University professors earn good salaries teaching students, but they also have other responsibilities. Professors perform research in their field and publish articles and books about their findings. Wages of professors vary by types of universities, geography, the area of expertise, years of experience, degree attained and status of tenure. A professor teaching at a university goes through three ranks: Assistant professor, associate professor and full-tenured professor. It can sometimes be an arduous process. You may wonder, how much do professors make and is it worth the effort?

National

According to the Bureau of Labor Statistics for data received through May 2016, the national mean annual wage for all postsecondary teachers at colleges, universities and professional schools was $72,790. This wage includes all ranks of professors from both public and private universities.

Data from the American Association of University Professors for the years 2015 to 2016 provide information on the differences in incomes of full, associate and assistant professors. The average salary of a full professor at a public university was $113,738. An Associate professor earned a mean wage of $81,969, and an assistant professor earned $70,246.

Salaries for full professors at private universities were slightly higher. A full professor at a private university averaged $120,977. An associate professor had an income of $81,040, while an assistant professor earned $67,146. The higher median salaries for full professors include the wages earned at Ivy League schools.

States

Universities on the east and west coasts of the U.S. offer the highest wages for professors, but they also have higher costs of living in these regions. For example, the mean income for a professor in California is $131,025.

Professors in Massachusetts earned $141,251. New York comes in with $124,080, and New Jersey professors earned $127,703.

Fields

Some fields of specialty pay professors more than others. According to the BLS, law professors earn the highest mean salary of $137,120. Professors who teach health specialties come in second with incomes of $132,640. Rounding out the rest of the top five, economics professors earn $117,750, engineering professors earn $109,950 and business professors have average wages of $102,600

Job Outlook

Overall, the BLS expects the employment of postsecondary teachers to grow 15 percent from 2016 through 2026, a higher growth rate than the average for all occupations.

Analysts expect a growing number of people will attend postsecondary colleges and universities. These new students are looking for higher education to attain the skills needed to meet their career goals. The number of professors needed by the universities will increase to meet the demand for the rise in student enrollment.

However, these colleges and universities may be limited in their hiring by constraints imposed by state and local governments. If budgets for higher education are restricted, employment opportunities for professors will be constrained.

While the demand for postsecondary teachers is projected to increase, some specialties will grow faster than others. For example, the aging population will increase the demand for healthcare services, which in turn will increase the demand for more professors. The demand for more professors in health care specialties is projected to grow 26 percent from 2016 to 2026. The demand for professors who teach nursing skills will increase 24 percent in the same period.