Can professors make a lot of money?

Asked by: Dr. Antone Tromp  |  Last update: April 13, 2022
Score: 4.7/5 (38 votes)

Rarely, a professor can earn millions. Full college professors in the U.S. made an average of $140,543 in 2020-21. Senior-level professors at private institutions boast the highest annual earnings. Adjunct and other non-tenured faculty earn considerably less per year.

Can professors be rich?

Full professors are the highest earners with median salaries of $124,325, while associate professors make a median of $97,423. The median salary for assistant professors is $77,269 and $71,060 for staff with a rank below assistant professor.

What kind of professors get paid the most?

The 10 Highest-Paying Fields for College Professors
  • Political science teachers - $102,290. ...
  • Physics teachers - $101,110. ...
  • Anthropology and archaeology teachers - $95,140. ...
  • Environmental science teachers - $93,450. ...
  • Chemistry teachers - $92,650. ...
  • Geography teachers - $86,540. ...
  • Social sciences teachers - $85,390.

How can a college professor make a lot of money?

10 Best Side Hustles for Teachers & Professors
  1. Creating Online Courses.
  2. Freelance Writing or Editing.
  3. Become an Airbnb Host.
  4. Blogging.
  5. Tutoring.
  6. Delivery Gigs.
  7. Affiliate Marketing.
  8. Tour guide.

How do some professors make so much money?

At least in the US, institutions get grant money directly, on behalf of professors, and then use that money to pay part of the professor's salary. The professor doesn't keep any other portion of the money personally, just their salary.

How Much Does Your Professor Make?

24 related questions found

Do professors make millions?

Many college professors change lives, challenge the world around us, and teach us the skills needed to improve ourselves. However, their salaries range widely — anywhere from adjunct professors earnings around $30,000 to a full-time professor earning $500,000 and more.

Why do professors make so little money?

First, there isn't much demand for their teaching. Specialized history courses are rarely in high demand so they don't get paid much. Second, there is a lot of supply. There is an overflow of English/Biology/chemistry PhDs who want to teach so their wages will be lower.

How can a professor make millions?

You have several possible options.
  1. Ask for more money. ...
  2. Change the college or university where you work.
  3. Go on speaking tours.
  4. Develop “stuff” for your college or university. ...
  5. Apply for grants. ...
  6. Support your students in competitions and WIN the events. ...
  7. Network with other professors. ...
  8. Upgrade your skill set.

Do professors make more than doctors?

Yet, if you compare the salaries of a starting professor (assistant professor) to a starting primary care physician, professors earn less than half on average nationally. ($80,677 for assistant professor versus $201,860 for physicians).

Can professors have a second job?

Contingent professors, also known as adjuncts or lecturers, are those in nontenure track position. ... Most part-time adjuncts, 3 out of every 4, in fact, hold additional jobs, the majority of which turn to the gig economy to make ends meet.

Do you need a PhD to be a professor?

Though non-doctoral teachers can secure jobs in higher education, in order to secure the title of professor, they must have a doctoral degree in their field. Earning the Ph. D. --the terminal degree in any field--gives professors the academic knowledge and expertise to teach at the post-secondary level.

How hard is it to get a job as a professor?

Overall, it's extremely difficult to become a professor. Nowadays, there are many more qualified applicants than there are full-time, college-level teaching positions, making tenure-track jobs in particular highly competitive.

How many professors are millionaires?

Data from US Census says, there are 7.2 million teachers and 8.6 million people are millionaires. That means P (M | T) is 16.8%, or one in six teacher is a millionaire.

How much do Harvard professors make?

The salaries of Harvard Professors in the US range from $25,034 to $668,858 , with a median salary of $122,248 . The middle 57% of Harvard Professors makes between $122,252 and $303,816, with the top 86% making $668,858.

Do professors travel a lot?

Originally Answered: Do professors at university travel often? Yes, we do. We probably don't have to travel as much as we do; I have, many years, (successfully) made a conscious effort to reduce my amount of travel. But we do get many opportunities to travel both domestically and internationally.

How much do professors earn?

According to data from the American Association of University Professors, the average full-time college professor, combining all instructor types and university categories, made $101,810 in the 2020-21 academic year. Full professors in the U.S. made an average of $140,543 during that same period.

Is it harder to become a professor or doctor?

Rank: Professor is a higher rank than a doctor. ... However, to become a professor, a doctor has to work harder and dedicate more time and energy into the field of his or her expertise.

Are professors underpaid?

Many of our colleges are veritable intellectual sweatshops. One study found that only about 17 percent of college professors are tenured; contingent faculty compose the majority. A 2015 survey found that 62 percent of adjuncts earned less than $20,000 a year. Their median pay per course, as of 2014, was roughly $2,700.

How do law professors make money?

Many of them work on their scholarship during that time, but not all of them (especially those who already have tenure and aren't in “publish or perish” mode). Some professors supplement their salaries with outside consulting or litigation work or earn royalties from books (such as very expensive casebooks).

How do professors make money on the side?

  1. Tutoring. Since teaching comes natural to you, tutoring is also another good option if you're looking for part-time income. ...
  2. Selling Printables. ...
  3. Teaching Online. ...
  4. Reselling your Curriculum. ...
  5. Mobile Notary Service. ...
  6. Online Surveys. ...
  7. Driving for Dollars. ...
  8. Freelance Writing.

How much do professors make from textbooks?

On average, a textbook author can make anywhere from five to 15 percent in royalties for their textbooks, according to an article written by Dr. David Rees of Southern Utah University. So if a University Math II textbook costs $110, at 10 percent per 30 students in their class, that's $330.

Why are PHDS paid so poorly?

Speaking from a science and engineering perspective, all academics, including PhD students, postdocs, and professors, are underpaid for how much they work and what they do. The reason is that there is very little public demand for it, and thus there is limited funding allocated toward academic research.

Why does academia pay so poorly?

Academics are paid so little because the supply of qualified would-be academics far outstrips the demand. Academic compensation won't change until that does.

How much do ethics professors make?

The salaries of Business Ethics Professors in the US range from $35,370 to $170,640 , with a median salary of $75,370 . The middle 60% of Business Ethics Professors makes $75,370, with the top 80% making $170,640.