The prestige and reputation of a college in the United States may help a resume more than a pay packet as college president -- as new research reveals the list of the most highly paid college chief executives.
In a report by the Chronicle of Higher Education on Sunday, data compiled by the publication revealed that 42 private college presidents enjoyed pay packets of over $1 million -- but Harvard, one of the U.S.'s most prestigious higher education facilities, was not on the list.
The report, showing the compensation received by 550 chief executives at 500 private nonprofit colleges in the United States during the 2011 calendar year, says that the average salary was $410,523 for a private college president. The most highly paid in 2011 was the University of Chicago's Robert Zimmer, who enjoyed a salary of $3,358,723, with a base pay of $917,993.
In second, Joseph E. Aoun of Northeastern University took home $3,121,864 with a recorded base pay of $674,498, and Marist College's Dennis J. Murray came in third with a salary of $2,688,148.
However, out of the most prestigious colleges, only Yale made the top ten. Now retired, former Yale president Richard Levin was the 10th highest paid with a salary of $1,652,543.
Harvard's president Drew Gilpin Faust lagged behind in 54th place, making $899,734 in 2011.
The Harvard chief's salary is "one of the least-well-compensated presidents relative to budget," according to the publication, due to the university's $30 billion endowment and $3.9bn budget.
The difference in pay may be due to the accolade of having a title such as 'Harvard President' on your resume, which has the potential to land you top positions in many fields, including education and politics.
Check out the top ten list below:
Image credit: Flickr
This post was originally published on Smartplanet.com