For this first in a series looking at compensation in different corners of the book business, we found that pay for book critics varies widely by publication and type of piece—but none of it is enough to live on. The financial struggle of being a book reviewer has real influence on the way books are seen, and the publishing industry as a whole. Reviews—whether they’re positive or negative, and whether they exist at all—can influence sales, and subsequently what books are published and how they’re marketed. Many sources we spoke to for this article—more than a dozen emerging and established […]
Compensation
“Passion Over Money”: On Careers With a Publishing Master’s Degree
Last year, the WSJ reported that graduates from top universities don’t earn enough to pay off loans for their master’s degrees in a number of disciplines. According to the article, “At New York University, graduates with a master’s degree in publishing borrowed a median $116,000 and had an annual median income of $42,000 two years after the program, the data on recent borrowers show.” Still, many alumni tell PL that they wouldn’t have a job in publishing at all without their master’s program. Graduates report that, even after internships and interviews, getting a master’s—with the networking opportunities and internal job […]
Salary Updates: Penguin Random House, Simon & Schuster
Further to the news that Penguin Random House will raise its entry level salaries to $45,000 at the beginning of 2021, they wrote in an internal memo that “second and third level non-exempt roles” will also receive raises, with “minimum salaries of $50,000 and $55,000 respectively.” The minimum salary for exempt-level positions in New York City will increase from $58,500 (the legal minimum in New York City) to $60,000. PRH locations outside of NYC with entry-level salaries that differ from the New York offices will “hear individually how these changes may impact them.” Additionally, Simon & Schuster employees told PL […]
Penguin Random House To Raise Starting Salary to $45,000
Penguin Random House announced to employees internally on Monday that it will raise its entry-level salary from $40,000 to $45,000 in 2021. The change will apply across all positions and those at a lower salary level will get a raise to meet the new base. Once it becomes effective, the boost will once again have PRH providing the highest entry-level salary among the largest trade publishers. In September Macmillan Trade announced that they would raise their US entry-level salary to $42,000, effective December 27. Elsewhere, a representative for Simon & Schuster told PL that they increased their starting salaries this […]