|Cliché:||Business is business.|
|POCS Reality:||Colleges are in the education business.|
36 presidents of private colleges earned more than $1 million in 2009 according to a study by The Chronicle of Higher Education. That’s 3 more than the prior year.
The New York Times put this into perspective:
“While the typical president earned 3.7 times as much as the average pay and benefits of a full professor at the same institution, the study found great variations. Kevin J. Manning at Stevenson University in Maryland earned $1,491,655 — 16.1 times as much as the pay and benefits of the average full professor there.”
Here’s a list of the colleges with the highest presidential earners:
- Drexel University,PA
- Johns Hopkins University,MD
- University of the Pacific, CA
- Northwestern University, IL
- Vanderbilt University,TN
- Mountain State University,WV
- Rensselaer Polytechnic Institute, NY
- Swarthmore College,PA
- Yale University,CT
- Chapman University,CA
College presidents aren’t the only well-paid employees. College coaches can earn huge bonuses if their team does well. The News and Sentinel.com gives this example:
“For example, LSU’s Les Miles already has secured an extra $100,000 for getting his Tigers into the SEC title game against Georgia and will receive another 100K for a win over the Bulldogs and 200K should the No. 1 ranked team in the country play in the national championship game on Jan. 9.
A victory in that contest, however, would earn Miles a real payday. As reported by USA Today, the LSU coach would receive a pay increase that would make him the highest paid head coach in the SEC by a minimum of $1,000. An increase, that if calculated correctly, would involve between 400K and $1 million annually.”
Read the study and the full articles for more details and charts and to find where your college fits on the list.
POCSmom’s College Prep DIY Insight: Education is a business and students are the consumers/clients. In this age of increasing costs and decreasing financial aid, it’s very important to understand a college’s priorities and how it spends its resources.