A university professor may instruct undergraduate students, graduate students or both. A professor's salary depends on the institution, the geographic location and his speciality.
According to a 2008-09 survey by the American Association of University Professors as shown by the U.S. Bureau of Labor Statistics, the average salary for full-time faculty was £51,635.
According to the BLS, as quoted from the AAUP 2008-09 survey, the average salary for professors was £70,686; associate professors earned £49,495; assistant professors earned £41,487; instructors earned £29,885; and lecturers earned £34,083.
According to the AAUP 2008-09 faculty survey, Harvard University offered professors the highest average salary at £125,190. Other high-paying institutions were as follows: Stanford University at £118,235; Princeton University at £117,195; University of Chicago at £116,675; and Columbia University at £116,220.
According to the BLS, professors in medicine, law, engineering and business earned more than professors in the humanities and education.
The BLS reveals that many faculty members also have significant earnings on top of a base salary from work in research, consulting, teaching additional courses, writing for a publication or other employment.
In addition to a salary, many full-time professors receive benefits. According to the BLS, such benefits may include tuition waivers for dependents, access to campus facilities, housing, travel allowances and even paid leave for sabbaticals.