Tuition up and top salaries secure on college campusesPosted: April 6, 2011
This is a good news/bad news tale of inflation.
The good news is that the salaries and benefits for college presidents at public universities held steady the last academic year (2009-2010) as reported by AJC.com in “Study: Recession hasn’t cut college president salaries“. This was no easy feat given the generous compensation:
“The median total compensation for 185 presidents running the country’s largest public research universities was $440,487. About one-third earned more than $500,000 and the 10 highest earned more than $725,000 each. Ohio State University President E. Gordon Gee received $1.8 million, the highest.”
Of course, staying flat is nothing compared to the 27% hike in median pay for the nation’s CEOs in 2010, but those increases only restored CEOs to pre-recession levels. A University of Georgia spokesman defended the pay for presidents by pointing out the limited supply of qualified candidates for the job.
The bad news about inflation on college campuses is that tuition increased. Students paid a whopping 25% more in tuition in the last academic year. Assuming most of them will not grow up to be CEOs, they can probably look forward to working in a company where their salaries will not keep pace with the head honcho. (The average compensation package increased 2.1% last year).