Economics teachers, postsecondary

Median annual earnings of all postsecondary teachers in May 2004 were $51,800. The middle 50 percent earned between $36,590 and $72,490. The lowest 10 percent earned less than $25,460, and the highest 10 percent earned more than $99,980.

Earnings for college faculty vary according to rank and type of institution, geographic area, and field. According to a 2004-05 survey by the American Association of University Professors, salaries for full-time faculty averaged $68,505. By rank, the average was $91,548 for professors, $65,113 for associate professors, $54,571 for assistant professors, $39,899 for instructors, and $45,647 for lecturers. Faculty in 4-year institutions earn higher salaries, on average, than do those in 2-year schools. In 2004-05, faculty salaries averaged $79,342 in private independent institutions, $66,851 in public institutions, and $61,103 in religiously affiliated private colleges and universities. In fields with high-paying nonacademic alternatives—medicine, law, engineering, and business, among others—earnings exceed these averages. In others fields—such as the humanities and education—they are lower.

Many faculty members have significant earnings in addition to their base salary, from consulting, teaching additional courses, research, writing for publication, or other employment. In addition, many college and university faculty enjoy some unique benefits, including access to campus facilities, tuition waivers for dependents, housing and travel allowances, and paid sabbatical leaves. Part-time faculty usually have fewer benefits than full-time faculty.

Earnings for postsecondary career and technical education teachers vary widely by subject, academic credentials, experience, and region of the country. Part-time instructors usually receive few benefits.

Postsecondary teachers held nearly 1.6 million jobs in 2004. Most were employed in public and private 4-year colleges and universities and in 2-year community colleges. Other postsecondary teachers are employed by schools and institutes that specialize in training people in a specific field, such as technology centers or culinary schools, or work for businesses that provide professional development courses to employees of companies. Some career and technical education teachers work for State and local governments and job training facilities. The following tabulation shows postsecondary teaching jobs in specialties having 20,000 or more jobs in 2004:

(from the Occupational Outlook Handbook: Teachers—Postsecondary)

See more recent statistics for employed workers below.