The hypothesis that individuals increase future earnings by investing in themselves through job change has considerable empirical support. To date, this hypothesis has not been tested on the academic labor market. Using a national faculty survey that includes respondents' complete work history, the authors estimate the impact of job mobility on faculty salaries. The rate of job mobility among faculty members appears low compared to that of other workers. Salaries overall are not significantly related to the number of academic jobs held until the number of jobs reaches four, and then the effect is negative. An examination by gender reveals that women incur a salary penalty of 8% in moving to the second job.