Monday, September 5, 2011
The vast majority of high-paying jobs require a significant initial commitment in the form of education, training and tuition, and then hard work while on the job. Most high-paying jobs require significantly more hours on the job than the average American puts in. 24/7 Wall St. has identified nine jobs that pay well above the national median income, while requiring less working hours than average. ...
After reviewing data from the Bureau of Labor Statistics, 24/7 Wall St. identified jobs that pay the most for the least amount of work. Most of these positions still require a great deal of training, but once completed, the amount of work drops significantly.
Law professors are #2 on the list, with reported hours worked per year of 1,608:
While the entire list could have just been comprised of different types of college professors, we listed only the highest-paying position. ... Becoming a law professor only requires a law degree, although many today also have a Master of Laws and even a PhD. The time spent seems well worth it. Besides the generous salary, the enjoy unique benefits, “including access to campus facilities, tuition waivers for dependents, housing and travel allowances, and paid leave for sabbaticals,” according to the BLS. Between these sabbaticals and the summer vacation, most professors work nearly 400 hours less than the average U.S. employee.
Whatever the accuracy of these figures, 24/7 Wall St. dramatically underestimates law professor salaries:
- Median salary: $94,260
- Top salary: $145,990
The #1 job is pilots, copilots, and flight engineers with reported hours worked per year of 1,090 and a $103,210 median salary. Judges and Magistrates are #9 (1,935 yearly hours, $119,270 median salary).
Update: Paul Campos (Colorado) blogs the 24/7 Wall St. report and notes that it "understates massively the perks of this thing of ours," citing these examples of law professor salaries (presumably culled from the link above):
Florida -- 2009$100,000-$240,520Median: $144,2004 of 48 making $200K+
Illinois -- 2009$130,000-$292,642Median: $162,00015 of 49 making $200K+
Ohio State -- 2010$111,746-$268,416Median: $171,74611 of 36 making $200K
Texas -- 2010$138,750-$252,500Median: $198,00033 of 69 are making $200K+
Michigan --2009$158,000-$286,500Median salary: $218,00038 of 63 are making $200K