impact of the financial crisis on tertiary education
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Impact of the Financial Crisis on Tertiary Education. Jamil Salmi Budva , Montenegro 28 October 2009. the future of tertiary education?. outline of the presentation. How bad is it? Impact of the financial crisis How desperate is it? The way forward. key features of this crisis. - PowerPoint PPT PresentationTRANSCRIPT
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Impact of the Financial Crisis on Tertiary Education
Jamil Salmi
Budva, Montenegro 28 October 2009
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the future of tertiary education?
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outline of the presentation...
• How bad is it? Impact of the financial crisis
• How desperate is it? The way forward
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key features of this crisis
• deepest post-war recession
• most synchronized recession on record
• manufacturing has been particularly hard hit
• unemployment has risen
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depth and synchronicity
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impact of the crisis on tertiary education
• how resource flows are affected• responses of tertiary education institutions• scenarios for the tertiary education sector
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resources flows
• reduced government funding for teaching, research and student aid
• reduced resources for institutions as demand falls (new domestic and foreign students, dropouts)
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resource flows (II)• fewer resources from private sector
(donations, contracts)
• fall in stock market values reduces value of endowments and pension funds
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differential effects
• scope of crisis– country and type of institution
• business model and financing strategy– how endowment funds are invested– how endowment resources are used– balance among various sources of income
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response of tertiary education institutions
• budget cutting measures
• revenue generation
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budget cutting measures
• employment-related• programs and academic organization• students (number, teacher/student ratio)• efficiency measures
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revenue generation strategies
• demand-linked measures• financial measures
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scenarios for the tertiary education sector
• graduate unemployment• shifting demand (from long to shorter
duration programs, private to public, foreign to domestic)
• increased inequality• deteriorating quality (with fewer resources)
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outline of the presentation...
• impact of the financial crisis• the way forward
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importance of tertiary education
large and often growing earnings differentials
positive effects on health and civic participation
in time of crisis, job prospects for less qualified youths deteriorate further
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implications for governments
• increase scholarships and establish / adjust / strengthen student loan programs
• include tertiary education in economic stimulus plans– R&D– entrepreneurship for innovation– learning opportunities
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opportunities
• efficiency gains and no-frill options• innovations and startups• attracting foreign students• fund-raising
– philanthropy– reaching out
• strategic renewal
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implementing structural reforms
• strategic focus– areas of priority– new academic model– new business model
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strengthening financial planning and management
• information and monitoring
• fund-raising strategy and team
• investment strategy
• contingency planning
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proportion of self-generated income
24520
2533
3942
4557
69101011
1315
1718
2230
3474
0 10 20 30 40 50 60 70 80
TurkeySpain Poland
USAUK
KoreaCanada
Australia
PanamaUruguayMexico
VenezuelaBrazil
Dominican Rep.Costa Rica
ArgentinaBolivia
ColombiaEcuador
PeruChile
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proportion of self-generated income
25
Mexico
Spain
USA
UK
Korea
Canada
Australia
Turkey
Slovenia
Poland
Russia
Kyrgyz Republic
Armenia
Kazakhstan
0 10 20 30 40 50 60 70 80 90
10
20
33
39
42
45
57
5
22
25
40
75
82
84
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conclusion
• differential effects depending on – country context– strategic positioning
• short term reactions vs. long term realignment
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