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- Joined
- Jun 25, 2005
- Messages
- 10,252
This discussion is of interest to me since I have worked in academia (endowed chair) years ago and now work in industry. I still review grants so I see salaries of both academics and for-profit scientists. I think the salary levels listed in previous posts and this one for assistant professors at NCSU http://www2.acs.ncsu.edu/UPA/peers/current/benchmarks2003/bench44.htm are fairly typical. Salaries will be higher for more pretigious institutions and in places where the cost-of-living is higher.
In our area, we compete with universities for employees, so that's what we pay for salaries. That is, there is no reason for a for-profit company to pay higher wages than the prevailing equivalent in the area unless we are attracting a hot-shot away from another place.
And to re-iterate what others like astromeria have written, full professors are at the top and so make the 6-figure incomes. But so are VPs and Directors in industry. The staff PhD scientist or assistant professor with just few years experience is not up there.
But professors can supplement their income with royalties and consulting jobs. They can even form their own company or companies. In my field, it is rare for a professor not to have another gig going on the sidelines. Sometimes these other duties return in excess of their university salary.
Bottom line: Being an accomplished PhD in a scientific field is good way to retire early. But you should be having so much fun that ER should not be your main goal.
In our area, we compete with universities for employees, so that's what we pay for salaries. That is, there is no reason for a for-profit company to pay higher wages than the prevailing equivalent in the area unless we are attracting a hot-shot away from another place.
And to re-iterate what others like astromeria have written, full professors are at the top and so make the 6-figure incomes. But so are VPs and Directors in industry. The staff PhD scientist or assistant professor with just few years experience is not up there.
But professors can supplement their income with royalties and consulting jobs. They can even form their own company or companies. In my field, it is rare for a professor not to have another gig going on the sidelines. Sometimes these other duties return in excess of their university salary.
Bottom line: Being an accomplished PhD in a scientific field is good way to retire early. But you should be having so much fun that ER should not be your main goal.