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@ #2......
Granted, the article is from 2003, but I'm sure the list hasn't changed much.
SAN FRANCISCO (CBS.MW) -- Almost no one in America would admit to being overpaid, but many of us take home bloated paychecks far beyond what we deserve.
"Fair compensation" is a relative term, yet HR consultants and executive headhunters agree some jobs command excessive pay that can't be explained by labor supply-and-demand imbalances. And while it's easy to argue chief executives, lawyers and movie stars are overpaid, reality is not that cut and dried.
Corporate attorneys earn $500-plus an hour and plaintiffs lawyers pocket a third of big personal-injury settlements, but local prosecutors and public defenders get paid little in comparison. Specialty surgeons may earn $1 million or more, while some family-practice doctors are hard-pressed to pay off medical-school loans.
Hollywood stars making $20 million a movie or $10 million per TV-season qualify for many people's overpaid list. But for every one of those actors and actresses, there are a thousand waiting tables and taking bit movie parts or regional theater roles awaiting a big break that never comes. Join the "Shades of Green" discussion.
"A lot of people are overpaid because there are certain things consumers just don't want screwed up," said Bill Coleman, senior vice president of compensation for Salary.com. "You wouldn't want to board a plane flown by a second-rate pilot or hire a cheap wedding photographer to record an event you hope happens once in your lifetime.
"With pro athletes, one owner is willing to pay big money for a star player and then all the other players want to keep up with the Joneses," Coleman said. "The art with CEO pay is making sure your CEO is above the median -- and you see where that goes."
What follows is a list of the 10 most overpaid jobs in the U.S., in reverse order, drafted with input from compensation experts:
10) Wedding photographers
Photographers earn a national average of $1,900 for a wedding, though many charge $2,500 to $5,000 for a one-day shoot, client meeting and processing time that runs up to 20 hours or more, and the cost of materials.
The overpaid ones are the many who admit they only do weddings for the income, while quietly complaining about the hassle of dealing with hysterical brides and drunken reception guests. They mope through the job with the at ude: "I'm just doing this for the money until Time or National Geographic calls." Much of their work is mediocre as a result. How often have you really been wowed flipping the pages of a wedding album handed you by recent newlyweds? Photographers who long for the day they can say "I don't do weddings" should leave the work to the dedicated ones who do.
9) Major airline pilots
While American and United pilots recently took pay cuts, senior captains earn as much as $250,000 a year at Delta, and their counterparts at other major airlines still earn about $150,000 to $215,000 - several times pilot pay at regional carriers - for a job that technology has made almost fully automated.
By comparison, senior pilots make up to 40 percent less at low-fare carriers like Jet Blue and Southwest, though some enjoy favorable perks like stock options. That helps explain why their employers are profitable while several of the majors are still teetering on the brink of bankruptcy. The pilot's unions are the most powerful in the industry. They demand premium pay as if still in the glory days of long-gone Pan Am and TWA, rather than the cutthroat, deregulated market of under-$200 coast-to-coast roundtrips. In what amounts to a per-passenger commission, the larger the plane, the more they earn - even though it takes little more skill to pilot a jumbo jet. It's as much the airplane mechanics who hold our fate in their hands.
8) West Coast longshoremen
In early 2002, West Coast ports shut down as the longshoremen's union fought to preserve generous health-care benefits that would make most Americans drool. The union didn't demand much in wage hikes for good reason: Its members already were making a boatload of money.
Next year, West Coast dockworkers will earn an average of $112,000 for handling cargo, according to the Pacific Maritime Association, their employer. Office clerks who log shipping records into computers will earn $136,000. And unionized foremen who oversee the rank-and-file will pull down an average $177,000. Unlike their East Coast union brethren who compete with non-union ports in the South and Gulf of Mexico, the West Coast stevedores have an ironfisted lock on Pacific ports. Given their rare monopoly, they can disrupt U.S. commerce -- as they did during the FDR years -- and command exorbitant wages, even though their work is more automated and less hazardous than in the days of "On the Waterfront."
7) Skycaps at major airports
Many of the uniformed baggage handlers who check in luggage at curbside at the busiest metro airports pull in $70,000 to $100,000 a year -- most of it in cash. On top of their salaries, peak earners can take in $300 or more a day in tips. Sound implausible? That amounts to a $2 tip from 18 travelers an hour on average. Many tip more than that. While most skycaps are cordial, a good many treat customers with blank indifference, knowing harried travelers don't want to brave counter check-ins, especially in the post 9/11 age.
6) Real estate agents selling high-end homes
Anyone who puts in a little effort can pass the test to get a real estate agent's license, which makes the vast sums that luxury-home agents earn stupefying. While most agents hustle tail to earn $60,000 a year, those in affluent areas can pull down $200,000-plus for half the effort, courtesy of the fatter commissions on pricier listings. Luxury home agents live off the economy's fat, yet many put on airs as if they're members of the class whose homes they're selling, and eye underdressed open-house visitors as if they're casing the joint.
5) Motivational speakers and ex-politicians on the lecture circuit
Whether it's for knighted ex-Mayor Rudy Guiliani or Tom "In Search of Excellence" Peters, corporate trade groups pay astronomical sums to celebrity-types and political has-beens to address their convention audiences. Former President Reagan raised the bar back in 1989 when he took $2 million from Japanese business groups for making two speeches. Bill Clinton earned $9.5 million on 60 speeches last year, though most of those earnings went to charity and to fund his presidential library. The national convention circuit's shame is that it blows trade-group members' money on orators whose speeches often have been warmed over a dozen times.
4) Orthodontists
For a 35-hour workweek, orthodontists earn a median $350,000 a year, according to the Journal of Clinical Orthodontics. General dentists, meanwhile, earn about half as much working 39 hours a week on average, in a much dirtier job. The difference in their training isn't like that of a heart surgeon vs. a family-practice doctor. It's a mere two years, and a vastly rewarding investment if you're among the chosen: U.S. dental schools have long been criticized for keeping orthodontists in artificially low supply to keep their income up. This isn't brain surgery: Orthodontists simply manipulate teeth in a growing child's mouth -- and often leave adjustment work to assistants whose handiwork they merely sign off on. What makes their windfall egregious is that they stick parents with most of the inflated bill, since orthodontia insurance benefits cover nowhere near as large a percentage as for general dentistry.
3) CEOs of poorly performing companies
Most U.S. chief executives are vastly overpaid, but if their company is rewarding shareholders and employees, producing quality products of good value and being a responsible corporate citizen, it's hard to take issue with their compensation. CEOs at chronically unprofitable companies and those forever lagging industry peers stand as the most grossly overpaid. Most know they should resign -- in shareholders' and employees' interest -- but they survive because corporate boards that oversee them remain stacked with friends and family members. The ultimate excess comes after they're finally forced out, usually by insiders tired of seeing their own stock holdings plummet. These long-time losers draw multimillion-dollar severance packages as a reward for their failed stewardship.
2) Washed-up pro athletes in long-term contracts
Pro athletes at the top of their game deserve what they earn for being the best in their business. It's those who sign whopping, long-term contracts after a few strong years, and then find their talents vanish, who reap unconscionable sums of money. NBA player Shawn Kemp, for instance, earned $10 million in a year he averaged a pathetic 6.1 points and 3.8 rebounds a game. Atlanta Braves pitcher Mike Hampton earned $9.5 million -- in the second year of an eight-year, $121 million contract -- while compiling a 7-15 won-loss record for the Colorado Rockies with a pitiful earned-run average of 6.15. Thank the players' unions for refusing to negotiate contracts based on performance -- and driving up the cost of tickets to levels unaffordable for a family of four, especially for football and basketball. They point to owners as the culprits, yet golf star Tiger Woods and tennis champ Serena Williams earn their keep based on their performance in each tournament.
1) Mutual-fund managers
Everyone on Wall Street makes far too much for the backbreaking work of moving money around, but mutual fund managers are emerging as among the most reprehensible. This isn't kicking 'em when they're down, given the growing fund-industry scandal. They've been long overpaid. Stock-fund managers can easily earn $500,000 to $1 million a year including bonuses -- even though only 3 in 10 beat the market in the last 10 years. Now we discover an untold number enriched themselves and favored clients with illegally timed trades of fund shares. That's a worse betrayal of trust than the corporate scandals of recent years, since they're supposed to be on the little person's side. Put aside what fund managers earn and consider their bosses. Putnam's ex-CEO Lawrence J. Lasser's income rivals the bloated pay package that sparked New York Stock Exchange President Grasso's ouster. Lasser's take: An estimated total of $163 million over the last five years.
If only we were all so fortunate.
Chris Pummer is personal finance editor for CBS.Marke ch.com in San Francisco.
I may have to become a skycap!
Sure as ain't mine.
How about underpaid jobs, probably too many to list.
Wedding photographers, I got lucky to find a friend of the family for that one.
The lowest one I found early on was $750 for a small package.
$750? Damn, the deposit for my photographers/videographers was more that that.
Thats the same thing I was thinking GEEEEEZ!! I had no idea they made that freakin much!
Ten most underpaid jobs in the U.S.
Commentary: Most require skill, courage and heart
By Chris Pummer, CBS Marke ch
Last Update: 12:37 PM ET Nov. 13, 2003
SAN FRANCISCO (CBS.MW) -- Many Americans complain they're not paid enough, but most of us are nowhere near as shortchanged as the country's severely underpaid workers.
The degree to which someone is underpaid isn't just a matter of how much money he or she earns: Two of the 10 jobs below pay more than the U.S. median of $37,500 a year. Rather, it's a function of how valuable -- or loathsome -- the work is relative to the earnings.
Several jobs frequently cited as underpaid don't make the list below for that reason.
To suggest elementary school teachers are underpaid is to risk being branded "anti-education," but they earn $38,000 a year on average -- the equivalent of $48,000 based on a full year -- for a potentially fulfilling and enjoyable job.
The same holds for nurses, who are in fierce demand. While median income is about $49,000 for staff jobs, experienced RNs who scale back during child-rearing years can earn up to $40,000 a year or more working two 12-hour per diem shifts a week. Not bad for part-time work with the flexibility to set your own hours.
Some underpaid jobs are just transitional. College teaching assistants ($12,665 a year) are the Sherpas who carry the load for tenured professors lecturing to auditorium classes, whose claim to fame may be a 20-year-old published text. They move on from there.
Stay-at-home parents earn nothing for all they contribute, including cooking, housekeeping, accounting, tutoring, chauffeuring and crisis intervention. It's their household that ultimately is underpaid for the lifestyle choice they made.
The underpaid are more like the hospital and nursing-home assistants who serve meals to and encourage sick and old people to eat, help them to the bathroom and wipe them when not emptying bedpans, and extend a bit of humanity to those whom the medical system often treats antiseptically.
What follows is a list of 10 of the most underpaid jobs in the U.S., with salary and wage figures from the U.S. Bureau of Labor Statistics and Salary.com. They are in no particular order, since one could argue any of these is the single-most underpaid:
Restaurant dishwashers ($7.25 an hour): The germs and bacteria these people are exposed to are scary enough to make a cat walk backwards up a wall hissing the whole time. The mountains of garbage they scrap off plates, the grease that permeates pores opened wide by steaming commercial dishwashers and the general thanklessness of the job make it horrible work at twice the pay.
Consumer Loan Collection Agents ($22,826): The financial-services industry enriches a lot of its employees, and then pays these people peanuts to lean on deadbeats. If they've got you on the line, don't blame them for applying some pressure and unload a verbal assault on them. Blame the last zero-percent financing offer you bought hook, line and sinker.
Pest Controller ($24,120): In eradicating vermin from rats to roaches, they must crawl into the dark recesses that rodents inhabit, administer all manner of chemical "treatments" and retrieve rotting carcasses on their periodic service calls. We pay them a pittance to make the noises in the wall go away, and rid our kitchens of creepy crawlers we don't want to admit to hosting.
Slaughterers and Meatpackers ($20,010): Unlike their often well-paid counterparts -- unionized supermarket butchers -- these heavy lifters of the meat-processing industry are doing the work that we never want to think about as we're marinating our strip steaks or searing our baby backs on the grill.
Police Officers ($41,950): For all the strain the job puts on their psyches, cops don't earn nearly enough, never mind that they're always in harm's way. We pay them to be society's voice of authority, and then shy away from them. No man is an island -- except for a police officer.
Substance Abuse Counselors ($31,300): This is the real missionary work of the social-service system, trying to rehabilitate lost souls. Many are former abusers who can't find gainful work from su ious employers and risk falling backward from being around dopers and drunks. They generally fail to save a population most of us have written off -- including relatives and friends we've abandoned -- but persevere for that one they'll help recover.
Medical residents ($40,000): -- These doctors in training work 60 to 100 hours a week -- the equivalent of the dishwasher's hourly wage. The medical industry skirts overtime laws because the pay is deemed a "stipend." Sure, they move on from four years of residency into six-figure jobs, but if we paid them more at this stage, maybe they wouldn't feel so en led and anxious for the hefty income awaiting them.
Funeral Home Attendants ($19,200) and Morgue Attendants ($26,167): They see dead people, in the flesh every day. They check in corpses and comfort grieving relatives in the most depressing work environment short of the front lines of a battlefield. A cancer ward is cheery by comparison.
Emergency Medical Technicians and Paramedics ($25,450): Down the road, their patients will be treated by well-compensated doctors if they survive; it's these front-line medical experts who greatly enhance survival chances. Look for their pay to increase as overweight Baby Boomers discover their maintenance meds failing them in the damnedest of places.
Preschool Teacher ($21,907): Day-care workers ($19,900) are notoriously underpaid, but the real dishonor is paid to the preschool teachers who lead our three-and four-year-olds in ABCs and 123s in our vast, dual-income absence. Birth to age five are critical years in the development of a child's personality and intelligence, yet we pay these people little more than we fork out for a babysitter on a Saturday night.
The vast majority of Americans would never consider doing these 10 jobs, either because of the poor pay or what's involved. Still, in every case, they're performing an indispensable service, and we all owe them a debt of gra ude for it.
Chris Pummer is an assistant managing editor for CBS Marke ch in San Francisco.
lol, I was thinking the same thing.
Where's Jim? Isn't he an orthodontist?
He's just a dentist
Oh ...and about the skycaps, it's true. Even years ago, it was a coveted job among young guys I knew in L.A. because they were making like $200 a day in tips regularly.
Do they have to claim those? I mean, I'm sure they do, but I bet it's easy to get around doing so.He's just a dentist
Oh ...and about the skycaps, it's true. Even years ago, it was a coveted job among young guys I knew in L.A. because they were making like $200 a day in tips regularly.
He's just a dentist
Oh ...and about the skycaps, it's true. Even years ago, it was a coveted job among young guys I knew in L.A. because they were making like $200 a day in tips regularly.
I had no idea.
Top 10 dangerous jobs
The occupations with the highest fatality rates in 2006. Occupation Deaths per
100,000 workers
Fishermen 141.7
Pilots 87.8
Loggers 82.3
Structural iron and steel workers 61.0
Refuse collectors 41.8
Farmers and ranchers 37.1
Power linemen 34.9
Roofers 33.9
Drivers 27.1
Agricultural workers 21.7
Damn, I need to save up for some high end video and camera equipment and go into the wedding pictures business. $2,500 a shoot on the low end of the spectrum? Since it's all digital now getting the pics to the client to choose and getting them printed up is much simpler. I remember the professional photographer doing our family photos had all sorts of wedding samples around his home studio, and an '07 Corvette in the driveway.
3) CEOs of poorly performing companies
Definitely. in swindlers.
Same as any cash tip. So long as you report a decent amount that doesn't appear in huge contrast with your lifestyle, it's virtually impossible to trace. The advent of credit card tips has had a real toll on waitresses, hairstylists, massage therapists, manicurists/pedicurists and others who used to get mostly cash tips.
Completely true. If you can stage traditional pictures and are good at it, you will do well enough. If you can take good composite shots, you can do well. The real money is in staging the artistic/'journalistic' photos and getting good composition. I'm good at the staging, bad at the composition.
A friend of ours shot our wedding, free as a gift and to build her portfolio. And frankly . . . I wish we'd paid someone. She did fine - but the best pictures (save 1) came from my friends and family who also took pictures. She was not really good at capturing the moment photography (though her degree was in journalistic photography), and her staging and lighting was off. Still, it was free, and she did get some great shots here and there. And it's not like I've ever bothered to order them and make our albums, so, you know, eh.
You have to be African-American, I think, as I have never seen a white one.
The West Coast Longshoreman information is not accurate...They negotiated a two tier contract...Computer savvy Newbie’s who operate state of the art machinery, earn a fraction of what the members with 20 years experience earn....
Was that after 2003? This is when the article was written.
Forget washed-up athletes, all athletes are overpaid, even, or especially, King James...
So how does one go about becoming a skycap?
They left out:
College football coaches: You all know who I'm thinking of.
Medical and Medical Insurance: With all the money we pour into medicine, someone must be making outrageous bucks from the sick and dying.
Real Estate Agents: 7% for not all that much work.
Ok, did I insult anyone?
I have a friend that works at the DFW airport, so I'm good to go. I have no clue where you should look though.
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