Earnings for college faculty vary according to rank and type of institution, geographic area, and field. According to a 2002-03 survey by the American Association of University Professors, salaries for full-time faculty averaged $64,455. By rank, the average was $86,437 for professors, $61,732 for associate professors, $51,545 for assistant professors, $37,737 for instructors, and $43,914 for lecturers. Faculty in 4-year institutions earn higher salaries, on average, than do those in 2-year schools. In 2002-03, average faculty salaries in public institutions—$63,974—were lower than those in private independent institutions—$74,359—but higher than those in religiously affiliated private colleges and universities—$57,564. In fields with high-paying nonacademic alternatives—medicine, law, engineering, and business, among others—earnings exceed these averages. In others—such as the humanities and education—they are lower.

Many faculty members have significant earnings, in addition to their base salary, from consulting, teaching additional courses, research, writing for publication, or other employment. In addition, many college and university faculty enjoy some unique benefits, including access to campus facilities, tuition waivers for dependents, housing and travel allowances, and paid sabbatical leaves. Part-time faculty usually have fewer benefits than do full-time faculty.

Earnings for postsecondary career and technical education teachers vary widely by subject, academic credentials, experience, and region of the country. Part-time instructors usually receive few benefits.