PhD Salary by Field
There are two categories for pay scales for PhD graduates: those offered by universities for faculty and research jobs, and those available in the commercial sector. The difference can be substantial. Most PhD programs are designed to train scholars whose career destinations are faculty positions at institutions of higher learning. Many academic departments judge (and are judged) based on the number of graduates who are tenured faculty members in established universities, and on the amount of original research that their graduates have produced and had published.
It’s also important to understand the “inverse salary” phenomenon that occurs with academic positions. The tradeoff for faculty tenure – which is guaranteed job security – is an extremely modest scale of salary increases once you’re in place. The salaries for entry level faculty follow a market-based increase, but salary increases within a department may be one or two percent per year. Thus the “inversion:” newly hired lecturers or assistant professors may be making as much or more as tenured full professors who have been on campus for years. That’s why tenured faculty members will change institutions from time to time.
Finally, keep in mind that faculty salaries are based on a nine month annual work schedule. Many schools provide additional employment opportunities or stipends to faculty members during the summer months. Here are the salary parameters for some popular academic fields. Our figures are drawn from the U.S. Bureau of Labor Statistics and from Payscale.com, except as otherwise noted.
- Psychology: Clinical psychologists are by far the largest occupational category for this field off campus. Those with their own practices make between $70,000 and $120,000. The range for a professor of psychology is $60,000 to $105,000.
- Finance: It’s impossible to put a figure to what a PhD in finance can make in the overheated financial services market. A director of finance in a large municipality or public agency may make $130,000 – $150,000. Finance faculty members are among the highest paid in a university. An incoming associate professor may be hired at $140,000 – $160,000 in a top tier institution.
- Business: The salary for a new faculty member may be in the $115,000 range. For someone venturing onto Wall Street or into the corporate sector, a PhD in business may not bring a huge entry level salary but the opportunities for promotion are much better than with an MBA. Working as a quantitative strategist, for instance, with a year or two of experience should be earning $150,000.
- Education: A professor of education makes from $65,000 – $93,000 depending on the school. Working as a school superintendent, the range goes up to $92,000 – $160,000. There are many job options in education management with a doctorate in education, although some specialization such as curriculum & instruction or educational technology may be required.
- Economics There are probably more job opportunities in the Non-governmental organization (NGO) field for economists that doctors of finance, but the pay scale is not as strong. A PhD in economics working in a corporate environment may earn $85,000 – $105,000 at the entry level. A full professorship pays from $90,000 to $160,000.
- Biochemistry: In this field a PhD can earn you $150,000 and up working for a major pharmaceutical firm. Teaching biochemistry at a university averages $110,000 for a full professor.
- Health Administration: This category covers a broad range of career options. Hospital and clinic administrators average about $100,000. Those who work in medical equipment and supplies (a huge industry) have a mean wage of $133,000. Teaching at the University of North Carolina School of Public Health averages $94,000 for an associate professor and $147,000 for a full professor.
- Public Administration: This is one of the more popular undergraduate majors today; however the profession requires a graduate degree for any sort of senior management or policy role. Once you’ve reached that plateau however, government salaries can be generous as can the benefits. City managers and county administrators average $95,000 in annual salary; however that figure is substantially higher in municipalities of any size. Entry level positions for assistant professors at tier II institutions range from $55,000 to $65,000 according to Glassdoor.com.
- Computer Science: a PhD in this field, working in the commercial sector is working with an exalted academic rank. Well over half of the jobs fitting this description require just a four year degree, although most of them have caveats about experience, computer languages and programming. Software engineers with this degree earn $85,000 to $120,000. Research specialists in the commercial sector may earn up to $138,000. The median salary for a full professor of computer science according to the Computing Research Association was $168,000 in 2008.
- Engineering: The salaries available in this field vary substantially based on the field of expertise. Chemical engineers and computer engineers are generally at the top. A research engineer in materials science earns $80,000 – $120,000. A senior mechanical engineer may earn $105,000. AN electrical engineer with a doctorate may earn as much as $125,000, and probably more in the computer science research area. Teaching civil engineering at the university level pays a median salary of $106,000; a full professorship in engineering at North Carolina has a median salary of $130,000.