According to Glassdoor’s monthly Local Pay Reports, professors are having the highest growth and the highest salary!
Glassdoor examined the pay growth trends for 60 different jobs across 10 major metros and the United States. They checked based on two categories both high growth and high paying. “High growth” was checked by looking at the year-over-year pay growth while “high paying” was according to the median base pay. Professors came out number one among all the other occupations as having the highest growth and the highest salary.
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In April, professors had a year-over-year increase of $4,934, which is a 5.8% growth from the previous year, and $90,007 as the average salary. Customer service managers followed professors with a $3,733 year-over-year increase, and $54,177 average salary; followed by lawyers with $3,426, $98,594; and programmer analysts with $3,360, $69,233.
Some experts say that professors are experiencing this increase in growth and pay because of the increasing demand. According to Glassdoor chief economist Dr. Andrew Chamberlain, “The source of high salaries and rapid growth of professor pay is rooted in competition. Universities must compete with major corporations for talent in the fields of machine learning, artificial intelligence, and all STEM fields. Therefore, in order to attract and retain talent, universities in many cases are making attractive counter offers, and that’s likely driving the rapid rise we’re seeing in pay for professors nationwide.”
Generally, the researchers found that there is a slight reverse relationship between pay and growth. Some higher paying jobs on average have lower pay growth, while lower paying jobs have higher growth rates. An example of this is the job of data scientists. Data scientist is one of the highest-paying jobs in the U.S. today, wherein they have a median base pay of $94,944 per year. However, their pay is only growing at 1.1 percent from the previous year. On the other hand, cashiers earn a median base pay of $27,582 per year, but their pay growth increase rapidly at 5 percent year-over-year. This however is not always the case, and not every job has this pattern. There are jobs that have both high pay and high growth, while there are those this low pay and low growth.
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