The
Chronicle of Higher Education just released its 2007-08 list of the highest paid private college presidents. Both private and public colleges increased the pay of their presidents during that year, however the new report shows that private college presidents are outearning their public colleagues by quite a bit. While only 1 public college president broke the million dollar mark in annual earnings, 23 private college presidents managed to do the same.
Overall, private college presidents experienced a 6.5% pay increase in 2007-2008. However, the upward trend in salary has all but disappeared. Due to the recession, presidents have had their pay cut, raises frozen, and some have even volunteered to a decrease in pay. Still, even with these changes, private college presidents make much more than the average American.
What Does a College President Do to Earn that Much Cash?
Being the president of a college is no easy task. But considering that just 6 years ago no college presidents made more than a million dollars, it’s reasonable for people to question why they’re paid so much.
Running a college institution is very much like being the CEO of a business, and a large business at that. Presidents must ensure the overall wellbeing of their school, including its faculty, students and community. The amount of authority they wield and their day-to-day activities vary depending on the type of school they run, the number of students and faculty they manage, and many other factors.
But fundraising is a big part of any college president's job. Even though tuition is notoriously high right now, most colleges still need other sources of revenue to keep operating and improving. Much of a president's time is spent reaching out to the government, businesses and people in an attempt to get more support and resources for their college.
There are plenty of perks that come along with all the responsibilities, but is it a really a million dollar a year job?
Some experts say yes. Upper-level administrators able and willing to take on the job of running a college 24/7 are in short supply and high demand. Colleges will pay handsomely to secure a qualified leader that can bring more to the institution than they're paid by way of thoughtful delegating and effective fundraising.
Top 10 Highest Paid Private College Presidents
How does your president's pay stack up to the highest paid in the profession?
- Shirley Ann Jackson - Rensselaer Polytechnic Institute (5,539 students): $1,598,247
- David Sargent - Suffolk University (8,883 students): $1,496,593
- Steadman Upham - University of Tulsa (4,192 students): $1,485,275
- Richard Meyers - Webster University (8,011 students): $1,429,738
- Cornelius M. Kerwin - American University( 12,186 students): $1,419,339
- Lee C. Bollinger – Columbia (25,459 students): $1,380,035
- Donald V. DeRosa - University of the Pacific (6,401 students): $1,350,743
- John E. Sexton - New York University(54,919 students): $1,297,475
- Robert Bottoms - DePauw University (2,396 students): $1,296,455
- Jerry C. Lee - National University: $1,189,777