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The pay is going to be a steep drop from FAANG or even most software engineer positions in the US, but you are correct, generally higher than other faculty positions. You can lookup the median pay for assistant professor of computer science in the US and expect that to be the ballpark.

Folks from industry switch into this career because they want to give back, want a change of pace, and/or want the lifestyle (4 months a year off, a social environment, etc.). You definitely don't switch into it from being a software engineer if your chief or even second concern is pay.