Salaries are always important; however, in our current economy with budget cuts and funding changes, it can be difficult to know whether your school's salaries are staying competitive to help you find the best and most qualified faculty. AACSB International collects information on full-time faculty salaries on an annual basis. Reports showing the average salaries by discipline and faculty rank are released in January each year based on the most recent survey. To really get a better idea of how average salaries may be changing, a controlled set of 480 schools that participated in all years from 2009–10 to 2011–12 was used to consider any ongoing salary fluctuations.
The following table provides some background to the data included. In this set of 480 schools, approximately 28,000 total full-time faculty were reported in each year. As can be seen from the average salaries listed, there has been slow but steady growth in salaries overall.
Average Salaries by Faculty Rank
As expected, salaries increase with the higher faculty ranks. It also is interesting to note that the increases are proportional overall, with each faculty rank maintaining a near constant difference from the others.
This does not mean that there have not been large changes, particularly within the discipline and faculty rank levels combined. The following two tables show the faculty rank/discipline combinations that had the largest increases and decreases in their average salaries. These also tend to be the disciplines that report fewer total faculty members, so they are more susceptible to shifts with new hires and retirements.
Largest Increases in Average Salary
Largest Decreases in Average Salary
In the larger disciplines, growth has been strong. These are the disciplines representing the most faculty. For example, in 2011–2012, 16.9% of all full-time faculty were reported with a discipline of accounting/taxation. Another similarly sized discipline, management, made up 17.3% of the total full-time faculty reported. Together, accounting/taxation, finance, management, and marketing are approximately 62% of the total full-time faculty reported. The salary changes in these disciplines all have been positive.
While salaries and budgeting situations have been more moderate in recent years, this data indicates that management education is still going strong. Finding well-qualified faculty that are a perfect fit will always be a challenge, but, with salary, rank, and discipline data available, there is a much better chance of finding the best person at the right salary.
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All AACSB member schools will receive a three-month free trial of the DataDirect subscription level benchmarking. This access will be assigned initially to the primary contact for each member school on April 2, 2012 and last through June 29, 2012. Login to explore DataDirect's features at: datadirect.aacsb.edu.