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11-11-2003, 04:55 PM #1
Ten most overpaid jobs in the U.S.
damn, i'm pathetic
read full article in that link
Corporate attorneys earn $500-plus an hour and plaintiffs lawyers pocket a third of personal-injury settlements, but local prosecutors and public defenders get paid a pittance in comparison. Specialty surgeons may earn $1 million or more, but some young 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.
"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
They must cover equipment and film-development costs. Still, many in major metro areas who shoot two weddings each weekend in the May-to-October season can pull in $75,000 to $100,000 for six months' work.
Yet let's face it; much of their work is mediocre. Have you ever really been wowed flipping the pages of a wedding album handed you by recent newlyweds? Annie Leibovitz and Richard Avedon they're not, but some charge fees as if they're in the same league.
9) Pilots for major airlines
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.
8) West Coast longshoremen
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.
7) Airport skycaps
Many of the uniformed baggage handlers who check in luggage at curbside pull in more than $100,000 a year -- most of it in cash.
On top of their $30,000 to $40,000 salaries, peak earners 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.
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.
5) Motivational speakers and ex-politicians on the lecture circuit
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.
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.
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.
1) Mutual-fund managers
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 Dick Grasso's ouster. Lasser's take: An estimated total of $163 million over the last five years.
11-11-2003, 05:05 PM #2
High payed, lousy wedding planners...
11-11-2003, 05:19 PM #3
11-12-2003, 12:53 AM #4
11-12-2003, 10:55 AM #5
Many of these sums are exagerrated, the expenses of some of these put the money they earn in perspective. I flew to many places in teh world, many times, and I have NEVER seen anyone tip a baggage handler - or "thrower". How could they? They only unload bags from the plane and ship tehm to the terminal where the bags are picked up from the big baggage belt. They don't talk to anyone at the actual terminal! orthodontists earn a lot because braces are very very expensive. Because almost everyone needs them there is demand and therefore high prices. Same with other doctors, if you don't want to know 10 years worth of studying medicine, you can just suffer through it. Real Estate and mutual fund brokers amy make much, but how often do you sell a mansion or get a client that wants to invest milllions?
My point is that these statistics are not accurate, sure, you can even find people making more, but it's not the average for most people
11-12-2003, 11:46 AM #6Originally posted by Jake
braces are very very expensive. Because almost everyone needs them there is demand and therefore high prices.
Its basic "supply & demand". More demand -> more supply.
Some buiz dont follow this. Like the medical market IF its a drug that compeditors havent been able to replicate YET.
But mostly its true.
Braces may be expensive, but not cuz many ppl need them. If only few ppl needed them they would be a lot more expensive.
Originally posted by Jake
My point is that these statistics are not accurate,
Last edited by Gaumont; 11-12-2003 at 11:53 AM."A celibate clergy is an especially good idea, because it tends to suppress any hereditary propensity toward fanaticism." / Carl Sagan
11-12-2003, 04:04 PM #7Originally posted by Jake
...and I have NEVER seen anyone tip a baggage handler - or "thrower". How could they?
since 9/11 they have been fewer handlers but they are there in most airports. the ones where i live make a good $60k a year just checking in people's bags. not bad if you ask me..."I hate to advocate weird chemicals, alcohol, violence or insanity to anyone …
but they've always worked for me,"
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11-12-2003, 06:08 PM #8
ok, then you may be right. It's just that when I saw baggage handler my Fight Club sense started tingling and I thought - Oh, yeah! Vibrating dildo --> throwers!
Ok I get it now, still, it seems a bit much