020, the average salary for a full professor was around $104,820, whereas adjunct professors, who constitute a large portion of academic professionals, earned significantly less. Moreover, there’s also a disparity across disciplines, with professors in fields such as law and engineering generally earning more than those in the humanities or social sciences.
Beyond Salary – Understanding the Cost of Being an Academic
Apart from the obvious income disparity, professors bear several other costs that often go unconsidered. Relocation costs for tenure-track positions, conference attendance expenses, research costs, and continuing student loan repayments all chip away at the seemingly handsome salaries. These added costs, combined with job insecurity and high competition in academia, can make the economic landscape quite challenging.
The diminishing availability of tenure-track positions has led to an increase in adjunct faculty roles. These roles, while valuable, often force professionals to work across multiple universities, handle more students, and take on a more exhaustive schedule, all for less pay than a tenured professor. In recent years, this has been a harsh reality for many Ph.D. holders, as evidenced by numerous articles and reports. The era of the “starving academic” isn’t a myth; it’s a reality for many.
Building an Academic Brand
In these challenging times, building an academic brand has become more than a mere hobby—it’s a necessity. Leveraging your academic credentials can create new income opportunities, allowing you to make your own money beyond the constraints of university pay scales. Building an academic brand is about more than just surviving, it’s about thriving, creating an impact at scale, and leaving a lasting legacy.
Steps to building an academic brand can include establishing a strong online presence, leveraging social media platforms for networking and dissemination of research, engaging with the media, speaking at public events, and even publishing for a broader audience. Success stories abound of academics who have supplemented their income and heightened their influence through such strategies.
Changing the Conversation
Understanding the real financial challenges of academics is key to supporting them better. Professors are at the heart of education and research, pushing the boundaries of knowledge every day. They should be able to focus on their work without stressing about their financial situation.
This isn’t just about fair pay. It’s about changing how we view ourselves as professors’ salaries and creating a better situation for US. This involves stepping outside of academia during the changing landscape of higher ed. We need to think beyond the usual limits and consider new opportunities, like building an academic brand.
Professors also need to take charge of their financial futures. This could mean increasing our own income outside of higher ed, starting our own passion projects, or using our knowledge to build a brand outside of the university. The digital world has made it easier for academics to reach more people, opening up new income sources.
In the end, professors’ salaries are about more than just money. They reflect the value we place on education and knowledge. Supporting ourselves as academics financially is an investment in our future. The conversation may be complicated, but it’s a necessary one. We need to keep pushing for a better future as the world outside of academia changes and leaves us behind —one where professors we show the world we have value and we bring that value to the masses.
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