We use data from 2015-2016 to document faculty representation and wage gaps by race-ethnicity and gender in six fields at selective public universities. Consistent with widely available information, Black, Hispanic, and female professors are underrepresented and White and Asian professors are overrepresented in our data. Disadvantaged minority and female underrepresentation is driven predominantly by underrepresentation in science and math intensive fields. A comparison of senior and junior faculty suggests a trend toward greater diversity, especially in science and math intensive fields, because younger faculty are more diverse. However, Black faculty are an exception. We decompose racial-ethnic and gender wage gaps and show that academic field, experience, and research productivity account for most or all of the gaps. We find no evidence of wage premiums for individuals who improve diversity, although for Black faculty we cannot rule out a modest premium.