College professor salaries are set to soar this year, with a total salary of $115,000, according to an earnings report from the U.S. Bureau of Labor Statistics.
The average salary of a college professor in 2018 is $110,000.
This year’s total salary for a professor at Harvard College is $114,000 for a full-time equivalent position, up $1,000 from 2017, according the BLS.
The full-year total for a Harvard College professor at $115.6 million is up $13.8 million from the year before.
The number of faculty at the Ivy League school rose to 11,500, up 5 percent from the previous year, according a BLS report.
College professor salaries at the University of California, Berkeley and the University, of Southern California are up by about $1 million, respectively, according data from the BJS.
The total salary at the UC Berkeley, which is located in Los Angeles, increased $1.6 billion to $96.6,000 a year.
The average salary for all college professor positions at the U of T in Toronto increased by $2,000 to $118,000 in 2018.
The University of Southern Queensland, which serves a population of about 6.5 million people, was up $3.6 to $99,000 as well.
These are not the only changes at the top of the academic ranks this year.
For the first time, the average salary at a top-ranked institution rose by $1 and a top professor position went from $80,000 the previous years salary to $105,000 this year to $115 million.
For the second time, a top assistant professor position increased by more than $1 with the total salary climbing to $120,000 at the same institution.
All of the higher-ranking institutions saw increases this year and they are projected to reach their 2018 salary projections.
Some of the biggest increases in compensation are in the number of full-timers.
The median full-timer salary in 2018 at the largest public university in the country increased by nearly $4,000 (18 percent) to $109,000; the median associate professor salary rose by more $1 to $108,000 and the median assistant professor salary increased by less than $100,000 ($64,000) to a median of $80.9 million.
The increase is based on the average annual compensation for full- and associate-level faculty at public universities in the United States of America.
At a smaller institution, the median full time salary rose only by $3,000 over the previous 12 months to $84,000 but the median faculty salary went up by $10,000 due to the increase in the average full- time salary.
While the median salaries of top and associate professors are up, the salaries of adjuncts are down.
The share of adjunct professors in the U, of which only about 6 percent are full- or associate-trained has been increasing over the past several years.
Full-time and assistant professor salaries rose at all institutions this year by nearly 5 percent.
Associate professor salaries increased by almost $3 million, or 1 percent, to $97,000 per year, and associate professor assistants increased by over $4 million, an increase of 8 percent.
It’s not just full-teacher salaries that are rising.
In 2018, the annual salary for full time and assistant professors increased by 10 percent and the annual salaries of associate professors increased an additional 3 percent to $102,000 an year.
Assistant professors, which are paid less, were also able to increase their salary to more than double their salaries last year.
Full-time assistants received an additional $6,200, or more than 2 percent, of their total compensation.
More information on the BIS salary report is available here.