I currently work as a federal bank examiner. Increasingly, the thought that my life and legacy will be that of a federal bureaucrat sickens me. Thus, I'm planning a career change within the next 2-4 years. I'd like to teach economics at the post-secondary level. At the age of 35, however, I don't know that starting a PhD is the right choice, so I'm considering obtaining an M.A. in Economics (I'm currently working on an MBA) and seeking a position at a community college. This is where I think I could have the greatest impact in repairing the dammage done over the last 70+ years by Keynesian academics.
I've read Prof. Block's grad school FAQ, but still had some questions:
I just got through reading an article that states that there exists a glut of PhD students compared to a very limited amount of available academic positions. It went on to state that most schools were utilizing poorly paid adjunct faculty.
I know in Florida, even at the community college level, you can expect to spend quite a few years as an adjunct professor, before you have a shot a a full time position. Tenure is even more elusive. Your motives are good, but your career prospects are poor to none.
Think of it this way:
If there's a glut right now, then no one will be getting PhDs to teach, so supply will fall, positions will eventually fill, and then there will be a shortage again in a few years. It's the cobweb theorem except we're not talking about agriculture. This is the moment where you can go against the flow and actually gain from it by being in the right place and at the right time, during a shortage.
Then again, maybe the people doing PhDs aren't looking at their career prospects themselves and will keep forming a glut.
I teach Fluid Power Systems at a Community College (www.utu.edu.uy) in Uruguay. I know this might be a totally different univese, but here I go.
This is an oversaturated market for university graduates (except in my area which is highly specialized), so the pay as CC professor is low and it will be lower in the future. The advantages are the almost absolute academic independence (nobody cares what you teach as long as you do the paperwork) and the lack of a schedule (go to lecturing and to the coordination reunions and you are done)
To answer your 4th question, you wouldn't really need to quit your current job. Maybe you can get and agreement between your primary employer and the CC. For example, you could lecture only two courses per semester, arranging your schedule so to go to classroom only on saturdays.
An option I have been considering and will try in the future is offering certificates in very specific areas. I have met many people who just wants to get a certificate to prove what they know. So I will offer them to pay something like 100 USD and take an exam that, if passed, will award them a certificate signed by me. I am sure something like would add to your earnings.
Pity the theory which sets itself up in opposition to the mind!
Carl Von Clausewitz