Salaries of PhD professors can range from $50,000 to around $150,000, according to PayScale. That $100,000 difference will depend on the size of the college where you choose to teach, how many years you have experience with teaching, if research and publishing are part of your requirements, and the field in which you teach.
Location and Size
The location and size of the school will factor into how high compensation will be for a professor with a PhD. Schools in Urban areas such as New York City or Boston will usually offer higher salaries than schools in suburbs or rural areas. Ten New York University professors said they earned over $200,000 annually on GlassDoor, whereas professors at Drew University earned around $96,000. The size and the name behind the school is will also be a factor. Schools like Harvard pay an average salary of $194,000 to professors, according to research conducted by The University of North Carolina at Chapel Hill. Meanwhile, Montana State University pays professors an average of $83,000 annually.
Experience in teaching plays a role, as it does on any career track. If a professor with a PhD does not have a teaching background, their salary may be lower. However, experience at corporations or in the field may act as a substitute, according to EduDecisions. The salary of a professor with a PhD will increase modestly until tenure is achieved. Once a professor has guaranteed job security, they see a large increase in salary. The U.S. Census says a median college professor salary is about $73,000. The salary of a tenured professor with a PhD is often six figures, according to EduDecisions.
Salaries for PhD professors can also depend on what subjects they teach. For instance, professors with a PhD who teach Psychology earn between $60,000 to $105,000, finance professors can make $140,000 – $160,000 or more, business professors earn around $115,000, education professors are compensated between $65,000 – $93,000 and biochemistry professors can earn around $110,000, according to PhD Program. PhD professors usually make less than PhDs working at large corporations, but they often get time to do their own research.
Professors and Research
Professors with PhDs may also be required to conduct and publish their research, which makes professors more valuable to the university and increases chances for tenure, according to the Berkley's website. Tenure review usually happens after seven years. Publications and evidence of research should be brought to the tenure review to prove how valuable you are to the university; this demonstrates a professor's ability to balance the work load of teaching with academic analysis.