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Forbes
7 days ago
- Business
- Forbes
How College Leaders Can Play Offense On Value
The new the Carnegie Classifications now include a more central focus on value and economic ... More mobility, turning them into a highly impactful tool in college leaders' arsenal. There is as much variety among the nearly 4,000 degree-granting colleges and universities in the United States as in the nation itself. From tiny liberal arts colleges to massive universities with student populations as large as a major city—and everything in between—it's important to understand the differences among them. This is especially true as questions about the value of higher education continue to grow louder. Fortunately, one of the primary systems for differentiating colleges just got a major overhaul. A few weeks ago, the American Council on Education and the Carnegie Foundation for the Advancement of Teaching unveiled a long-awaited update to the Carnegie Classification of Institutions of Higher Education—colloquially known as the Carnegie Classifications—which are the main way that American colleges and universities are categorized and compared. Initially developed in 1973 to support research and policy analysis, the classification system has been updated every few years to reflect the changing higher education landscape. This year's changes, which marked the 10th update overall, were significant. Most notably, the Carnegie Classifications now include a more central focus on value and economic mobility, reflecting the growing shift of the higher education field in this direction. In addition to reimagining the basic classification types, the system now includes a new category to capture the institutions that improve student access and earnings. This means that the system now explicitly identifies the extent to which institutions provide access to underrepresented students and the degree to which students go on to earn competitive wages. This evolution is a noteworthy move for a system that has substantial influence over colleges' behavior and the options students and families consider to ensure the best possible outcome from investing in higher education. Historically, certain Carnegie categories have served as somewhat of a status symbol for colleges and universities. The 'R1' designation, for instance, came with a high degree of prestige and was often sought after by institutions looking to grow their national prominence. But those designations were primarily driven by the amount of funding spent on research and the highest-level degree types that different colleges awarded rather than factoring in student outcomes. While research is an important function of higher education, earning an R1 designation didn't indicate much about how well a particular institution actually served its students. Redefining the drivers of these classifications can help rewrite the markers of prestige for American colleges. And in a challenging postsecondary landscape and unpredictable political environment, this new system can help college leaders play offense—not defense—when it comes to proving their value. Those leaders who embrace the access and earnings information and use it to drive improvements will be directly responding to the questions and concerns that many are raising about value. Colleges and universities that can show that their graduates have strong career outcomes—especially those who admit a broader range of students from different socioeconomic backgrounds—will be distinguishing themselves in ways that are truly worthy of praise. In addition, the classifications' new consideration of regional economic context in measuring graduate earnings is a significant step. It recognizes that earning $40,000 per year in a small, rural community means something very different than earning $40,000 per year in a major city. The consideration of labor market and demographic differences as part of the overall evaluation of how well colleges are serving their students allows for a more nuanced understanding of an institution's value proposition within its specific community, economy and state. Regional context also incentivizes institutions to better serve their local economies. Allowing institutions with similar demographics and economic conditions to compare themselves to one another enables those who are excelling to inspire and inform other 'like' institutions. And if how well graduates do in the labor market is now a key driver of excellence, that should translate into greater economic mobility for students and a more prepared talent supply to fill key jobs in local economies. The new system also has the potential to be useful to consumers. Previous versions of the classification structure had limited meaning to students or families; the majority of students weren't concerned with going to a school that had achieved a particular Carnegie classification. Instead, they were (and are) interested in attending accessible colleges that are known to help their graduates achieve their goals and find success. A system that incorporates measures that matter to students and families and contextualizes colleges within their local communities has the potential to be a useful tool for helping people to understand their options and make informed choices. And in addition to the importance of delivering value to students, greater confidence among potential consumers is likely to help address the enrollment challenges that many institutions across the country currently face. The shift to a central focus on value in higher education requires leadership on multiple fronts. It requires demand from consumers, which has undeniably come to the fore in recent years. It requires states to set the right policies and incentives to drive their colleges and universities in the right direction. And, critically, it requires college leaders themselves to make changes in what they prioritize at their institutions. Given their traditional significance among higher education leaders, the evolution of the Carnegie Classifications marks an important change for one of the essential groups who can influence postsecondary value. The fact that demand for new classifications came from institutions themselves is a positive indicator of the field's willingness to make the tough changes necessary to deliver on higher education's promise. When paired with a shared vision and a smart state strategy, these new classifications can be a highly impactful tool in college leaders' arsenal. The great reorienting of higher education around value continues to move forward; and it's time for college leaders to play offense.
Forbes
13-05-2025
- Politics
- Forbes
Students Don't Want A Romanticized Version Of College—They Want Opportunity
At a time when public trust in higher education is waning, employer confidence is being tested, and political pressure is intensifying, defenders of the ivory tower are retreating to familiar ground: college, they argue, is not primarily about jobs or opportunity. It's about coming of age. About becoming an engaged citizen. About immersing oneself in a forum of ideas. It's a comforting narrative—nostalgic, even—but it's also deeply misleading, and steeped in privilege. It reflects the experience of a small fraction of students who can afford to spend years of their lives, and tens of thousands of dollars, on an education with intangible outcomes and challenges in converting their investment into opportunity. For most students—including working adults, first-generation students, and those juggling school with other responsibilities—that's a luxury they can't afford. It's also worth remembering that higher education in America was never meant to be an elite pursuit. It was built as a pathway to economic mobility and national progress—an engine of the American Dream. While the early colleges of the 17th and 18th centuries were largely oriented to theology or the professoriate, by the mid-19th century the modern university system had begun to take form. With the Morrill Land-Grant Acts of 1862 and 1890, Congress created a network of public universities designed to offer practical education aligned with workforce needs—a tradition that ultimately led to the modern bachelor's degree, the credit hour, and the 'four-year' experience. That foundational mission still resonates today. While a privileged few may enroll in postsecondary education purely to expand their intellectual horizons and experience a romanticized, Hollywood version of college, research from Lumina Foundation and Gallup shows that the vast majority do so to get a great job and improve their economic prospects. Our higher education institutions themselves have leaned into that promise, building a model around career pathways, degrees, and credentials. They have launched graduate colleges predominantly focused on professional domains. They linked tuition to future earnings potential (when it suited them). And they marketed their programs on the basis of job placement and return on investment. If that model is now showing cracks—if it's become too expensive, too rigid, or too disconnected from the labor market—then we shouldn't retreat to abstract ideals. Institutions can't have it both ways. I have a simple definition of 'education': the acquisition of knowledge, skills, and ability in order to advance one's life. While education surely has generalized value and is vital to personal development—it improves our understanding, ability to reason, our productive engagement, quality of choices, nurturing of children, etc.—for individuals to thrive, they must also be able to apply what they've learned to a relevant opportunity. It stands to reason, then, that the purpose of higher education–or any structured educational pathway–is to activate talent into opportunity. Or, put differently, to enable social and economic mobility by connecting inherently talented individuals to the abundant opportunity that exists, but is often inaccessible. It's this promise or belief that the government and taxpayers are underwriting, and to which parents and individuals are particularly committed. However, for this promise to be fulfilled, our colleges and universities must do more to prepare students to navigate the complexities of today's job market. A recent report from Hult International Business School highlights what many of us already see: too many graduates leave college unprepared for the demands of the workplace. According to the survey, 98% of employers say they're struggling to find talent, yet 89% actively avoid hiring recent graduates. That disconnect is a clear signal that our institutions need to focus more, not less, on measurable outcomes. How can we justify asking students—and taxpayers—to invest so heavily in education, only to leave them stranded at the threshold of economic opportunity? And that's to say nothing about the 40% of students who aren't reaching graduation within six years due to system barriers we've failed to address. For these students, college isn't just a broken promise; it's a liability, saddling them with debt with little to show for it. And yet, even in the face of these urgent challenges, there are those who still claim that the true purpose of college is something more abstract: the cultivation of character, the shaping of citizens, the appreciation of beauty and debate. They argue that higher education is an intrinsic good—one that shouldn't be measured by job outcomes or economic return. This is a false dichotomy. Our institutions don't need to choose between education as self-enrichment and education as economic empowerment; it's a 'both, and.' Degrees in philosophy and poetry, for example, can equip learners with enduring 'human skills' like critical thinking, communication, and ethical reasoning—skills essential not only to democratic engagement but also to professional success. What matters is whether programs are designed with that objective also in mind—and whether institutions hold themselves accountable to the outcomes students seek. Indeed, many innovative institutions and long-established liberal arts schools are already embracing this approach. They're not just celebrating intellectual growth, but actively designing programs that connect education to tangible, real-world outcomes. That means measuring what matters, removing barriers to completion, and ensuring that every learner—regardless of background, socioeconomic status, or life circumstances—has access to high-quality education and the support they need to succeed. For higher education to regain the public's trust, though, this shift must be more widespread. We can't afford to retreat into nostalgic ideals; we must build a system that delivers on the practical outcomes students and society expect. Advancing equitable outcomes isn't just a moral imperative; it's central to fulfilling higher education's true purpose. Economic relevance and the formation of character and citizenship are not mutually exclusive. In fact, they're most powerful when pursued together. A 21st-century higher education system must recognize that truth—and design for it.
Yahoo
13-05-2025
- Business
- Yahoo
One Year On, JPMorganChase Shares Progress on £40M Investment in the U.K. and Deploys £3.3M to Boost Career Opportunities Across the Country
Delivering on its initial investment to support U.K. careers, the firm has expanded its in-house work experience initiatives and invested in national career readiness programmes NEW YORK, May 13, 2025--(BUSINESS WIRE)--As JPMorganChase continues to deliver on the £40 million commitment made in May 2024, which aims to help drive inclusive economic growth across the U.K., the firm is sharing progress and investing in new programmes to create career opportunities. Research shows that the U.K. is one of the least socially mobile countries among developed nations.1 With more than 22,000 employees in cities across the U.K. – from London to Bournemouth to Glasgow – the firm uses its unique expertise, insights and resources to help drive solutions to address this economic challenge and help grow communities, businesses and the economy. The firm's latest efforts focus on two work experience commitments: Boosting career readiness: As the U.K. Government aims to deliver two weeks worth of work experience for all young people, the firm is providing an additional £3.3 million to The Careers & Enterprise Company (CEC), the national body for careers education in England, to help connect over 3,700 young people from lower socio-economic backgrounds to high quality work experience opportunities across the U.K. Revamping work experience at JPMorganChase: Aligned with best practices defined by OECD research, the firm has refreshed its work experience programme and expanded into Edinburgh. This new approach will give young people living in underserved areas multiple opportunities to engage in work experience at the firm - providing them with insights into the finance and technology industry. JPMorganChase announced its new philanthropic investment and upgraded work experience programme during a roundtable discussion in Parliament. The roundtable focused on removing barriers to career opportunities, bringing together the Rt Hon. the Baroness Morgan of Cotes, Chair of The Careers & Enterprise Company; Anna Dunn, CEO of JPMorganChase U.K.; Tim Berry, Global Head of Corporate Responsibility for JPMorganChase; and other employers, policymakers and non-profit organisations. Given the firm's presence as the largest private sector employer in Bournemouth, and recent investment to enhance career readiness in the South-West region, Bournemouth MPs Jessica Toale and Tom Hayes co-hosted the discussion in Parliament. "We are investing in skills and training to help U.K. residents access greater career opportunities, because we think engaged labour force participation is a critical element of the strong economy that benefits U.K. business," said Anna Dunn, CEO of JPMorganChase U.K. "Our continued investments will support the U.K.'s increased focus on boosting skills and pathways to quality careers." Further detail on the latest work 1. Boosting career readiness In the U.K., nearly 1 in 7 young people are not in education, employment or training (NEET), the highest level since 2013.2 Data also indicates that work experience can increase a young person's chances of staying in school or employment by 47%, yet students do not have equal access to work experience across the country.3 At the same time, disadvantaged young people who access high quality career guidance, including work experience, are 20% less likely to become NEET. The U.K. government's broader education and skills reform as well as the Youth Guarantee - which aims to offer young people in England access to education, training or work - offers an opportunity to address issues of social mobility and economic inequality. The firm's commitment JPMorganChase is providing an additional £3.3 million to CEC to help address the work experience gap for underserved young people by providing multiple and bespoke high-quality career interactions. This programming will offer tailored work experience to improve career readiness and employability of over 3,700 young people from lower socio-economic backgrounds over three years, exposing young people to different growth sectors, work environments, and offer skill building opportunities. Through the support of JPMorganChase, CEC will work with 500 employers and 250 schools to improve the way they prepare young people for their next steps. The firm has a longstanding relationship with CEC and in 2021 JPMorganChase provided £2 million in support for a career readiness pilot helping young people from disadvantaged backgrounds. This pilot initially supported 1,000 young people through coaching and work placements to transition from education into work or training. The Institute for Employment Studies (IES) examined the impact of the pilot and found positive results – the education choices and career chances of young people were significantly improved upon participating in the pilot. 94% successfully transferred to college or training on leaving school at 16 93% are still on their course after six months, compared to 87.8% of all disadvantaged young people Today's renewed support for CEC brings the firm's total support to over £8 million – helping over 6,200 young people and driving long-term impact and scaling learnings from the firm's investments meeting wider NEET prevention ambitions, aligned to the government's Youth Guarantee. 2. Revamping work experience at JPMorganChase OECD research highlights that multiple touch points with employers and exposure to the world of work during secondary school is crucial to prepare young people for future careers and enhances their earning potential.4 However, across the U.K. students from lower socioeconomic backgrounds are significantly less likely to access these opportunities. The firm's commitment JPMorganChase has upgraded its new work experience programme and will host over 250 students a year in London, Bournemouth, Glasgow, and most recently has expanded the offering to Edinburgh. Working with Uptree, a careers organisation, the firm will promote the programme in local schools in areas where students face greater barriers. This initiative will help students develop the key skills employers look for and complements the firm's existing degree-level apprenticeship program and our Aspiring Professionals Programme (APP). The APP, run by the Social Mobility Foundation, has helped more than 800 young people secure a job at JPMorganChase and other firms since 2012. A young person that participated in a JPMorganChase work exposure programme said: "This was a once in a lifetime opportunity for me, working in a team and having to take responsibility for my work. We had to overcome conflict in our team and learn to collaborate and get back on track. I'll be able to use these skills in the future as I pursue my studies and beyond as I think about work." Overall progress on the firm's £40 million commitment and new small business investments Since JPMorganChase's 2024 announcement, the firm has deployed over £10 million in the first year of the five-year commitment through support for non-profit organisations such as CEC, Young Enterprise, Nest Insights, and other organisations. Beyond this deployment, which focuses on financial health and skills, JPMorganChase has also provided an additional £5.2 million to support small businesses in the U.K. Specifically, the firm has moved forward on the following: JPMorganChase Fintech Forward Programme: Following last year's commitment to launch an accelerator supporting the development of financial management tools, the Fintech Forward Programme will aid companies in developing solutions to help businesses and residents improve access to financial services. Applications open this month and successful applicants will join workshops, webinars, the Slush Helsinki tour and an offsite at the JPMorganChase Glasgow Technology and Innovation Centre, leveraging the firm's network and gaining exposure to external experts and JPMorganChase mentors. Enhancing access to supply chains: Building on the firm's 2024 announcement, JPMorganChase is providing £1.2 million in additional support to Newable, a small business advice organisation, to pilot a two-year programme. This initiative aims to improve supply chain access for 15,000 underserved U.K. small businesses in sectors like food and drink, construction, and facilities management by connecting them to major vendors with government contracts. The programme aligns with the U.K. government's upcoming Procurement Act, which aims to simplify public sector procurement and boost small business participation in the economy. Supporting CDFIs to deploy small business loans: JPMorganChase has provided £4 million in support to Responsible Finance, a non-profit focused on small businesses, to enhance the operational capacity of Community Development Finance Institutions (CDFIs) so they can finance and support more small businesses. This support aims to make CDFIs' operations more efficient with new technology, attract more customers with better marketing and communication and bolster leadership through employee training. This initiative complements British Business Bank's plan to lend £150 million to small businesses over the next two years. Quotes: John Yarham, Interim CEO of The Careers & Enterprise Company, said: "We are proud to continue our partnership with JPMorganChase, which has already proven how regionally targeted and tailored careers support can improve young people's outcomes. This latest investment builds on a growing evidence base that shows how structured, high-quality work experience can build confidence, increase employability, and help young people take their best next step – especially those furthest away from work-related networks." Jessica Toale, MP for Bournemouth West, said: "Breaking down barriers to opportunity is a key mission for this government. We are reforming skills training to ensure every young person has better access to the education, training, and employment that meets their aspirations. JPMorganChase's new £3.3 million investment offers a significant opportunity to tackle barriers to social mobility and foster economic growth. The firm's 2024 career readiness investment in the South-West region underscores their commitment to Bournemouth. I am proud to support these efforts to enhance career guidance for young people in our area." JPMorganChase in the United Kingdom With a legacy dating back more than 200 years, JPMorganChase has a track record of demonstrating leadership during times of both economic growth and financial instability. The firm provides £600 billion in credit and capital to nearly 4,500 medium and large companies and supports over two million retail customers. At the same time, together with its non-profit partners the firm has supported over 33,000 low income households to reduce their debt and improve their financial health, helped over 10,800 small businesses to grow their activity and placed over 9,800 individuals into apprenticeships or full and part-time employment. 1 2 3 4 View source version on Contacts Paripa Shahparipashah@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
