All Posts Tagged With: "pay"
Head of Western highest paid
Ten Ontario university presidents earned more than $400,000 in compensation in 2012, according to the new Ontario Public Sector Salary Disclosure, also known as the Sunshine List. The list shows salaries of all public employees who earned $100,000 or more.
One university president, Amit Chakma of Western, cleared the half-million dollar mark in total compensation.
Of the 88,412 names, nearly 15,000 of them work at universities. Last year there were 14,000 from universities. Most are professors, though most of the highest paid are presidents and principals.
Here are their salaries and taxable benefits, in order:
1. University of Western Ontario CHAKMA, AMIT $479,600.04, $41,123.21
Continue reading Here’s what Ontario university presidents made in 2012
Inflated expectations, not paycheques, are the problem
Twitter lit up today with graduates complaining of their dashed dreams of high-paying jobs. The conversation grew out of a letter The Globe and Mail published this week from a 29-year-old graduate who feels cheated out of the life he had planned for after university. Here’s the nut of it:
“I wanted the tailored suits, the chance at a high income, the BMW, the prestige, the respect, and the power. I wanted to be someone. I wanted to be able to afford to donate to charities that are important to me. I was considering children, marriage, the house, all of it. It’s not happening.”
Instead, this anonymous writer is resolved to making a disappointing $36,000. The Twitterverse quickly concurred—$36,000 is not enough to live on. Employers should pay us more.
After that, National Post columnist Matt Gurney, who is in late twenties himself, pissed off quite a number of the woeful Generation-Y Tweeters by arguing that $36,000 is actually pretty good.
Campus recruiters plan on less hiring, same pay
A survey of 324 Canadian employers shows that they expect post-secondary graduates will still be struggling to find work in 2012.
Recruiters who hire students are projecting 2.9 per cent fewer job offers in 2012 and no increase in starting pay, according to the 2011 Campus Recruitment and Benchmark Survey. The survey was collected on behalf of The Canadian Association of Career Educators and Employers between August 1 and September 26, 2011.
Since then, the economic outlook has worsened. In October, federal Finance Minister Jim Flaherty cut his growth forecast for 2011 from 2.9 per cent to 2.2 per cent. Earlier this month, TD Economics reduced its forecast for growth in GDP next year from 1.9 to 1.7 per cent due to weakness in Europe that is likely to spread. Scotia Capital is predicting 1.8 per cent growth. That follows last year’s post-recession rebound of 3.2 per cent.
Hint: the top three aren’t in Toronto
Canadian Business has released its annual MBA Guide and, along with it, a slideshow that shows potential students what they want to know most—which MBA gets the best return on investment?
Here are the top five MBAs in Canada by R.O.I.
1. Desautels (McGill, Montreal, Que.)
Entering Salary: $49,000
Starting Salary: $112,000
2. Dalhousie (Halifax, N.S.)
Entering Salary: $33,000
Starting Salary: $67,000
High employment rates. Steady wages.
One of the biggest surveys that gauges how university graduates have fared in the workplace was published this week and the results show that university is still a very good bet for most people.
The figures come from a survey of nearly 20,000 graduates from Ontario’s class of 2008, courtesy of the Council of Ontario Universities. Despite the global recession that has hampered employment since 2008, nearly 19 out of 20 graduates (93.8 per cent) were in jobs by 2010.
83.5 per cent of their jobs were somewhat or closely related to their fields of study, higher than usual.
The jobs paid well too, $49,469 on average, which is slightly higher than the median income for all Canadians. (Remember, these students were only two years into their careers.) But pay is stagnant. In fact, it was slightly higher for 2004 and 2006 graduates two years after their convocations.
Career expectations differ by generation
How much money do university students expect to make once they’re established in their careers?
The answer, revealed in a new study on the differences between generations’ career expectations, is one that Professor Sean Lyons, co-author of the study and University of Guelph business professor, finds “shocking.”
Millenial students, those are born in 1980 or later, expect average first-year salaries of $48,860 for men and $42,060 for women. That’s not much above what current university graduates actually make: $43,119 for men and $35,926 for women.
What’s surprising is that, after five years, Millenial women expect to make an average of $67,766 and Millenial men expect to rake in $84,868. To get there, men would need average annual salary increases of 14.8 per cent and women would need to grow their salaries 12.8 per cent per year. In real life, the average annual salary increase per year in more like three per cent.
Professor salaries didn’t grow much last year
Statistics Canada has released their annual professor salary report. Across 29 universities, average salaries for full-time teaching staff grew 2.5 per cent, from $113,148 in 2010 to $116,024 in 2011. Prices also rose 2.7 per cent for the 12 months ending in July, so it’s not much of a gain.
But women did make gains. The report shows a 1.3 per cent rise in the share of women teachers, compared to a 0.3 per cent rise the year before. Still, men account for 62.4 per cent of staff.
Here is the median pay for associate professors.*
Even employment counselors don’t understand the rules
University career counselors in the United States don’t understand what constitutes a legal internship, according to a new survey of 427 of them.
Nearly a fifth of those surveyed believe that interns must always be paid or else their work is illegal. That’s not true. Another fifth believed that internships are always legal, regardless of whether there’s academic credit awarded. That’s also not true.
The standard in both the U.S. and Canada is as follows. If someone receives academic credit from a college or university for their work placement, it’s assumed that the experience is primarily educational and therefore they don’t need to be paid. But if a so-called intern is not in school, the organization isn’t a non-profit, and/or they’re replacing a regular employee, the job is considered a job like any other — the minimum wage laws apply. Read more about the rules and the backlash against unpaid internships, right here.
Regardless of the rules, college counselors overwhelmingly agree that internships are valuable and don’t think students should be too concerned with pay. More than 80 per cent think a student should take an unpaid internship if they can’t find a paid one and only 11 per cent think that all interns should be paid for their work.
British students will soon be able to answer that question
Britain’s government plans to rank universities using graduate employment rates and starting salaries in a bid to “name and shame” programs whose graduates aren’t finding good jobs, reports The Telegraph.
Students who want to pick a degree that will give them better job prospects currently have little to go on, said David Willetts, Minister of State for Universities. He explained that future students “will be able to see [that] ‘if I do biological sciences at one university, I have got a much better chance of a job in a pharmaceutical company than if I do biological sciences at a different university.”
Eventually, a website will allow students to comparison shop by letting them compare tuition rates alongside genuine salary and employment figures. The plan comes after the government faced protests for raising the cap on tuition fees, sending many up to the new maximum of $14,000 per year. (In comparison, average tuition in Canada is $6,500.)
Program-specific salary and employment data is not readily available in Canada. In Ontario, schools must release information on how many students are employed, but there are no details available on whether they’re working in their chosen field — or how much they’re being paid.
That lack of information may have contributed to unrealistic expectations about what students will make five years after starting work. A 2010 survey of 24,000 Canadian students found that university students were expecting an average salary of $70,000 within five years of graduation. In reality, those aged 25 to 30 average $45,000 and those aged 31 to 35 average $51,000.
On Campus shows you where to look
Want to know how much the people running your university make? Is it $100,000? Would $300,000 shock you?
Finding out administrators’ salaries is easy if you go to a school in Ontario, British Columbia or Alberta, thanks to forward-thinking laws. But if you live in New Brunswick or Prince Edward Island, it’s next to impossible. Here’s a province-by-province breakdown of salary disclosure requirements.
Quebec: The information is public, but that doesn’t mean it’s easy to find. Salaries and other compensation paid to senior university administrators must be included in the annual reports that all universities submit to the National Assembly’s Culture and Education committee. Those documents can be found online here. It would be easier if the universities would post them.
What do graduates make in Canada? It’s less than you think.
Canadian students consistently over-estimate their future pay — but at least they are not alone.
In Britian, a new study has found that four out of five graduates were earning $48,000 or less in 2010. Only seven per cent made more than $64,000. The study included 22,000 people who finished university between 2000 to 2010. That’s far lower than what they expected to be making, reports Times Higher Education.
That overconfidence echoes a survey of 24,000 Canadian students that was co-authored by Sean Lyons of the University of Guelph in 2010. He and his fellow researchers found that soon-to-graduate Canucks expected to be making an average of $70,000 within five years of graduation.
Data from Statistics Canada (via Lyons’ blog) shows that most people never make it to $70,000 per year. Graduates aged 25 to 29 made an average of $45,000 in 2010, those aged 30 to 34 made an average of $51,000 and salaries were highest for those in their early 50s, at an average of $59,000.
Is the pay gap a self-fulfilling prophecy?
Female university graduates expect to make a lot less money than their male counterparts, according to a new study of 23,000 Canadian university students that will be published in the journal Industrial Relations. Women predicted that their starting salaries will be 14 per cent lower than their male counterparts had predicted and expected to make 18 per cent less five years later. In reality, university-educated women make 32 per cent less than men in Canada, according to a press release from the University of Guelph. One explanation is that the pay gap is a self-fulfilling prophecy. Women might not be as aggressive in contract negotiations as men, because they’re aware that other women make less, suggests Guelph business professor Sean Lyons, who conducted the study with Linda Schweitzer of Carleton University and Ed Ng of Dalhousie University. Another explanation is that women are inherently more realistic; the study bears this out, as women’s expectations were much closer to reality. A third possibility is that women are less concerned with big paycheques. “It may be that women expect to trade off higher salaries for preferences in lifestyle,” said Lyons. After all, the study found that women and men have equal self-efficacy. Whatever the explanation, Lyons says that all post-secondary students need access to better salary data.