Michigan professor that makes over 300k a year

[0roo0roo]

and the student "teachers" work for peanuts😉 more and more of the teaching is done by them

 

[Doggiedog]

Originally posted by: MrBond

Why?

Someone with a masters generally works in industry, where someone with a PhD often works at a university. There's generally more money in private industry to pay people, where universities are often tied to state budgets. I'd bet a Ph.D in private industry makes more than their MS counterpart though

Another advantage of industry is the equipment is far superior. I work in an analytical lab now, our stuff is all under 5 years old, it's not uncommon for us to drop close to $150,000 on a machine. In the labs at college, I don't think we had anything newer than 5 years old.

I also went to a (smallish) state school - the stuff at UM was better than what we had, but the equipment I use now is as good or better than anything they have at UM (that I saw).

Exactly.

Many PhDs usually teach or work in labs where the pay is much lower. In the time it takes to get a PhD over a MA/MS you have lost out on X many years of salary and experience. By the time a PhD gets into the business, the MA may have gained promotions etc. In many fields, the value of a PhD over an MA is questionable so you may not even get paid more. I know a older guy with a PhD who worked at a US lab for many years and got $21K/yr and was very happy. After he looked at other careers, he was shocked at what was out there and how low his pay was. I'm sure there are PhDs who don't really care too much about salary and are focused more on their research.

This is generally why PhDs get paid less on average. Its one of the first things they'll teach you in Labor economics.

 

[TallBill]

Originally posted by: HardcoreRobot

Originally posted by: TallBill
lol, my monthly check is like 2200 bucks..

free food + room and board too 🙂

Not when I get back to the states though. It gets all messed up then 😀 I'll live off post and make like... 2200 after taxes and have no housing or food.

 

[MrBond]

I know a older guy with a PhD who worked at a US lab for many years and got $21K/yr and was very happy.

If by "US Lab" you mean government run, then yeah, the pay is usually much lower there too. I looked at a pay scale, in order to even make what I could make starting out in private industry, I needed to have a PhD if I'd work for the government. The benefits like retirement are much nicer though - you don't usually get as good of a retirement in private industry.

Not all PhD's make less than people with an MS. A lot of research level positions require a PhD and pay very well. You can't be a manager here unless you have a docterate in your field, and the managers here make CRAZY money.

 

[HeaterCore]

Traditional free-market operations. Universities have to offer packages sufficient to lure quality people away from the private sector; because they can't generally compete on salary, they offer better schedules and benefits. Quality of life versus compensation -- a trade a surprising amount of people are willing to make.

I remember my classmates went nuts when they found out that a med-school professor at UVA was making just shy of a million per year, far more than even the President of the University. Turned out the guy was one of the most respected radiologists on the planet and could have made three times as much in private practice.

-HC-

 

[meltdown75]

GO BLUE!!!

< loves Michigan football 😛

 

[gigapet]

the best in a particular field typically get paid the most......this is like basic knowledge

 

[dullard]

Originally posted by: Doggiedog
This is generally why PhDs get paid less on average. Its one of the first things they'll teach you in Labor economics.

With a PhD, I know I'm a lot more flexible in job positions than I ever was with just a master's degree. I expect a higher salary and I got it. However, you are correct, I gave up 2 years of high paying job for 2 years of graduate student salary. I lost ~$65,000 in those 2 years. I also start with 0 years experience, instead of the 2 years experience that I would have had with a master's degree. Will I make it up + interest? Maybe. Maybe not. However, I now enjoy the pick of any job at any location. The job I have is also made much easier since I do much governmental grant research. A PhD after my name gives me a heads up over those people applying for grants without it.

I'm in chemical engineering, so I'll only post data from that field. This data is from my copy of the 2000 AIChE (Ameircan Institute of Chemical Engineers) Salary Survey. This data is the median salary by year of bachelor's degree and by degree (I'm rounding to the nearest $1000 since I'm lazy):

Year, BS Salary, MS Salary, PhD Salary
99, $47k, NA, NA
98, $48k, NA, NA
97, $48k, Not enough data, NA
96, $52k, $50k, NA
95, $53k, $55k, Not enough data
94, $57k, $57k, Not enough data
93, $59k, $56k, $58k
92, $59k, $60k, $66k
91, $63k, $54k, $67k
90, $67k, $60k, $72k
85, $72k, $64k, $79k
80, $85k, $80k, $97k
75, $93k, $90k, $79k
70, $85k, $98k, $140k
65, $101k, $85k, $105k

Mean, $74k, $83k, $90k
Median, $70k, $80k, $85k.

The way the data is set up by year of bachelor's degree, experience is built in automatically. For example, looking at 1990 data, the bachelor's had 10 years of experience and earned $67k, the master's had ~8 years of experience and earned $60k, the PhD had ~6 years of experience and earned $72k.

I skipped many years since I got lazy typing. Out of 33 years of data, the PhD had significantly more salary than the master's in 27 years. In 2 years, they were within $2k. Only in 4 measly years did the masters median salary exceed the PhD median salary.

With a mean salary of $7k more per year, after working 40 years, I very well may make up for the lost $65k at the beginning.

 

[TheBDB]

Originally posted by: ElFenix

Originally posted by: HardcoreRobot

Originally posted by: ElFenix
UT has a prof that makes about that

which one?

weinberg i think

damn nobel prize winners

 

[Doggiedog]

Originally posted by: MrBond

I know a older guy with a PhD who worked at a US lab for many years and got $21K/yr and was very happy.

If by "US Lab" you mean government run, then yeah, the pay is usually much lower there too. I looked at a pay scale, in order to even make what I could make starting out in private industry, I needed to have a PhD if I'd work for the government. The benefits like retirement are much nicer though - you don't usually get as good of a retirement in private industry.

Not all PhD's make less than people with an MS. A lot of research level positions require a PhD and pay very well. You can't be a manager here unless you have a docterate in your field, and the managers here make CRAZY money.

Which is why I said in general. But what is crazy money? Is it just in your field or in general? The guy I was talking about went from $21K to probably at least $250K working on Wall Street and he is at the low-end of the spectrum for analysts.

 

[Vegito]

mid payroll link
http://www.stonybrooksucks.com/

http://www.portjeffweb.com/stonybrook/usbpayroll.txt

 

[desteffy]

Originally posted by: dainthomas

Originally posted by: Doggiedog

Originally posted by: yobarman
thats why people get Phds my friend.

Actually, you are wrong. In general PhDs make less than their masters counterparts.

Why?

The only reason they *make less* is because people with a masters cant be a professor, which pays less but gives you a lot more freedom and summer off. With a masters you will make more than this working an industrial job.

But if a PhD works an industrial job they will make more than someone with a masters.

 

[EvilYoda]

lol, one of my friends had the link in their away msg yesterday...I'm not surprised at how much some UofM profs make, it's a powerful school with strong connections.