Academia is often discussed as an ambivalent work environment. On the one hand, the risk of burnout may be elevated due to the continuous increase in work demands (e.g., “publish or perish”). On the other hand, academia is considered to be a setting where researchers can exhibit creativity and thrive, suggesting high levels of work engagement. This situation appears contradictory, as burnout and work engagement are typically viewed as opposites. In this chapter, we analyse the coexistence of burnout and work engagement using latent profile analysis to identify various types of well-being (work engagement) and ill-being (burnout complaints) in academia. We analysed the complete dataset from ten countries. The results suggest three distinct profiles: ‘exhausted’ (7.6%), ‘moderate’ (22.8%), and ‘engaged’ (69.6%), offering a nuanced view of the well-being of those working in academia. These profiles are only weakly associated with demographic variables, such as professional position and country. The associations with quantitative and qualitative job insecurity and various outcome variables align with expectations: the ‘exhausted’ group scores higher on job insecurity and lower on health, well-being, and performance indicators compared to the ‘engaged’ group, with the ‘moderate’ group occupying an intermediate position. Overall, the results indicate that people working in academia are far more engaged than burned out.