How Much Do Accounting Professors Make?

Delving into the World of Accounting Professor Salaries

Have you ever wondered how much accounting professors make? If you are considering a career in academia or simply curious about the earning potential of accounting professors, this article will shed light on the subject. Accounting professors play a crucial role in shaping the minds of future accountants and finance professionals, but what is their compensation like?

The Factors that Influence Accounting Professor Salaries

Accounting professor salaries can vary depending on several factors. One of the key factors is the level of education and experience. Professors with advanced degrees, such as a Ph.D. in Accounting, tend to earn higher salaries compared to those with only a master’s degree. Additionally, tenure-track professors, who have demonstrated exceptional teaching and research abilities, often earn more than adjunct or part-time professors.

Another factor that influences accounting professor salaries is the location of the institution. Professors teaching at prestigious universities or colleges located in major cities are likely to earn more than those teaching at smaller institutions in rural areas. The demand for accounting professors in a particular region can also impact their salaries. Areas with a high demand for accounting professionals may offer more competitive salaries to attract top talent.

The Average Salary Range for Accounting Professors

According to the Bureau of Labor Statistics, the median annual wage for postsecondary teachers, including accounting professors, was $80,790 in May 2020. However, it’s important to note that this figure represents the median for all postsecondary teachers and does not specifically break down salaries by discipline.

Accounting professors can expect to earn salaries within a range depending on their qualifications and experience. Entry-level professors with a master’s degree can start with an average salary of around $60,000 per year. As professors gain more experience and advance in their careers, their salaries can increase significantly. Tenured accounting professors with a Ph.D. and several years of experience can earn well over $100,000 annually.

Additional Benefits and Perks

While salary is an important consideration, accounting professors often receive additional benefits and perks as part of their compensation package. These may include health insurance, retirement plans, paid vacation and sick leave, and professional development opportunities. Some institutions may also offer housing allowances or assistance with relocation expenses to attract top accounting professors.

Furthermore, accounting professors have the opportunity to contribute to academic research and publish scholarly articles, which can enhance their reputation within the field. This can lead to consulting opportunities, speaking engagements, and other lucrative ventures outside of their teaching responsibilities.

Advancement Opportunities for Accounting Professors

Accounting professors can also explore advancement opportunities within academia. As they gain more experience and establish a strong reputation, they may have the chance to become department heads, deans, or even provosts. These administrative roles often come with higher salaries and additional benefits.

Additionally, accounting professors can supplement their income by teaching summer courses, offering consulting services, or writing textbooks. These opportunities allow them to earn extra income while expanding their professional network and expertise.

Conclusion

Accounting professors play a vital role in shaping the future of accounting and finance professionals. While their salaries can vary, depending on factors such as education, experience, and location, accounting professors can expect to earn competitive salaries with the potential for growth and advancement. Moreover, the additional benefits and perks that come with the job make it an attractive career option for those passionate about both accounting and education.