ANOTHER Payday for College Administrators
With all the talk about the ever-increasing costs of college tuition these days, it shouldn’t be surprising that the “The median salary of college administrators increased by 4 percent in the 2006-7 academic year, according to an annual survey released this week by the College and University Professional Association for Human Resources,” according to an article written by Audrey Williams June titled, “Administrators’ Pay Rises 4%, Beating Inflation for the 10th Consecutive Year,” that appeared in the March 2, 2007 issue of The Chronicle of Higher Education.
But it is surprising, because this increase is HIGHER than the inflation rate in the United States, and it is the 10th increase in 10 years. Williams reported, “The survey measured the salaries for 272 administrative positions at 1,329 public and private colleges. Sixty-one job categories were added to the survey this year.”
Increases Greater at Public Institutions
Traditionally, state funded schools are more affordable for constituents than are private colleges because state taxes are used to subsidize education at these schools. But what happens to education when taxes are going to raise salaries at a rate higher than the national inflation rate? The taxpayers pay for the raises, and money that could have gone to education goes directly to administrators. Williams reported, “Administrators at public institutions saw greater salary increases than their counterparts at private colleges. The biggest differences were in executive positions, with a median increase of 4.9 percent at public institutions, compared with 4.4 percent at private institutions.
“Leaders of doctoral institutions earned the most of all presidents, with a median salary of $325,000. The chief executives of master’s institutions earned a median salary of $212,800, while those at the helms of bachelor-level colleges earned a median of $208,531. Presidents of two-year colleges had a median salary of $146,718. Over all, college presidents had a median salary of $207,999.”
Dean of Medicine Leads the List
With salaries for college administrators on the rise and college tuition on the rise, where does that leave students? With the highest paid administrators, the deans of medicine, making an average of $362,508 a year, how can college become more affordable? Williams reported, “The overall median salary for chief academic officers was $140,595. For chief business officers, it was $137,424. Chief human-resources officers earned a median salary of $87,869.
“According to the survey, the dean of medicine was the highest-paid position in the group, with a median salary of $362,508. The position that had the lowest pay was assistant director for student activities, with a median salary of $38,333.”
If you want to know more about strategies that help make college affordable, talk to the education financial advisors at NextStudent. They have all the information and advice you need on student loans. Check out www.nextstudent.com.
Be sure to tune in next Tuesday for my next blog about this week in student loans.
Student Loan Girl