In an annual report released Sunday, the Chronicle said Robert Zimmer, president of the University of Chicago, was the highest paid private college president for the year with compensation that totaled $3,358,723.
Northeastern University President Joseph Aoun also earned more than $3 million. He was followed by Dennis Murray at Marist College, who was paid $2,688,148, Lee Bollinger at Columbia University, who was paid $2,327,344 and Lawrence Bacow, who was paid $2,223,752.
The highest paid female college president, Amy Gutmann at the University of Pennsylvania, was paid $2,091,764,which put her in sixth place for earnings for the year.
The Chronicle said Zimmer, at the top of the list, was paid eight times the amount of a typical college president, and $1,031,379 more than the second highest-paid president of a similar institution.
Overall, the median pay for college presidents in 2011 was $410,523, a 3 percent hike from 2010.
Zimmer, to his credit, is one 10 college presidents who oversee an institution with a budget of more than $3 billion, the Chronicle said.
With that in mind, Zimmer earned $1,113 for every $1 million in the budget's expenses compared to a median pay for college presidents of $5,466 per $1 million in expenses.
On the flip side of the coin, President Drew Gilpin Faust at Harvard University earned $899,734 in 2011, a college with a budget of $3.9 billion.
Faust did not make the top 50 list and made only $230 for every $1 million Harvard spent in 2011, the Chronicle said.
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