Do you dream of raking in big bucks? Well then, I’ve got news for you: Try the education field. I’m serious. Of course I’m not talking about actually teaching. I’m talking about administration. And don’t even think about the public schools. I’m not talking about Harvard either. I’m talking about the University of Phoenix, Strayer University, and other for-profit educational organizations that have been sprouting up nationwide.
According to a recent BusinessWeek report, the top executives at these schools could live the investment banker lifestyle, with huge paychecks and generous stock option packages. Last year, for instance, Robert Silberman, CEO of Strayer, got $41.9 million. Peter Sperling, vice chairman of Apollo Group, which runs the University of Phoenix, got $573.4 million in stock options.
For the record, I have no problem with the idea of for-profit educational institutions. Working adults can’t quit their jobs and attend a traditional college or community college full-time, so they choose these for-profit colleges, which often offer convenient class times. Many can get entire degree programs online. On top of this, some unsuccessful, nonprofit educational institutions have emerged from financial strife as for-profits. That’s a great thing.