HIGHER EDUCATION

Education is a complex industry that must insure smooth and rigorous operations to obtain and maintain compliance.  Changes include the push for apprenticeship. Student loans are becoming a problem in the US.

INDUSTRY FACTS

Education providers wishing do operate, in any country, will require approval from regulating bodies. In the US, higher education is carefully regulated. Different level of certification exist. A school will need a state license to operate. For most degrees, they will also require regional accreditation and for professional degrees, programmatic accreditation. 

The process is incredibly complex to start a new school. Foreign schools wishing to operate in the US must surround themselves with a team of experienced people to shorten the process. 

Once accreditation is obtained, a school must maintain its accreditation and licensing by meeting goals and measures.

Once reserved for less than stellar institutions, remote education is now mainstream even for world renowned institutions.

People are increasingly busy ; a platform that allows students to study on their own term makes a lot of sense.

Everyone has now access to digital devices with good internet connection allowing for good videos streams. Online education can be used for formal programs as well as professional training in an “a la carte” fashion.

A combination of custom pre recorded modules with live video interaction with an instructor can be used to achieve educational goals.

President Trump signed an executive order in 2017 aimed at boosting apprenticeship.

Apprenticeship is a way to get practical training from professionals in a certain industry. This mode of education if very common in Europe, for instance Germany has many programs for auto mechanics within the car industry. Apprenticeship is not meant to give student soft skills, but highly specialized sets of skills, leaving students ready to enter the job market fully trained. 

Trade schools have a bit of different approach. Education is done in a classroom setting with professional educators, some of them being professionals in a specific industry. Student graduate with a degree, usually a 2 year associate degree or simply a certificate. Those trade certificate focus on efficiency. They teach students readily applicable skills and prepare students for the job market.

 

In the US, the cost of education has been steadily increasing over the last 40 years.Cost can vary greatly. A in-state student might pay $10.000 a year in a community college, an out of state student could pay up to $50.000 in private institutions. To make matters worse, the length of education keeps increasing with students reaching for advanced degrees. 

This is notoriously concerning as some areas of study do not have matching job compensations. Students are still very much driven by their dreams and do not look at education from an investor standpoint.

The current student loan debt in the US is 1.5 trillion dollars. Some economist say that burden could trigger the next financial crisis. 

We urge educators to offer financially compelling degrees, both from their business standpoint but also for the good of their student’s future.