This study investigated job satisfaction/ dissatisfaction among business administration faculty at selected public Iranian universities. It also examined the relationship between faculty job satisfaction/ dissatisfaction and selected demographic and professional activity variables. Finally, the extrinsic and intrinsic factors associated with faculty job satisfaction were analyzed. It was also concluded that, despite a positive correlation of the intrinsic and the extrinsic factors, Herzberg's two-factor theory is a useful model in a faculty job satisfaction research. Furthermore, Hill's FJS was found to be reliable and valid for use in faculty job satisfaction studies in the colleges and universities in Iran.