What Is the Salary a Finance Professor Makes?
With the 2008 global economic crisis and the role the banks played in it, now might be a good time to study finance. To do so, a student will receive instruction from a finance professor. Working under the umbrella of business studies, finance professors teach postsecondary students about finance, which is essentially the management and flow of funds. This may include analyzing loans, credit, risk, investment funds and the interrelations between them. Finance professors often also conduct their own research. Salary levels for the role are comparable with other postsecondary teachers of business subjects.
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Average Salary
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For the purposes of its May 2010 survey of employment trends throughout the United States, the federal Bureau of Labor Statistics classified finance professors alongside their fellow teachers of business subjects working at the postsecondary level of the school system. It concluded that the mean annual salary for the profession was $85,470. Those in the top 10 percent of earners achieved salaries of over $152,310, while their counterparts in the bottom 10 percent received less than $34,650 per year. Louisiana State University reported that finance professors on tenure-track positions earned an average of between $100,000 and $140,000. It also pointed out that additional funds in the form of grants for the summer vacation period may be available to professors in the first few years of their careers.
Salary by Industry
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The largest numbers of postsecondary business teachers, such as finance professors, work within colleges, universities and professional schools. The bureau put the mean yearly wage within this sector of the education system at $92,370. Positions within junior colleges paid a mean of $70,270, while individuals engaged by business schools and computer and management training services earned a mean of $56,180 per year. Technical and trade schools paid a mean yearly salary of $59,430.
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Salary by Location
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Location also influences a finance professor’s salary. The bureau listed Connecticut as the state in which pay levels for postsecondary business teachers were highest, with an annual mean of $128,010. Massachusetts and California completed the top three with respective means of $111,950 and $104,210. The District of Columbia and Pennsylvania were locations with comparable pay rates--$85,770 and $83,240--while South Carolina was among the areas with the lowest mean, just $69,590 per year.
Outlook
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The Bureau of Labor Statistics expects to see employment opportunities for teachers at the postsecondary level, including finance professors, to increase by around 15 percent over the years from 2008 to 2018. This exceeds the estimated growth rate for the nation as a whole across all occupations, put at between 7 and 13 percent for the same period. The postsecondary student population is predicted to be one of the fasted growing at any educational level, with an increase in the population of 18- to 24-year-olds, as well as adults seeking to enhance their career prospects with further qualifications. As such, wage levels for finance professors should remain competitive, particularly as the bureau highlights business as one of the educational areas likely to experience the best job prospects.
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References
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