American Economic Association Salary Survey 05-06
Center for Business and Economic Research
[The following is of most interest to economists interested in what other economists make.]
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Highlights
1. Response rate. "This year, the survey questionnaire was sent to 372 organizations. Questionnaires were returned by 150 (40.3 percent) for a response rate that was lower than the 2004-05-survey response rate of 49.1 percent. Of this year’s responses, 102 (68.0 percent) were from those who responded to last year’s survey; 48 (32.0 percent) came from new respondents."
2. Job finding rate. "Fifty-seven departments reported 362 new Ph.D.s who sought employment for the 2004-05 academic year. Of these job seekers, 332 (91.7 percent) were successful. Within the reported supply, 150 (41.4 percent) were from 14 Top 30 departments responding to the survey. Among the successful job seekers, 62.3 percent found employment in academic institutions as compared to 62.6 percent in the 2003-04 year."
3. Number hired by responding the 150 responding institutions. "74 reported hiring a total of 116.5 new Ph.D.s for the 2004-05 academic year." [By contrast my economics department hired one new North American PhD in 05-06, one new in 04-05, two new in 03-04, and two new in 02-03. We retain all those hires. Over the same time period we have also hired, and retained 7 senior economists. Plus we have 3 additional continuing North American PhDs hired prior to 02-03.]
4. 2004-05 Salary Offers - Expected vs. Actual. "Respondents to the survey conducted in Fall 2003 reported a mean expected salary offer of $68,554 for academic year 2004-05. Respondents to the current survey report a mean actual salary for the 2004-05 academic year of $71,366 or 4.1 percent above what was expected."
5. Demand and Supply of New Ph.D.s for 2005-06. "Seventy-four of the institutions responding to the current survey are expecting to hire 136 new Ph.D.s for the 2005-06 academic year. The greatest demand is for the fields of macro/monetary economics and math and quantitative methods at 27 (19.9 percent) and 15 (11.0 percent), respectively. Microeconomics and international economics follow with 13 (9.6 percent) and 10 (7.4 percent)....Job seekers with specialties in macro/monetary economics (21.7 percent) constitute the greatest share of the supply followed by international economics (12.6 percent), labor and demographic economics (11.6 percent) and math and quantitative methods (10.4 percent)."
6. Expected Salary Offer for 2005-06. "Responses from 69 institutions indicate that the average expected salary offer for the 2005-06 academic year is $71,617, a 0.4 percent increase over the actual offer for the 2004-05 academic year for the same sample of institutions. The average expected offer by Ph.D. degree-granting institutions, $78,735, is 0.3 percent above the 2004-05 offer. The Top 30 institutions in the sample report an average expected offer of $86,650, which is 0.1 percent above the 2004-05 offer. Bachelor and Master degree-granting institutions report an expected offer of $62,819, a 3.3 percent increase over the 2004-05 offer."
7. Senior Economists. "The average salary paid for senior assistant professors in 2004-05 was $71,319, which is 0.4 percent lower than the mean salary paid to new assistant professors. For associate professors with and without tenure, the average salary offers were $98,607 and $65,000, respectively. Full professors were offered $155,961 on average. Ph.D. degree-granting institutions offered, for the 2004-05 academic year, senior assistant professors $73,320, associate professors with tenure $108,142, and full professors $199,875."
8. Survey Question 12. "What is the normal teaching load in total courses for the academic year (quarter system course-loads converted to semesters)?
Institution type: All Ph.D.Degree-Granting Institutions, Top 30 Institutions, Bachelor & Master Degree-Granting Institutions, Total (Including Non-Academic & Unclassified)
Mean Courses per Year: 3.8, 3.5, 5.5, 4.6
N= 41, 13, 30, 80 "
9. Q13. "Does an incoming junior faculty member typically get any reduction from this normal load?
Percent “Yes”: 77.1%, 91.7%, 58.6%, 65.3%
N= 35, 12, 29, 72 "
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Thanks to our friends with MarketPower for the link. My dean was impressed by my due diligence.
UPDATE: MarketPower has news digs.
Center for Business and Economic Research
[The following is of most interest to economists interested in what other economists make.]
--------------------------------
Highlights
1. Response rate. "This year, the survey questionnaire was sent to 372 organizations. Questionnaires were returned by 150 (40.3 percent) for a response rate that was lower than the 2004-05-survey response rate of 49.1 percent. Of this year’s responses, 102 (68.0 percent) were from those who responded to last year’s survey; 48 (32.0 percent) came from new respondents."
2. Job finding rate. "Fifty-seven departments reported 362 new Ph.D.s who sought employment for the 2004-05 academic year. Of these job seekers, 332 (91.7 percent) were successful. Within the reported supply, 150 (41.4 percent) were from 14 Top 30 departments responding to the survey. Among the successful job seekers, 62.3 percent found employment in academic institutions as compared to 62.6 percent in the 2003-04 year."
3. Number hired by responding the 150 responding institutions. "74 reported hiring a total of 116.5 new Ph.D.s for the 2004-05 academic year." [By contrast my economics department hired one new North American PhD in 05-06, one new in 04-05, two new in 03-04, and two new in 02-03. We retain all those hires. Over the same time period we have also hired, and retained 7 senior economists. Plus we have 3 additional continuing North American PhDs hired prior to 02-03.]
4. 2004-05 Salary Offers - Expected vs. Actual. "Respondents to the survey conducted in Fall 2003 reported a mean expected salary offer of $68,554 for academic year 2004-05. Respondents to the current survey report a mean actual salary for the 2004-05 academic year of $71,366 or 4.1 percent above what was expected."
5. Demand and Supply of New Ph.D.s for 2005-06. "Seventy-four of the institutions responding to the current survey are expecting to hire 136 new Ph.D.s for the 2005-06 academic year. The greatest demand is for the fields of macro/monetary economics and math and quantitative methods at 27 (19.9 percent) and 15 (11.0 percent), respectively. Microeconomics and international economics follow with 13 (9.6 percent) and 10 (7.4 percent)....Job seekers with specialties in macro/monetary economics (21.7 percent) constitute the greatest share of the supply followed by international economics (12.6 percent), labor and demographic economics (11.6 percent) and math and quantitative methods (10.4 percent)."
6. Expected Salary Offer for 2005-06. "Responses from 69 institutions indicate that the average expected salary offer for the 2005-06 academic year is $71,617, a 0.4 percent increase over the actual offer for the 2004-05 academic year for the same sample of institutions. The average expected offer by Ph.D. degree-granting institutions, $78,735, is 0.3 percent above the 2004-05 offer. The Top 30 institutions in the sample report an average expected offer of $86,650, which is 0.1 percent above the 2004-05 offer. Bachelor and Master degree-granting institutions report an expected offer of $62,819, a 3.3 percent increase over the 2004-05 offer."
7. Senior Economists. "The average salary paid for senior assistant professors in 2004-05 was $71,319, which is 0.4 percent lower than the mean salary paid to new assistant professors. For associate professors with and without tenure, the average salary offers were $98,607 and $65,000, respectively. Full professors were offered $155,961 on average. Ph.D. degree-granting institutions offered, for the 2004-05 academic year, senior assistant professors $73,320, associate professors with tenure $108,142, and full professors $199,875."
8. Survey Question 12. "What is the normal teaching load in total courses for the academic year (quarter system course-loads converted to semesters)?
Institution type: All Ph.D.Degree-Granting Institutions, Top 30 Institutions, Bachelor & Master Degree-Granting Institutions, Total (Including Non-Academic & Unclassified)
Mean Courses per Year: 3.8, 3.5, 5.5, 4.6
N= 41, 13, 30, 80 "
9. Q13. "Does an incoming junior faculty member typically get any reduction from this normal load?
Percent “Yes”: 77.1%, 91.7%, 58.6%, 65.3%
N= 35, 12, 29, 72 "
--------------------------------
Thanks to our friends with MarketPower for the link. My dean was impressed by my due diligence.
UPDATE: MarketPower has news digs.
posted by John B. Chilton at 4/03/2005 01:46:00 PM
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