The median salary of a Harvard psychology professor is $212,000.
That puts the highest paid professor in the world in the same position as the President of the United States, according to a survey by research company Equifax.
The median annual salary of the world’s top-paid psychologists is $217,500.
It’s an even bigger gap than in the US, with a median annual pay of $200,000, according a new report from Equifax, which has been tracking pay for psychology faculty at universities across the world.
The gap is even wider than it is for other occupations.
The US pays more psychologists per hour than any other country, according the study, published in the American Psychological Association journal Personality and Social Psychology Bulletin.
But the median annual wage of a psychologist in the UK is $210,000 – nearly $80,000 less than the US median.
And the gap is wider in the rest of the developed world.
In the UK, a psychology professor earns $213,000 per year.
But that is only a little more than half of what a full-time job in the industry would cost, according an analysis by the think tank Centre for Research on Globalisation (CRG).
In Australia, the median salary is $200 and in New Zealand $207,000 for a full professor.
In South Africa, the gap between the median and the median of the best-paid is even larger, with an average annual salary $204,000 in the country of 8.7 million people.
It is the widest gap in the developed market, with median salaries in the top 20% of the global economy, or $300,000 a year, more than a quarter of what the top 10% of US workers make.
The difference in pay between the top and the bottom of the income scale is also striking, with average salaries in New South Wales at $180,000 and $182,000 at the top, according CRG.
A survey of more than 2,200 psychology faculty in 15 US colleges found the median weekly salary of an associate professor was $1,400 and that the median hourly pay of a PhD student was $4,400, the report said.
The study found that the average income of the top 50% of psychology faculty members was $8.3 million in 2015.
It also found that 60% of them received more than $100,000 annually.
In New York City, the average pay for an associate director is $1.7m.
The average salary of associate professors is $4.6m in the United Kingdom.
And for the most senior professor in a US university, the pay is $11.1m.
In Australia the median median annual income for a professor is more than twice the average in the city, $18.7million.
Professor Jonathan Zittrain is the CEO of Equifax’s UK unit, which conducts the survey.
He said the findings were “striking”, particularly given that “many of our colleagues are working longer hours, often with more complex, demanding work”.
He said a “large number” of psychology PhDs and postdocs were still in graduate programmes, so the salaries for those are also still being paid, even though the number of PhDs is down.
The report also found there were huge gaps in the pay of psychology students, with only 8% of those aged 18-24 in the upper tier of income earners earning more than the median income of their peers in the OECD, which is the most developed market.
For graduate students, the top 15% of earners made about $70,000 more a year than those in the bottom 15%.
Professor Zittraining said the “large gap in earnings” between the best and worst paid was also “a significant barrier to many graduate students’ entry into the profession”.
In a statement, Equifax said: “It is important to note that these data only capture the top-earning students and do not capture all of the PhD and postdoc salaries.
In addition, the study did not capture the salaries of postdocs.
The number of postdoctoral positions available to PhD students remains low and many do not take on postdoctoral work as a way to secure funding.”
Professor Zitrain said the survey showed that the pay gap was much wider than previous studies had found, with those who were working at the very top of the pay scale earning more per hour of work than those at the bottom.
“Many of the factors that contribute to the gap, including higher hours and the longer hours of work, may be contributing to it as well,” he said.
A spokesperson for Equifax told The Australian Financial Review that the survey had taken more than four years to collect, and that “the sample size is now close to 10,000 people”.
The report says the median pay for the top ten% of psychologists in the USA and the UK has more than doubled in the past decade, while in the EU it has fallen by nearly half