Business professors instruct students in college and professional schools about such subjects as management, accounting, human resources and sales. They prepare lesson plans, lecture in front of classrooms, and evaluate student performance through tests and homework assignments. One of the perks of earning a salary with this job is the ability to set much of your work schedule.
Business professors averaged $86,620 per year, as of May 2011, according to the U.S. Bureau of Labor Statistics. Annual compensation ranged from below $35,370 to above $153,230. The average pay was far higher than the mean for all education, training and library occupations, which was $50,870 yearly. However, it was not the highest-paid college teaching post, which belonged to law professors, with a mean of $108,760 per year. Neither was it the lowest, which went to vocational education teachers, who averaged an annual $63,820.
California offered the most jobs for business professors due to its large population and greatest numbers of college students. Annual mean wages there run at about $104,060. Topping the compensation list is Connecticut, averaging $128,570 yearly. Massachusetts is next, with a mean pay of $113,780 per year. Both states are home to Ivy League universities including Harvard, Yale, Wesleyan and MIT, all known for high tuition rates and correspondingly high faculty compensation. High population means more opportunities in metro areas such as New York City, which showed the most positions and a mean pay at an annual $101,960. The top city for salaries was the yearly $149,370 offered as the mean in Gainesville, Florida.
A big factor in the salaries of business professors is their rank. As of 2013, the College and University Professional Association for Human Resources reveals that annual averages for the different academic levels were $102,248 for new assistant professors, $95,268 for assistant professors, $100,066 for associate professors and $118,344 for full professors. Becoming a professor requires at least a Ph.D., which takes at least six years of study after finishing a bachelor’s degree. It may take up to seven years for teachers to rise to a full professorship.
The BLS predicts that jobs for all post-secondary teachers, including those in business, will increase by 17 percent over the decade, which is close to the average 14 percent expected for all workers. An increasing population will produce more students who will seek education. In addition, many adults are returning to school to improve job prospects or re-train for different careers. However, employment in public educational institutions depends on funding by local and state governments. Budget deficits could mean fewer opportunities and possible layoffs for existing professors.