4 reasons to rethink college to career

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Why should Higher Education transform the way it prepares students for careers? This presentation gives four reasons: Student expectations; employer needs; government intervention, and Higher Ed imperatives.

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  • Seven in 10 college seniors (71%) who graduated last year had student loan debt, with an average of $29,400 per borrower. From 2008 to 2012, debt at graduation (federal and private loans combined) increased an average of six percent each year.
    Project on Student Debt: State by State Data
    projectonstudentdebt.org/state_by_state-data.php
    Recent college students are defaulting on federal loans at the highest rate in nearly two decades, reflecting "crisis" levels of student debt and a lackluster economy that leaves graduates with bleak employment prospects.
    One in 10 recent borrowers defaulted on their federal student loans within the first two years, the highest default rate since 1995, according to annual figures made public Monday by the Department of Education.
    A separate gauge, measuring defaults occurring within the first three years of required payments, showed that more than one in seven borrowers with federal student loans went into default
    Department of Ed data in Huffingtonpost.com article: Student Loan Defaults Surge to Highest Level in Nearly 2 Decades, Sept 30 2013
  • Seven in 10 college seniors (71%) who graduated last year had student loan debt, with an average of $29,400 per borrower. From 2008 to 2012, debt at graduation (federal and private loans combined) increased an average of six percent each year.
    Project on Student Debt: State by State Data
    projectonstudentdebt.org/state_by_state-data.php
    Recent college students are defaulting on federal loans at the highest rate in nearly two decades, reflecting "crisis" levels of student debt and a lackluster economy that leaves graduates with bleak employment prospects.
    One in 10 recent borrowers defaulted on their federal student loans within the first two years, the highest default rate since 1995, according to annual figures made public Monday by the Department of Education.
    A separate gauge, measuring defaults occurring within the first three years of required payments, showed that more than one in seven borrowers with federal student loans went into default
    Department of Ed data in Huffingtonpost.com article: Student Loan Defaults Surge to Highest Level in Nearly 2 Decades, Sept 30 2013
  • Gallup-Inside Higher Ed College and University Presidents Panel-Inaugural Survey Findings, May 2, 2013, and 2014 Inside Higher Ed Survey of College & University Chief Academic Officers
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  • 4 reasons to rethink college to career

    1. 1. 4 Reasons to Rethink College to Career by Sheila Curran President & Chief Strategy Consultant Curran Consulting Group © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    2. 2. The 4 Reasons Students Employers Government Higher Ed © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    3. 3. Students (Expectations) Students Do colleges and universities meet student expectations for career preparation? © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    4. 4. Students want College to Lead to Better Jobs 90.00%   85.00%   2012:  87.9%   incoming   freshmen  go  to   College  to  get  a   be=er  job   80.00%   75.00%     70.00%   65.00%   60.00%   55.00%   1976:  67.8%   incoming   freshmen  go  to   College  to  get  a   be=er  job   50.00%   1   © Curran Consulting Group. All rights reserved. 2   4 Reasons to Rethink College to Career Students
    5. 5. Students Students Face a Poor Job Market Unemployment  %  of  College  Graduates  Aged  20-­‐24   Yearly  Averages:  2008  -­‐  2013   9.5   9   8.5   8   7.5   7   6.5   6   5.5   5   2008   2009   2010   2011   Source: Bureau of Labor Statistics, Table Ten, Unpublished © Curran Career Consulting. All rights reserved. 4 Reasons to Rethink College to Career 2012   2013  
    6. 6. Students Reality for New Grads •  The job market for new, young grads has been tough for five years and shows no sign of imminent improvement •  Approximately 37% of new grads are believed to be mal-employed— employed in part-time positions or positions not requiring a college degree •  For significant numbers of students, the path from college to career is unclear •  Many students start the job search too late and do not see value in their college’s career services © Curran Career Consulting. All rights reserved. 4 Reasons to Rethink College to Career
    7. 7. Employers (Disappointment) Employers Are students prepared for the work world? © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    8. 8. Students are Unprepared for Job Search Employers “ Thirty one percent of employers indicated that recent graduates are unprepared or very unprepared for their job search” Source: The Role of Higher Education in Career Development: Employer Perceptions, The Chronicle of Higher Education and American Public Media’s Marketplace, December 2012 © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    9. 9. Students Can’t Do the Job Employers Only 16% of hiring decision makers say college grad applicants are “very prepared” with the knowledge and skills they would need to do the job. Source: The Role of Higher Education in Career Development: Employer Perceptions, The Chronicle of Higher Education and American Public Media’s Marketplace, December 2012 © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    10. 10. Government Government •  Are students getting value for money from Higher Education? •  How can Higher Education be more transparent? © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    11. 11. Government Scrutiny Government •  In 2001, annual tuition was 23% of household income; in 2013, it was 38% •  Average student loan debt in 2012 was 29.4K •  More than one in 7 borrowers with federal student loans went into default within 3 years of graduation © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    12. 12. Government Action Government •  Gainful Employment Initiatives •  The College ScoreCard •  President Obama’s planned College Rating System How many colleges and universities have sufficient data to prove the value of their education and outcomes to students, parents and the government? © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    13. 13. Higher Ed (Under Pressure) Higher Ed •  Career outcomes affect matriculation, alumni engagement and fundraising •  Good career outcomes may impact reputation and even survival © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    14. 14. Higher Ed Higher Ed Gives Itself an A 97% of college and university presidents believe it is somewhat or very important that graduates are able to get a good job. 96% of chief academic officers believe their institution is either somewhat effective or very effective in preparing students for the world of work Higher Ed’s self perception is very different from the perception of graduates and employers: DOING NOTHING ABOUT ENHANCING CAREER OUTCOMES IS NOT AN OPTION © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    15. 15. 4 Reasons to Rethink College to Career Students Employers Increasingly want College to lead to better jobs, but many colleges are illequipped to help them Believe new graduates are neither prepared for the job search nor the jobs they want Higher Ed Government Seeks greater accountability and transparency on career outcomes from Higher Ed © Curran Consulting Group. All rights reserved. Will face increased scrutiny and regulation if it does not act to enhance career outcomes 4 Reasons to Rethink College to Career
    16. 16. Higher Ed Higher Ed Needs a Plan to Rethink Careers •  DO A STRATEGIC OPPORTUNITY ASSESSMENT •  MAKE CAREERS an INSTITUTIONAL RESPONSIBILITY AND PRIORITY •  DEFINE & IMPLEMENT QUICK WINS AND A LONG-TERM STRATEGY © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career
    17. 17. NEXT STEPS Imagine a Better Future for Your Graduates: Transform Careers on Your Campus Contact: Sheila Curran, CEO and Chief Strategy Consultant Curran Consulting Group CurranonCareers.com © Curran Consulting Group. All rights reserved. 4 Reasons to Rethink College to Career

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