Contrary to popular belief, Episcopal priests don’t take vows of poverty. While no one enters the priesthood to make gobs of cash, financial security is recognized as an important contributing factor to thriving and healthy clergy and clergy families.

Even newly ordained clergy aren’t subject to slave wages because of diocesan salary minimums.  According to a report issued by the Church Pension Group, the average compensation package for an ordained person is [NH: summarizing sentence(s) should be inserted here based on 2001 Clergy Compensation Report, the URL of which is found below.] In addition to a cash stipend, provision is usually made for housing. This comes in one of two forms: either parish-owned housing, such as a rectory, or a housing allowance. Housing allowances may be applied toward either rent or a mortgage payment, depending upon whether you decide to buy or rent a home. In addition, many parishes now offer equity allowances, with matching funds between the priest and the parish, for clergy living in rectories. This means that even if you don’t own a home, you’re able to build equity towards retirement.

Speaking of retirement, the church has a phenomenal pension plan. The Church Pension Fund ensures that retired priests and their families are taken care of financially. So, could you make more money as an investment banker? Probably. Could you find a career as richly rewarding as serving as a priest? Doubtful.