I got a new job!

[Pekka]

CO, and you're right, that's even better!

[VetLegion]

Is the two grand pre-tax or post-tax? If post-tax that would be pretty good money here for an assistant. They get more like 700 euros or so. Professors earn much much more though.

[Pekka]

pre, of course.

Plus, this pretty much means I need to give up student support, so my net would be less in terms of relative income. But still, pretty good and I'm happy with it.

[VetLegion]

Academia is the best choice for career, period

[Pekka]

I disargree , I mean for the long term. But I don't disagree strongly. If you are in the field you love, it means you do what you REALLY want, plus you are most likely in the cutting edge of that field. Doing research, maybe even making a discovery or two. Sharing that knowledge with the academic community and bettering yourself and the field at all times.

In this sense, yes, if you are in your own field, it has its benefits. But the pay isn't so, at least not in here. Then again, this can be fixed.. I know at least in 'my field' people have pretty much being consultants and partners for companies, during their time of PhD studies. So they were getting paid nice plus advancing towards their degree.

So it's not like your only income has to be from the institution, and if you manage to play your cards decently, you might be able to score some money. And of course if you are accomplished enough and in a field that lets you go hands-on rather than extremely theoretic, that is you can make a jump to private sector at any time you want, well, that's ideal as you can then shop for the money if there's demand for your expert knowledge.

So maybe a cross-academic and consultant would be doing pretty well. And if you have enough time, you could be setting your own business too. This is, of course, if everything goes perfect.

And as an academic, you are expected to publish stuff, so maybe your book sells well, who knows. If it's good enough, then you can tour and be a key speaker and score that money as well.

OR you can stay in your small office and smell like the inside of the ass and never actually do anything great, that's a possibility too

[Jon Miller]

Academia isn't the place to get filthy rich.

JM

[Pekka]

Well, you can't get filthy rich by working if you have an employer. The only way to get rich if you have an employer is to be in some kind of partership, where you have stocks and other options, but by salary alone, you can't get rich if you have an employer. Exception makes the rule in this one.

[Provost Harrison]

Depends on how much money you want and what kind of work/life balance you want. But academia certainly will not make you rich, and I certainly found it wasn't a place where I excelled...

[Jon Miller]

Originally posted by Pekka
Well, you can't get filthy rich by working if you have an employer. The only way to get rich if you have an employer is to be in some kind of partership, where you have stocks and other options, but by salary alone, you can't get rich if you have an employer. Exception makes the rule in this one.

I know of vice-presidents and the like who make it fithly rich. Sometimes by trading on their knowledge.

JM

[VetLegion]

Well, here, once you become a university professor you practically can't get fired and you dictate your own terms

Most of them earn much more money from consulting, speaches, articles, "expert opinions" than from teaching which comes as (very very sure) source of pocket money.

But to become a professor you wait, sometimes decades, until someone retires or dies...

[Provost Harrison]

Yeah, it is definitely one of those jobs where the core pay is certainly not great, but it is spin-offs that make up the money to quiet a juicy amount. The former professor of my dept. only got about £40k from the uni for that job...however he managed to get another £100k+ on top of that from other side pursuits (he was a consultant and expert in his medical field)

[Pekka]

yeah it's like being an athlete, you get your salary but the real money comes through your sponsorship deals.

But that depends, if you can't publish anything, you don't do anything of general interest that gets you those speaking positions and consulting opportunities, then you're not making a lot of money. Still, a comfortable living, but not a lot of money.

But you CAN make a lot of money, if you are able to capitalize on these side ventures. It's not easy though. And neither is becoming a professor. I don't know maybe someone has gotten an easy ride but in general, it's definitely not easy.. there are many things you need to do, I know at least in here you need to publish articles on a-class journals etc.. and that might be a long time waiting and writing. And other demands as well. You have to establish yourself first, PLUS you have to wait for someone to die . THe openings don't come like the football season.

[Jon Miller]

At least in Physics, young Physics professors (who have tenure) are like 36+.

And if you are going the professor route for money, you are foolish. That is not where the money is, even including 'sides'. I mean, you do get paid decent sometimes... but generally you get paid much better in industry (and it is easier, etc).

Jon Miller

[Pekka]

"In this sense, yes, if you are in your own field, it has its benefits. But the pay isn't so, at least not in here. "

I love quoting myself.

[Provost Harrison]

Yeah, Jon Miller is spot on. The money is handy, but no professor I have come across has ever been in it for the money (although they are rather partial to a bit, as a rule )