I can see this complaint in humanities academia, but pay in the sciences past the PhD student level is pretty reasonable. You could probably make more elsewhere, but it's not like you're scraping by on ramen noodles as a bioinformatics professor or anything. Postdocs typically make $50-60k, and professors start at something like $90k at the minimum, easily up to $120k, $150k, or more after tenure, especially if you're in a hot area like bioinformatics, have made a name for yourself, and can get a position at a top-30ish place. Unlike in tech, those salaries often come in places with a lower cost of living than SF, too (at least if you want them to). Six figures goes pretty far in Atlanta, Austin, Urbana-Champaign, Ames, or Raleigh, for example.
You could beat that in industry, but either way you're making solidly in the top 10% of U.S. salaries. And if you really need more money, most universities will let you do 20% consulting time, or do a spinoff startup. There are admittedly other reasons not to go into science academia (the list is pretty long, actually), but fear that you'll have to take a vow of poverty doesn't seem like a strong one.
Depending on the institution, you may make slightly more than the minimum (starting at $39K), but postdocs in the sciences do not 'typically' make $50-$60K. As a monetary investment, academia is about as poor a bet as you can make: spend 5-6 years making ~$25K then another 3-5 years below $50K. Then you might be able to start making professor money if you're in hot field and willing to sell your soul to your work.
Interesting, that's lower than the people I know. They lean more towards the machine-learning side of bioinformatics (plus people in straight AI, not bio-related), and generally make around $50k, some $55k, at research institutions in the US.
Sounds like recent American graduates may want to start reading the job listings in Europe, though. A postdoc where I teach in Denmark has a minimum civil-service salary of ~$55k, and in Switzerland the going rate is well above that: a friend works in Lugano, fresh out of grad school, for somewhere in the neighborhood of $80k, although that's a bit above the norm. Postdoc candidates with strong tech skills have good demand at institutions with large EU projects, so they're not lottery-win positions either.
Postdocs in biological/physical sciences are easily 3-6 years for < $60k (generally closer to $40-50k in the past 5 years), and the chances of getting an academic position with meaningful salary are very low. Postdocs are plentiful, positions are scarce.
Meanwhile the postdoc could have been making $100-120k for a profession where the job market is almost the polar opposite, which makes a difference for job security/stress. The 2x-4x salary difference, especially during the late 20s and early 30s, is a pretty big deal, especially if you're able to save that extra 2x-4x.
The even crappier pay in humanities makes it basically undoable except for the upper class or outsizedly talented. The low pay in science makes it doable for normal people, but there is a strong financial incentive not to.
This response tells me you've never been in the science trenches. I've never heard of a postdoc making anywhere close to 60k, even at elite schools in high COL areas. The financial opportunity cost is staggering.
Straight wetlab postdocs are usually around the NIH levels (~40K). For computational postdocs (especially if you have a good biology background), 50-60K isn't out of the norm.
Well, you'd be incorrect, since I'm currently a science academic. Have you checked what Stanford, or Georgia Tech, or UT-Austin pay postdocs with machine-learning or data-mining experience, in the past 5 years? There are definitely areas that pay less, but bioinformatics, if by that you mean people with serious computational skills, pays above the norm.
If you have strong machine-learning experience and a few good publications in the current market, getting a postdoc at a top institution is nowhere near NBA odds. I don't know what the odds are specifically for Stanford, but if you apply to whoever has openings among top schools, there are many each year. If you know something about biology and a lot about machine learning, labs might even recruit you rather than vice versa.
This has certainly been my experience as a recent PhD in computational biology. I pretty much have my pick of Post Doc positions - I was getting offers before I even graduated. I was also able to negotiate 50k without much trouble, but I'm definitely worried about the opportunity cost. Giving up 100+ k for more than a year or two seems like a poor decision.
Also a Post Doc from a top lab directly correlates with how much $$ you can make in industry.
Those salary expectations only hold in the very top tier of universities.
From [1]: Median starting salaries for assistant professors are more like $75k. Median full professors--who are nearly 50 years old--are earning $120k. (Admittedly this does not control for field.)
That's about what a green PhD gets offered at age 28 for a data science job in SF.
I can see this complaint in humanities academia, but pay in the sciences past the PhD student level is pretty reasonable. You could probably make more elsewhere, but it's not like you're scraping by on ramen noodles as a bioinformatics professor or anything. Postdocs typically make $50-60k, and professors start at something like $90k at the minimum, easily up to $120k, $150k, or more after tenure, especially if you're in a hot area like bioinformatics, have made a name for yourself, and can get a position at a top-30ish place. Unlike in tech, those salaries often come in places with a lower cost of living than SF, too (at least if you want them to). Six figures goes pretty far in Atlanta, Austin, Urbana-Champaign, Ames, or Raleigh, for example.
You could beat that in industry, but either way you're making solidly in the top 10% of U.S. salaries. And if you really need more money, most universities will let you do 20% consulting time, or do a spinoff startup. There are admittedly other reasons not to go into science academia (the list is pretty long, actually), but fear that you'll have to take a vow of poverty doesn't seem like a strong one.