This study uses hierarchical linear modeling (HLM) to analyze the effect of human capital, structural characteristics of the discipline, and disciplinary labor market conditions on faculty salaries. Faculty in disciplines characterized by relatively low demand, high teaching loads, and low amounts of research funding earn less than do faculty in other disciplines. Additionally, even after controlling for an array of individual and disciplinary characteristics, women faculty members earn less than their male peers. (Contains 4 footnotes and 5 tables.)