University president compensation has continued its rising trend this year as shown by The Chronicle of Higher Education’s annual pay compensation report. Thirty president’s this year earned more than $1 million in compensation in 2008, which is up from the previous year’s 23.
Our very own President David J. Steinberg has also followed this trend with his total compensation amounting to $642,668 in 2008 to 2009, up from $570,981 the previous academic year. That’s a difference of over $70,000, putting him in the top 22 percent of private university president earnings.
With the downturn of the economy, the ever-increasing pay gap between administrators and professors and a greater number of students struggling to make tuition payments each semester, is this kind of compensation increase at a not-for-profit institution warranted? How much has C.W. Post’s tuition gone up to account for such increases and, do Long Island University professors deserve to earn nearly six times less than President Steinberg? It is certainly up for debate.
One could also look at the other side of the argument and say that the high pay of university president’s is necessary. It takes a significant amount of time and effort into finding the correct individual who can not only competently serve his position but also make a proper “fit” for a particular university. Then it is with this high pay a university entices the right kind of talent to stay in these positions and that talent, quite simply, costs money.
Do you feel such high pay is inappropriate when higher education is becoming further and further out of reach for many young adults? Or are you glad Long Island University is committed in keeping the right people aboard? Sound off in the comments online postpioneer.wordpress.com or write in to firstname.lastname@example.org to tell us what you think.