By rank, the average was $98,974 for professors, $69,911 for associate professors, $58,662 for assistant professors, $42,609 for instructors, and $48,289 for lecturers. Faculty in 4-year institutions earn higher salaries, on average, than do those in 2-year schools.In 2006–07, faculty salaries averaged $84,249 in private independent institutions, $71,362 in public institutions, and $66,118 in religiously affiliated private colleges and universities.or associate professors, salaries ranged from $56,943 in theology to $98,530 in law, while salaries among full professors ranged from $68,214 in theology to $136,634 in law. During the 2010–11 year, associate professor salaries vary from $59,593 in theology to $93,767 in law.