Taiwan: Business Environment and Investment Opportunities

Taiwan: Business Environment and Investment Opportunities AN ANALYSIS OF THE BUSINESS ENVIRONMENT AND INVESTMENT OPPORTUNITIES IN TAIWAN HISTORY Pre 20th Century History Little archaeological evidence remains from Taiwans early history. People probably from Austronesia are though to have inhabited the island since 10,000 BC with migration from China in the 15th century. In 1517 Portuguese sailors reached Taiwan and named it Ilha Formosa (Beautiful Island). The Dutch invaded in 1624 and built a capital at Tainan two years later they lost the island to a Spanish invasion but returned the favour by booting the Spanish out in 1641. During the 1660s the Ming and Manchu (Qing) dynasties arrived on the scene, kicking out the Dutch and wrestling one another for control of the island. The Manchus eventually won, making Taiwan a county of Fujian province and triggering a flood of Chinese immigration. At the end of the 19th century, the Japanese decided to weigh in as well: Taiwan was ceded to them in 1895 following Chinas defeat in the Sino-Japanese War. The Japanese quashed a republican rebellion organised by the local Chinese population and went on to establish a military base on the island and to promote education and economic development. After Japans defeat in at the end of WWII, Taiwan was handed back to China. Modern History When Communist forces took control of China in 1949, the president, General Chiang Kai-shek and his Nationalist Party, the Kuomintang (KMT), fled to Taiwan to plan their reconquest of the mainland. Theyre still planning. One and a half million Chinese also left the mainland for Taiwan when Mao took control. The leaders of both Communist mainland China and the Republic of China (Taiwan) claim to be the voice of all China, but the international community has, almost without exception, chosen the mainland. In 1971 the KMT lost the Chinese United Nations seat, and in 1979 the USA withdrew its recognition of the Republic. When Chiang Kai-shek died in 1975 and was replaced by his son Ching-kuo, Taiwanese started muttering the word dynasty, and criticism of the one-party system rose. In 1986, those opposed to Chiang formed the Democratic Progressive Party and were granted seats in the legislature. Two years later Chiang died and was replaced by the first native-born president, Lee Teng-hui. Taiwanese politics is divided among those who want reunification with China (the KMT line), those who want Taiwanese independence, and those who want the status quo preserved. In 1995 relations between the two Chinas, always chilly, plummetted to a new low. Lee Teng-huis high-profile visit to the United States brought mainland China out in a rash of nervous jealousy. Determined to isolate Taiwan and sway the minds of its voters, China held intense military exercises near the Taiwanese coast. In response, the United States donned its global cop hat and sent a couple of warships to monitor the situation. Despite the regions sudden high concentration of itchy trigger fingers, the first direct presidential election was held without incident, and Lee Teng-hui was returned to office. Taiwans fortunes took a turn for the worse in September 1999 when a massive earthquake hit the island, the largest in its history, leaving over 2000 islanders dead and a rubble-strewn country. Even in this time of crisis, however, the snippy relationship between mainland China and the wannabe republic continued. A defiantly sulky China demanded that any country entering Taiwan to offer earthquake relief get permission from the Chinese government first: a demand that was met with less-than-hearty agreement from humanitarian organisations and other countries around the world. Recent History In March 2000, Taiwan elected its next president Chen Shui-bian, the candidate of Taiwans Democratic Progressive Party, who believe in a formal declaration of independence for the island. The upset ended 55 years of Nationalist rule and alarmed China, which regards Taiwan as a rebel province. In 2004, Chen Shui-bian was re-elected by a narrow margin following a possibly-dubious assassination attempt on him only hours before the election. In a concession to political opponents and a country fearful over its constant Chinese threat, Chen Shui-bian vowed to forge closer relations with China and leave the volatile issue of Taiwans sovereignty off the political reform agenda. BUSINESS ENVIRONMENT IN TAIWAN To adjudge whether or not a country is suitable for investment opportunities we must use certain parameters these can range from descriptive tools like reports available from various established organizations like The World Bank or The IMF. Else we can make use of diagnostic tools like PEST analysis which we will employ to analyse the business environment of Taiwan and look at the possibility of investment opportunities. PEST ANALYSIS (P)OLITICAL SCENARIO The political status of Taiwan is a controversy over whether Taiwan, including the Pescadores (Penghu), should remain the effective territory of the Republic of China (ROC), become unified with the territories now governed by the Peoples Republic of China (PRC), or become the Republic of Taiwan. Taiwans political status is complicated by the controversy over the Republic of Chinas existence as a state. Currently, Taiwan, Kinmen (Quemoy), Wuchiu (Wuciou) and Matsu off the coast of mainland Fukien, and Taiping (Itu Aba) and Pratas in the South China Sea effectively make up the entire state known as the Republic of China. The ROC government has in the past considered itself to be the sole legitimate government over Taiwan, as well as its former territories on the continent that include mainland China, Outer Mongolia and Tannu Uriankhai (part of which is present day Tuva). This position started to be largely ignored in the early 1990s, changing to one that does not challenge the legitimacy of PRC rule over mainland China, although the ROCs claims have never been renounced through a constitutional amendment. Different groups have different concepts of what the current formal political situation of Taiwan is. In addition, the situation can be confusing because of the different parties and the effort by many groups to deal with the controversy through a policy of deliberate ambiguity. The political solution that is accepted by many of the current groups is the following perspective of the status quo: that is, to unofficially treat Taiwan as a state and at a minimum, to officially declare no support for the government of this state making a formal declaration of independence. What a formal declaration of independence would consist of is not clear and can be confusing given the fact that the Peoples Republic of China has never controlled Taiwan since its founding and the fact that the Republic of China, whose government controls Taiwan, considers itself a de jure sovereign state. The status quo is accepted in large part because it does not define the legal status or future status of Taiwan, leaving each group to interpret the situation in a way that is politically acceptable to its members. At the same time, a policy of status quo has been criticized as being dangerous precisely because different sides have different interpretations of what the status quo is, leading to the possibility of war through brinkmanship or miscalculation. Hence we can say that Taiwan has a volatile political situation but is stable currently. (E)CONOMIC SCENARIO Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the worlds third largest. Agriculture contributes less than 2% to GDP, down from 32% in 1952. Taiwan is a major investor throughout Southeast Asia. China has overtaken the US to become Taiwans largest export market. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from the Asian financial crisis in 1998. The global economic downturn, combined with problems in policy coordination by the administration and bad debts in the banking system, pushed Taiwan into recession in 2001, the first year of negative growth ever recorded. Unemployment al so reached record levels. Output recovered moderately in 2002 in the face of continued global slowdown, fragile consumer confidence, and bad bank loans; and the essentially vibrant economy pushed ahead in 2003-04. Growing economic ties with China are a dominant long-term factor, e.g., exports to China of parts and equipment for the assembly of goods for export to developed countries. A FEW RELEVANT STATISTICS GDP purchasing power parity $576.2 billion (2004 est.) GDP real growth rate 6% (2004 est.) GDP per capita purchasing power parity $25,300 (2004 est.) GDP composition by sector agriculture: 1.7% industry: 30.9% services: 67.4% (2004 est.) Inflation rate (consumer prices) 1.7% (2004 est.) Labor force by occupation agriculture 8%, industry 35%, services 57% (2001 est.) Unemployment rate 4.5% (2004 est.) Budget revenues: $67.41 billion expenditures: $76.7 billion, including capital expenditures of $14.4 billion (2004 est.) Industries electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals Industrial production growth rate 12.2% (2004 est.) Oil consumption 988,000 bbl/day (2001 est.) Agriculture products rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish Exports $170.5 billion f.o.b. (2004 est.) Exports commodities computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002) Exports partners China, including Hong Kong 37%, US 16%, Japan 7.7% (2003) Imports $165.4 billion f.o.b. (2004 est.) Imports commodities machinery and electrical equipment 44.5%, minerals, precision instruments (2002) Imports partners Japan 26%, US 13%, China, including Hong Kong 11%, South Korea 6.9% (2003) Debt external $55.5 billion (2004 est.) Investment (gross fixed) 18% of GDP (2004 est.) Public debt 32.4% of GDP (2004 est.) Current account balance $21.16 billion (2004 est.) Reserves of foreign exchange gold $246.5 billion (2004 est.) Hence after having a look at the economic structure we can say that a few indicators like the availability of labour forces, growth rates, inflation rates point to the fact that Taiwan is a stable economy and hence suitable for investment opportunities. (S)OCIAL SCENARIO Although the majority of the people residing in Taiwan (84%) are descended from 17th century migrants from China, the political power (and a substantial part of the economic power) of the island has been, until recently, almost exclusively held by less than one-fifth of the population. A population who fled to Taiwan in 1949 after the communist takeover of the mainland. Almost a half-century of co-residence has seen an integration of these two populations to some degree, with both pride in Chinese heritage and culture and national pride in being a resident of Taiwan, combining successfully to date. Taiwan is a society that supports strong Confucian values, reflecting the islands predominantly Chinese heritage (the native aborigines of Taiwan make up only 2% of the population). European influences have also made their mark, in the form of trading links (and some colonial aspirations) from the Spanish and Dutch in the 17th and 18th centuries. Japan has also had a more recent influence over the character of Taiwan: the island was occupied by Japan from 1895 to 1946, but this occupation although repressive at times was also a period of prosperity for Taiwan. Taiwan today is a vibrant and prosperous patriarchal society, which maintains the family as its basic foundation. Multi-generational households are the norm, with age being respected and children prized. The people are reserved, respectful and humble, although individual achievement and a hearty entrepreneurial attitude is found throughout the Taiwanese society. The practice of religious tenets, more so than pure belief alone, influences the Taiwanese character. Approximately 24% of the population is Buddhist, 16% is Taoist (Confucian) and 3% Christian. Much like other Chinese societies, respect and formality mark social relationships, and guanxi (guanji) is quite strong in Taiwan. Open conflict or direct criticism is avoided, as is any other action which could create embarrassment. Boasting or loud behaviour is to be avoided, although compliments are appreciated but usually denied. While many educated Taiwanese speak English, the national (and commercial) language is Mandarin Chinese, with many also speaking the local Taiwanese (Chinese) language. Varying degrees of English is spoken by many of the younger generation and the internationally educated. Taiwan is one of the most urbanised nations in Asia with over 60% of the population living in cities. Taipei, the capital, houses nearly 13% of the population, or approximately 2.75 million. Other major cities include Kaohsiung and Keelung. The people of Taiwan are well educated and have relevant knowledge of subjects like English and science. The society is a peaceful one and not very different from other South East Asian countries. The cities are well developed and the working conditions are conducive to conducting business. Hence investments with respect to the social structure will be a safe bet. (T)ECHNOLOGICAL SCENARIO Measures accompanying Science Technology (ST) development include the four main aspects of educating, training, recruiting, and rewarding ST manpower; the ST research environment; technology diffusion, intellectual property rights, and standards; and international ST cooperation. The goal of manpower training is to establish superior ST research and development manpower, which may be considered a RD software input. The goal of common research facilities is to provide the infrastructure needed for research, and this infrastructure may be considered a RD hardware input. Superior RD outputs can be obtained only after these two inputs are appropriately matched with funding. 1. Manpower education and training The education and training of ST development manpower includes the three aspects: (1) education in colleges and universities, (2) advanced studies in Taiwanese institutions and overseas for personnel selected by government agencies, and (3) training by vocational and professional training institutions. In addition, the Executive Yuans Implementation Regulations for Commendation of Outstanding Scientific and Technological Personnel, Executive Yuan and the Academia Sinicas Topical Research and High-level Manpower Training Program both serve to actively promote key ST research and train ST manpower. Apart from education in universities and colleges, the government also promotes the training of ST manpower via advanced studies or research in Taiwan and overseas for personnel selected by government agencies, and training by vocational and professional training institutions. A total of 37,945 students received Ph.D. or masters degrees in the natural sciences, engineering, medicine, agriculture, or the humanities and social sciences from domestic universities during the 2003 academic year. This number represented an increase of 16.3% over the 2002 academic year from this total 35,981 persons, or 94.8%, received masters degrees. See Table VI-1 for an overview of the various advanced ST manpower training and technical skills education training systems and their results in 2004. 2. Manpower recruiting In order to meet shortages of ST manpower, the government has implemented a number of policies and programs to train domestic high-tech manpower and recruit outstanding overseas manpower to work in Taiwan. It has established long-term targets for ST manpower recruiting, training, and utilization. The government has adopted simultaneous long- and short-term approaches to the recruiting of ST manpower. The Academia Sinica recruits overseas post-doctoral research personnel, foreign consultants, specialists, and scholars, and the NSC funds the recruiting of ST manpower, the hiring of post-doctoral researchers, the recruiting of research scholars, and the invitation of scientific and technological figures from China to participate in research in Taiwan 3. Rewarding Personnel The government offers a variety of grants and awards aimed at encouraging ST personnel to engage in academic research, technology development, and invention. Relevant honors include the Outstanding Achievement in Science and Technology Award, Academic Award, National Lectureship, Outstanding Research Award, and the Ta You Wu Memorial Award. Hence we can say that technologically also Taiwan is very superior and backed by Government. Technologically there should be no problems with investments in Taiwan. Therefore after doing a PEST analysis we can conclude that weighing all options Taiwan is a relatively safe place to invest resources. Now let us have a look at the various industries in Taiwan and try to zero in on an industry or a sector where a investments are a possibility.

How to Beg for Money :: essays research papers

Abe’s Poverty Guide to Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..2 General Advice Why?............................................................3 Cheapest Route...........................................4 Begging Tips†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.............................5 Begging vs. Borrowing...............................6 Specific Advice Begging from Parents................................7 Begging from Friends†¦.............................9 Introduction Danger Signals You NEED this guide, if you have ever experienced one of the following... †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You can’t scrape together the $20 minimum credit card payment each month. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  That great outfit you bought last week went out of style exactly three seconds after you paid for it and is now lying on your closet floor. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You’re using a credit card for necessities like hair gel and snacks because you have no cash. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You have to avoid your friends at school because you owe them money. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You’ve been reduced to begging your parents for chores in order to make money to pay off your bills. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You had to pawn your CD player to pay for all those cool CDs you bought last month. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Your parents give you funny looks when you leave for school wearing a $500 leather jacket, but ask them for lunch money. Warning Signals You SHOULD have this guide, if you have ever experienced one of these: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You’ve really really wanted to go out one night, but simply couldn’t find the money. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The above, but you couldn’t even afford to rent a movie, instead. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  You’ve ever given rolled coins to a gas attendant. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Someone has asked you for a dollar, and you turned and said, â€Å"No, but can I have the quarter in your hand?† It is because of the poor misfortunate folks who have dealt with these symptoms, and the terrible image that they are portraying to the rest of the world that I have chosen to do a manual on how to live rich without money. I, myself, am always broke. Never do I have money, but I still manage to make the world think that I have all the money I want. Today, I am going to share my secrets with you. Remember, though, this is not a step-by-step tutorial, as there is no possible way I could predict every incident and all people are different when it comes to their money. This is just a guide, a helper, to help you be well on your way to free success. Please use the convenient table of contents to help you find exactly what you need for the situation you find yourself in. Carry this manual everywhere you go, and if you are ever about to make any monetary transactions, stop, take a deep breath, and double check that you are doing the right thing.

The Significance of Dance in Dancing at Lughnasa

The Significance Of The Use Dance: Focusing On Pages 20 – 23 Brian Freil uses a variety of dance techniques to convey the significance of dance as a projection of universal and primal desires to which everyone is submissive. Each outburst or description of dance involving the characters gives the audience an insight to not only their true personality but also the strain of their current situations. The significance of dance and its effect on the audience is echoed throughout the play through many different circumstances, the positioning of each routine is also very important as it connects with true meaning of the dance, therefore intensifying atmosphere on which it brings. Pages 20 to 23 highlight this greatly as we see all of the sisters dance in unity. Page 20 sees Maggie’s monologue, here the audience become aware of how dance can be beautiful however misunderstood; â€Å"they were just so beautiful together†¦ they should have won† Explained as Maggie is describing the pure splendor of Brian and Bernie’s military two-step at a dance competition from when they were young. Although this directly does not link directly in the significance throughout the play it strengthens the aspect of a spirited connection between two people through the means of dance. This point is also enhanced with the connection between Chris and Gerry as the audience only become apparent of the sentimental emotions these characters share when she submissively begins to ballroom dance with him, at which point and further in the play all characters especially Chris soften to Gerry giving implication of the true and raw feeling they have for each other represented through their dances. This spiritual characteristic which dance beholds amongst the characters also has connotation of a form of communication that predates conversation and emotion, seeping through all cultures. This is a strong feature to Dancing At Lughnasa as the storyline is based around Freil’s use of juxtaposition of native tribal dancing and localized northern Irish dancing with the use of Father Jack. The use of Father jack; â€Å"losing his mind† on returning from Africa and resorting to African rituals and beliefs bridges strong Irish traditions to the frowned upon peaganism of the Irish mid 1930s. Depending on interpretation you could argue that Freil suggests this bridging of cultures throughout the play to enhance the technique of juxtaposition. An example being in the ironic connection between Jack’s description of an African ceremony shortly followed by the unofficial wedding of Chris and Gerry described also, as a ceremony of an elegant and precise ballroom dance. Also on page 21; â€Å"patterns her face with an instant mask† The stage direction describing Maggie’s fanatical dance and how she stripes her cheeks with flour. This gives suggestion of connotation, which could be implying the link between typical tribal face paint used for rituals and dances in native Africa and Maggie’s flour â€Å"mask†. In addition this too gives implication of Maggie being ‘out of character’ and acting peaganistic, again, strengthening the thought of dance being a universal and primal desire bridging cultures due to subconscious human nature. The radical and fanatical dancing of the sisters on page 21 is also important in understanding how Freil communicates the characters personalities and thoughts to the audience in the stage directions of each dance. Freil uses the ‘Marconi‘ as a dramatic device to plunge the scene into dance with the slow introduction of sound; â€Å" until the sound has established itself† this could show how the beat and rhythm of the music is actually the subconscious of the characters. However, another interpretation could be that the slow introduction is the metaphorical gradual dispatch from reality into a fantasy of dance coated by repressed desire and latent passion. This would explain how Maggie’s â€Å"features become animated by a look of defiance† as it is a result of the realization of her repression which has grew from since she was young that manifests itself with defiance. It would too explain how as each character becomes submissive to the rhythm, the beat becomes more frantic and uncomfortably loud because each of the sisters is now projecting suppressed emotions with a feeling of force and urgency. This shows how the stage directions also give implication to the character’s psychological state. Other characters such as Rose, who follows Maggie’s chants and calls and is the second to â€Å"leap† into dance, this could be an indication of Rose’s suggestive character and how she yielding to those offering attention such as Danny Bradley, her supposed lover. Rose is then followed by Agnes who is described to dance the most â€Å"gracefully and sensuously† out of the sisters which could represent her soft, and delicate personality highlighted through her caring actions towards Rose, and the household keeping earlier in the play. However the most significant character’s performance in this dance is Kate, the audience have been subjected to her objection to the festival at Lughnasa and peaganistic dance traditions yet as the final sister to join we see Kate preform a complex dance; â€Å"alone, totally concentrated, totally private† and although the other sisters are chanting and screaming together, Kate is in silence. This outburst is one of the most fundamental moments in the play as a whole, as the audience are taken back by Kate’s obscure and out of character reaction to the rhythm. Being the last to plunge into dance and the first to stop shows how Kate is conceited and is against the force which dance holds, however her ominous actions are clearly full of true of emotion which represents her true personality one of passion and complete feeling. The intensity and isolated feel of her performance is a representation of the distance between her and her sisters caused by the strain of keeping the family together, which is ironically, obviously falling apart. At the end of the stage directions on page 22, the audience are aware of the significance of Freil’s use of dance. The brutality and grotesque atmosphere of the dance is the projection of the unstable state the family is in, as each sister is under independent and personal strains. Which appeals to the audiences’ emotional and psycho-analytic understanding therefore creating two layers within Friel’s production. By using this form of communication frequently throughout the play the audience can therefore connect with the characters and relate to their created personalities to prehaps, feelings of their own. Dance, in the production of Dancing at Lughnasa is consequently not only a connective device between the audience and the characters as it is a projection of primal desires, but also a representation of repressed feeling and emotion of which the characters cannot express verbally.

Private School Headmasters Compensation

Education professionals often earn significantly less than what they could earn in the business world or in other professions. However, there is  a group of leaders of private schools who are actually seeing surges in their salaries that pack quite the financial punch: the Head of School. What are these leaders really making and is it justified? The Head of School's Job Compensation Averages A head-of-school is a job that comes with enormous responsibility. At private schools, these high powered individuals have to run not only a school but also a business. Many people dont like to think of schools as businesses, but the truth is, they are. A Head of School will actually oversee a multi-million dollar business, some schools are billion dollar businesses when you consider endowments and operating budgets, and they are responsible for the well-being of hundreds of children every day. Boarding schools add another level of responsibility when it comes to leadership and oversight of children, as they are essentially open 24/7. The head is involved in not only the aspects of academics and ensuring students receive quality educations, but also hiring and HR, fundraising, marketing, budgeting, investing, crisis management, recruiting, and enrollment. The person who sits in this role must be a part of every aspect of the school.   When you consider the enormous expectations made of these dedicated individuals, most head of schools compensation is far below comparable levels in other fields. How far below? Significantly. The average compensation of the top 500 CEOs is in the millions according to Executive Paywatch. According to NAIS, the average compensation for a head of school is about $201,000, with boarding school heads edging out their peers with about $238,000. However, some schools also have presidents, which at the day school level are making comparable salaries, but are making an average of $330,000 at boarding schools.   But, thats not to say that Heads of Schools are hurting. An interesting note is that many private school heads also tend to receive extensive benefits, such as free housing and meals (even some day schools offer this), school vehicles, housekeeping services, country club memberships, discretionary funds, strong retirement benefits, and even expensive buyout packages should the school not be thrilled with his or her performance. This can easily equate to another $50,000-$200,000 in benefits, depending on the school.   Comparison to Public School College Compensation While many claim heads-of-schools make less than their corporate counterparts, the truth is that many actually  earn more than some  public school superintendents. The average salary without benefits for a superintendent is about $150,000 nationally. But some states, like New York, have superintendent salaries exceeding $400,000. In general, the salaries at Urban Schools tend to be greater for superintendents. Now, college presidents, by contrast, make significantly more than private school headmasters. Reports vary from source to source -- some claiming presidents average about $428,000, while others show the average is more than $525,000 annually with many earning well over $1,000,000 in annual compensation. The top 20 highest-paid presidents all earned over a million dollars annually, even in 2014.   Why Do Head-of-School salaries vary so much? Location significantly affects the salaries of these top-level positions, as does the school environment. Heads of schools, historically referred to as headmasters when the positions were held primarily by men, at junior schools (middle schools and elementary schools) tend to make significantly less than their secondary school counterparts, and boarding school heads tend to make the most due to a large amount of responsibility the school has in providing an appropriate homelife for students from around the world. Schools in small towns tend to offer smaller salaries, although many New England private schools buck that trend, with schools that are centuries old in small towns offering some of the top salaries in the country. A couple of years ago, the Boston Globe came out with a story about the surge of salaries in New England, uncovering several heads with salaries ranging from $450,000 to over a million dollars. Fast forward to 2017, and those heads are making even more, with increases equating to 25% raises in only a few years. School financials also play a role in head-of-school compensation. Naturally, those institutions with higher endowments and annual funds also tend to pay their leaders higher salaries. However, tuition doesnt always indicate the level of a head-of-schools salary. While some schools with high tuitions will indeed offer some of the most competitive compensation packages, those are usually schools that dont rely on tuition to cover the bulk of the operating budget. In general, the more tuition-driven a school in annually, the less likely it is that their head of school will be pulling the biggest dollars.   Compensation Information Sources The Form 990, which non-profit schools file annually, is similar to a tax return. It contains information about headmasters compensation, as well as other high paid employees. Unfortunately, to make sense of figures you have to examine several different pages of the filing. The elements of the compensation packages are complex and are contained under many different expense headings. If the school is a 501(c)(3) not for profit educational institution, it must file a Form 990 with the IRS annually. The Foundation Center and Guidestar are two sites that make these returns available online. Note: the cash salaries are somewhat misleading as most of these key employees receive significant allowances for housing, meals, transportation, travel, and retirement plans apart from their cash salaries. Figure an additional 15-30% for allowances and/or non-cash compensation. The gross amount in many cases exceeds $500,000, with some exceeding $1,000,000 with other compensation factored in. A sampling of head-of-school  and president base salaries ranked from highest to lowest, based on Form 990 submissions from 2014, unless otherwise noted: Episcopal High School, Alexandria, VA $605,610 with $114,487 in est. other compensationMilton Academy, Milton, MA $587,112 with $94,840 in est. other compensationPhillips Exeter Academy, Exeter, NH -  $551,143 with $299,463 in est. other compensationPhillips Academy, Andover, MA - $489,000 was reported in 2013, with no head of school compensation listed in 2014Choate Rosemary Hall,  Wallingford, CT $486,215 with $192,907 in est. other compensationHarvard  Westlake School, Studio City, CA - President $483,731 with $107,105 in est. other*Rye Country Day School, Rye, NY - $460,267 (down from $696,891 in 2013)Hackley School, Tarrytown, NY - $456,084 salary and $328,644 in est. other compensationDeerfield Academy, Deerfield, MA - $434,242 with $180,335 in est. other compensationWestern Reserve Academy, Hudson, OH - $322,484 with $128,589 in est. other compensationHarvard  Westlake School, Studio City, CA - Head  $320,540 with $112,395 in est. other*   *Figures from the 2015 Form 990 Some older 990 forms have revealed the following headmaster salaries, from highest to lowest. Well continue to update this information as we obtain it.   Greensboro Day School, Greensboro, NC $304,158The Brearley School, New York, NY $300,000Lancaster Country Day School, Lancaster, PA $299,240Poly Prep Country Day School, Brooklyn, NY $298,656Georgetown Day School, Washington, DC $296,202Culver Academies, Culver, IN $295,000St. Marks School of Texas, Dallas, TX $290,000Hathaway Brown School, Shaker Heights, OH $287,113Madeira School, Maclean, VA $286,847The Dalton Schools, New York, NY $285,000Hotchkiss School, Lakeville, CT $283,920Punahou School, Honolulu, HI $274,967Far Hills Country Day School, Far Hills, NJ $274,300Groton School, Groton, MA $258,243North Shore Country Day School, Winnetka, IL $250,000Avon Old Farms School, Avon, CT $247,743The Peddie School, Hightstown, NJ $242,314Kent School, Kent, CT $240,000Episcopal Academy, Merion, PA $232,743Cranbrook Schools, Bloomfield Hills, MI $226,600University School of Milwaukee, Milwaukee, WI $224,400McCallie School, Chattanooga, TN $223,660Middlesex School, Concord, MA $223,000Sidw ell Friends School, Washington, DC $220,189Ransom Everglades School, Miami, FL $220,000The Masters School, Dobbs Ferry, NY $216,028Greenwich Country Day School, Greenwich, CT $210,512Harvey School, Katonah, NY $200,000The Hill School, Pottstown, PA $216,100Taft School, Watertown, CT $216,000Shore Country Day School, Beverly, MA $206,250Miami Country Day School, Miami, FL $200,000Village School, Pacific Palisades, CA $210,000Lake Forest Country Day School, Lake Forest, IL $188,677Hillel School of Metropolitan Detroit, Farmington Hills, MI $156,866Annie Wright School, Tacoma, WA $151,410Foxcroft School, Middleburg, VA $150,000Ravenscroft School, Raleigh, NC $143,700Forman School, Litchfield, CT $142,500 Are Headmasters' Compensation Packages Justifiable? A good headmaster deserves to be well-paid. The head of a private school must be a top-notch fundraiser, a superb public relations person, a fine administrator and a dynamic community leader. How lucky we are to have talented educators and administrators who lead private schools rather than manage a Fortune 100 enterprise. Many of them could make 5 or 10 or even 20 times as much as they currently do. Trustees need to review their key employees compensation packages annually and improve them as much as they can. Its extremely important to attract and retain talented administrators in our private schools. Our childrens future depends on it. Resources:Pay Soars For Headmasters at Mass. Prep SchoolsHeadmasters Salaries On The Rise