In his last year as dean of the University of Chicago’s Booth School of Business, Edward Snyder pulled down base compensation of $702,606, according to the Yale Daily News. A reporter for the student newspaper pulled the salary for Snyder, now dean of Yale’s School of Management, from the University of Chicago’s 2010 tax filings.
The Yale Daily News reported today (April 10) that at Chicago Snyder made more money than either the provost of Yale University or any dean of one of its numerous colleges. The highest paid dean at Yale in 2010 was School of Medicine Dean Robert Alpern, who earned $647,949. University President Richard Levin and Provost Peter Salovey made $1,042,049 and $522,544, respectively, according to the paper.
Based on Snyder’s formidable achievements at Chicago’s business school over a nine-year stint as dean, he was a bargain. Snyder helped guide Booth to three consecutive first place showings in BusinessWeek’s influential MBA rankings. Most importantly, he reeled in the largest gift ever made to a business school–$300 million from alumnus David Booth. The gift also was the largest donation ever received by the University of Chicago. Snyder doubled the school’s endowed faculty chairs and tripled its student scholarships. All told, he has been the world’s most accomplished business school dean of the past dozen years.
It’s not clear how much Yale University is paying him to be dean of its School of Management. “Though Snyder declined to say whether his current salary at SOM surpasses $700,000, he said he is “probably [Yale’s] highest paid dean,” according to the newspaper.
Snyder’s pay was well above the average for a business school dean, but those averages include a wide range of business schools which tends to be on the low side for more prominent schools. According to the Association to Advance Collegiate Schools of Business’s (AACSB) 2010-2011 survey of compensation, the average salary for a dean was only $218,900 in 2010. For business school deans paid at the 75th percentile, the average salary was $262,400.
In contrast, the new dean of the University of Minnesota’s Carlson School, Srilata A. Zaheer, is making $480,000 a year. The new dean at the University of Iowa’s Tippie College of Business, Sarah Gardial, is making $380,000 a year.