The Impact of the Financial Crisis on Tertiary Education Institutions

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Presentation transcript:

The Impact of the Financial Crisis on Tertiary Education Institutions Jamil Salmi OECD Conference 29-30 June 2009 Air France, Air Astana, Austrian Air “35,000 feet above the ground there is a gourmet restaurant flying by”

Ferrari and Fiat 500

impact of the crisis how resource flows are affected responses of tertiary education institutions scenarios for the tertiary education sector implications for governments opportunities

resources flows reduced government funding for teaching, research and student aid reduced resources for institutions as demand falls (new domestic and foreign students, dropouts)

resource flows (II) fewer resources from private sector (donations, contracts) fall in stock market values reduces value of endowments and pension funds

differential effects scope of crisis business model and financing strategy how endowment resources are used balance among various sources of income country and type of institution Endowments had increased a lot, for many back where they were three years ago

response of tertiary education institutions budget cutting measures revenue generation

budget cutting measures employment-related programs and academic organization students (number, teacher/student ratio) efficiency measures

revenue generation strategies demand-linked measures financial measures

strengthening financial planning and management information and monitoring fund-raising strategy and team investment strategy contingency planning

scenarios for the tertiary education sector graduate unemployment shifting demand (from long to for shorter duration programs, private to public, foreign to domestic) increased inequality deteriorating quality (with fewer resources)

implications for governments increase scholarships and establish / strengthen student loan programs include tertiary education in economic stimulus plans R&D capacity building entrepreneurship for innovation Finland experience

opportunities innovations and startups attracting foreign students developing domestic private sector philanthropy

opportunities efficiency gains and no-frill options implementing structural reforms strategic focus new academic model new business model

conclusion differential effects depending on context and strategic positioning short term reactions vs. long term realignment

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