According to a report by the Chronicle of Higher Education, based on its analysis of federal tax and Department of Education filings for the 500 post-secondary institutions with the largest endowments rose 3 percent from 2010 to 2011.
For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!But don’t worry about them; 42 of the presidents earned over $1 million, with the median compensation at $410,523. In fact, the ratio for private-college presidents runs $5, 466 in compensation for every $1 million in expenses, according the report.
In an article about the analysis in the magazine, Ron B. Seifert, vice president of the Hay Group, explains that few people are qualified to run an organization as complex as a university or college having budgets in the multimillions, so retention is extremely important.
Seifert noted that skill sets to manage $2 billion budgets are different from those needed to run companies with budgets in the millions, and there are few executives qualified to do that.
To see the Chronicle of Higher Education list of the compensation of the top college and university presidents, click here.