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Paycheck B The Professor's International Salary Survey conducted in late 2003 by AACSB's Knowledge Services staff. Of the 647 U.S. business schools invited to participate, a record 519 submitted data, including 96 percent of institutions accredited by AACSB. These participating schools provided salary data on 25,928 full-time business faculty members by rank in 28 business fields, and by gender; they also indicated whether each facul- ty member was a new hire for 2003 and whether or not the faculty member holds a tenure-track position. In addition, schools offered data about 4,439 administrators in 25 posi- tions normally found in business schools. Figures in these charts are an accurate representation of the high. In hard numbers, the average facultymember is earning a nine-month salary of $89,900 in 2003-2004, compared to $87,500 the year before—an increase of 2.7 percent. Figures are drawn from the 36th annual AACSB udget cuts, salary freezes, and straitened resources have taken their toll on salary increases forU.S. busi- ness school professors in the 2003-2004 school year. While schools still have managed to give raises to most of their professors, the increases have not been by Dan LeClair Mean Salaries by Field/Discipline* Field/Discipline schools in the survey sample, but they are aggregates drawn from a wide range of institutions incorporating variables of size, location, teaching load, student body, and mission. Individual school administrators and professors should con- sider their unique circumstances and potential when compar- ing salaries, even in specific ranks and disciplines. Where the Money Is Not surprisingly, salary increases varied depending on rank and discipline. For instance, average salaries of associate professors increased by 2.6 percent, and professors' salaries increased an average of 2 percent. Salary increaseswere greatest for assistant professors, whose average salary rose by 3.4 percent. This sta- tistic reflects the fact that new doctorates are generally hired at the assistant professor rank—and at a premium. In fact, the average new doctorate earns $5,800 more than an incumbent assistant professor. Because 656 new doctorates were hired in 58 BizEd MARCH/APRIL 2004 Accounting/Taxation CIS/MIS Economics/Managerial Economics Finance/Banking/Real Estate/Insurance Management/Behavioral Science/ Production/Operations Management Quantitative Methods/Operations Research/ Statistics All fields combined *Figures are in thousands of dollars. Associate Professor International Business/Strategic Management Marketing $109.0 $105.9 $100.3 $124.3 $108.1 $109.9 $112.0 $107.5 $108.9 U.S. business school salaries continue to rise, but the increases are relatively modest. took jobs within particular disciplines hungry for faculty. The strongest gains were in management (4.6 percent increase), economics (3.7 percent), and marketing (3.5 per- cent). New doctorates also could expect substantial premi- ums if they were hired by accredited or private schools. For example, the average salary for new doctorates hired into AACSB-accredited business schools was $92,500, compared with $67,100 at unaccredited schools. At private schools, the average salary for new doctorates was $95,200, com- pared with $87,100 at public institutions. 2003, compared with 546 in 2002, their numbers influenced salary ranges for the whole category. New doctorates saw even better salary increases if they