Corporate chief executives have come under fire in recent years for their skyrocketing pay. But there’s a place that puts those executives to shame: academia.
College presidents on average earn $377,261 annually, or more than twice the average pay for CEOs, who take home about $176,840 on average each year, according to new research from the Federal Reserve Bank of Cleveland.
At the same time, American students face ever-increasing tuition bills, with the growth in college costs for years dwarfing the rate of inflation. The question of why college now costs so much more than it did a few decades ago prompted the economists to ask if the cause could be the high pay taken home by college presidents.
Of course it is not just college presidents who take home the big bucks. A case in point is Dr. Marcus L. Martin, the University of Virginia’s Vice President & Chief Officer for Diversity and Equity. Last year his salary, as reported by the Cavalier Daily, was $328,900.
It has often been said of the early missionaries to Hawaii that “they came to do good, and they did quite well indeed.” If UVa’s Dr. Martin is a typical example, chief officers for diversity and equity can establish quite a lot of equity indeed.