The average salary of a full-time faculty member increased by 1.7 percent in 2012-13, roughly keeping pace with inflation, according to a report being released today by the American Association of University Professors. While the average increase was a bit larger last year (1.8 percent), a drop in the inflation rate from 3.0 to 1.7 percent means that this year's modest raises will add to spending power for many faculty members, while last year's did not. Indeed in each of the prior three years, the average overall increase in salaries was less than the rate of inflation.
The increases in average salary were far from uniform. Gains were larger at private than at public institutions, and gains were larger at doctoral institutions than in other sectors. In other words, the (relatively) wealthy got wealthier. Indeed, even as many professors whose salaries are reported in the survey may not feel they have made it into the middle class, there are five universities this year (all private) where for the first time, the average salary of a full professor tops $200,000.
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