There is ample evidence that there still is a pay gap amongst men and women and the situation is no different if academia. Many studies have examined various types of gender discrimination in academia and two areas in particular are problematic--salaries and representation of female faculty in upper ranks of academia. This paper examines the past discriminatory trends and the causes behind them as well as the legal prohibitions against gender discrimination. In order to see if gender discrimination still exists against female faculty members, an analysis of pay and rank data from 603 AACSB Colleges of Business were surveyed and analyzed. The statistical evidence demonstrates that there still is a pay gap for female and male faculty. A larger disparity was found in the representation of women in the rank of Professor. Since female faculty members still are underrepresented and underpaid, one avenue of recourse is to bring a discrimination suit against the University. However, there are a number of problems in doing just that, so several policy recommendations are provided to help universities reduce the disparity in pay and representation.