Nonprofit doesn’t mean no pay. In fact, CEO pay at nonprofits is extremely compelling. Charity Navigator in their CEO Compensation Study for 2013 reports that the median income of CEOs of nonprofits is $125,942. That means over half of the CEOs of nonprofits are earning above that amount. That doesn’t include benefit pay, possible family pay and other possible perks and other means of compensation. “78 charities paid their CEOs between $500,000 and $1 million “ Perks according to The Nonprofit Time ranged from cars all the way to private club membership to spouse travel expenses.
Not only do nonprofits often pay well, the growth rate and opportunities within that realm is on the rise and will outpace the average job growth rate, according to the Bureau of Labor Statistics. Some opportunities will grow by leaps and bounds, such as social and community service manager positions which is thought to be slated for a 21% increase over the coming decade.
This might explain the phenomenon of money managers who segue into a nonprofit career. Neil Barsky, a former Wall Street manager, joined forces with former editor of The New York Times Bill Keller to begin The Marshall Project, a new nonprofit that will champion a more just justice system. In an interview with NPR (February 2014) Keller talked of the new venture with an eye toward capital infusion, explaining how the project will’ “rise or fall on our ability to persuade people to give us money.”
Another money man of note who switched up money management for do-gooding is Sam Polk. He started a new venture called Groceryships, aimed at getting lower income populations access to healthier eating lifestyle. The same skills of finding the money, leveraging the money and creating profits will be what gives Groceryships lasting power.
Nonprofits will continue to have growth in the future, trying to tackle the social shortcomings of the world. Savvy professionals can find their niche within this world, feel good about their focus, but still earn way above minimum wage.