2. Lecturer vs professor: pros and cons

Here we summarize some of the advantages and disadvantages of different accounting academic positions.

Part Time (Adjunct) Accounting

Advantages:

• Lower education requirements: master’s degree and/or working experience/CPA license, etc.
• Low teaching load: 1-2 courses per year.
• Course type: either introductory courses that are easier to teach or specialized courses in which a professional has a lot of expertise (e.g., tax, internal audit, forensics, sustainability).
• No requirement for research or service.

Disadvantages:

• Temporary contract: often a contract per term (semester).
• Low compensation: many adjunct instructors are effectively paid less than $20 per hour and are not offered any fringe benefits.

Full-time Accounting Lecturer

Advantages:

• Lower education requirements: master’s degree and/or working experience/CPA license, etc.
• Average compensation: $50,000 - $70,000 per year and fringe benefits.
• Annual contract: while lecturers do not have a tenured (permanent) position, many have annual contract renewals as long as they can demonstrate teaching competence.
• No requirement for research or service: lecturers usually only teach and may be involved in some service activities, if they wish.
• Heavy teaching load: many instructors teach four courses (sections) per semester, or more. Lecturers may have multiple preps (i.e., different courses to teach and prepare for).
• Some lecturers may be offered tenure-track (e.g., for doing research, administrative work).

Disadvantages:

• Limited career growth options: lecturers do not have many career growth options.
• Likewise, compensation is usually adjusted only for inflation every few years, and thus, compensation growth is usually very limited.

Full-time Accounting Assistant/Associate/Full Professor

Advantages:

• Good compensation: > $100,000 per a 9-month contract (fall and spring).
• Employment opportunities (high demand and low supply of accounting PhDs): the average age of tenured accounting faculty in US is around 60. The annual retirement rate among accounting tenured professors is expected to outpace the number of accounting doctoral graduates per year: 500-700 retirements per year compared to 150-200 accounting doctoral graduates per year.
• Tenured position (as associate/full professor).
• Opportunities to conduct research and make discoveries.

Disadvantages:

• Long work hours (e.g., 50-60 hours per week).
• Limited career growth options: the career growth opportunities usually include a chair of the accounting department, associate dean, dean of the business school, etc.

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