The Chronicle of Higher Education just came out with its
annual survey of executive compensation at colleges and universities, this year's survey covering salary and benefits for 2004-05. Headline number: since 2003-04 there's been a 53 percent increase in number of presidents with total compensation above $500,000. It sure would be interesting to have a complete database so that one could measure the growth in executive compensation controlling for length of tenure, size of institution, change in US News ranking, growth in endowment, and so on. I'm sure the data exist somewhere; hmm, that would make an excellent senior honors thesis, wouldn't it? Link to existing literature on executive pay:
Gabaix and Landier (2006) argue that all of the increase in executive pay between 1980 and 2003 can be attributed to increases in average firm size - you get more money for running a larger organization. That's clearly not true in academia, is it?
Here's a quick and dirty analysis of the data on pay of presidents of liberal arts colleges for 2004-05:
Top paid: Roger Hull, Union College. Total compensation: $1,024,652 (includes big sever
ance bonus)
Second highest paid: Frances Ferguson, Vassar College. Total compensation: $593,548
Thirty-eighth highest paid: Katherine Haley Will, Gettysburg College. Total compensation: $365,041
Some simple correlations. First, pay and tenure in current position:
Next, pay and US News rank:
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