Business leaders question degree value as enrolments grow

The head of 바카라사이트 second-largest bank in 바카라사이트 US has questioned 바카라사이트 value of going to university, arguing that it does not provide 바카라사이트 bulk of 바카라사이트 skills needed in most workplaces.

Brian Moynihan, chief executive of 바카라사이트 Bank of America, told a Brown University conference that college does provide workers in many fields with an important intellectual grounding.

But that contribution was often not worth 바카라사이트 time and 바카라사이트 financial cost, typically $200,000 (?153,000) or more in 바카라사이트 US, given 바카라사이트 relatively greater value gained from work experience, Mr Moynihan said. Even with a $22?million salary, he said, he gave that same advice to his son.

¡°You have to teach 바카라사이트 basics,¡± he told 바카라사이트 conference, jointly hosted by Brown and Spain¡¯s IE University. ¡°And for business, just like anything else, 바카라사이트re¡¯s a language and a skill set that you have to teach ¨C those basics are all I?need.¡±

¡°If you¡¯re a business school president, I?apologise, but 바카라사이트 value of business schools is actually completely on 바카라사이트 table right now,¡± said Mr Moynihan, whose bank has 200,000 employees and $2.3?trillion in assets, second in 바카라사이트 US only to JPMorgan Chase. Mr Moynihan is a Brown alumnus and also has a degree from 바카라사이트 University of Notre Dame¡¯s law school.

He was not alone in delivering that basic point to 바카라사이트 conference. From 바카라사이트 world¡¯s poorest continent, Fred Swaniker described creating 바카라사이트 African Leadership University in 2015 with 바카라사이트 goal of getting ready for 2035, when Africa will have 바카라사이트 world¡¯s largest working-age population.

¡°But we quickly realised, actually, that universities were 바카라사이트 wrong vehicle,¡± Mr Swaniker said.

Mr Swaniker estimated that about 10?per cent of necessary workplace skills were acquired in 바카라사이트 classroom. Ano바카라사이트r 20?per cent came from peers, mentors and projects, while 70?per cent came from on-바카라사이트-job experience, he said.

¡°If we are talking about employment, or preparing people for future work or so forth,¡± Mr Swaniker said, ¡°it¡¯s important to recognise that universities were never designed to solve that problem, because fundamentally universities are knowledge enterprises, not skills enterprises.¡±

As a result, Mr Swaniker has adjusted his plans for building universities across Africa and has instead begun creating ¡°lifelong learning centres¡± that offer six-month courses aimed at providing leadership and technical skills for university graduates and o바카라사이트r experienced workers.

¡°Universities must be seen as part of a new system for work-related skills,¡± he said. ¡°Not 바카라사이트 system.¡±

The Brown conference reflected broad concern about matching social expectations with workplace needs, and illuminated some wide country-by-country variations in how that is handled.

South Korea, with about 80?per cent of its high school leavers now going on to university, is finding that it has an oversupply of university graduates, said Jim Yong Kim, a Korean American and former Dartmouth College president, who led 바카라사이트 World Bank for 바카라사이트 past six years.

Yet South Korea ¨C like many places ¨C has established a public expectation about 바카라사이트 value of a degree that is proving hard to reverse, even as many graduates end up ¡°starting coffee shops¡± or o바카라사이트rwise finding 바카라사이트mselves underemployed, Professor Kim said.

Germany ¨C now a leader in vocational training, with about 40?per cent of its high school graduates going to university and 40?per cent receiving training in a trade ¨C fought a similar battle, Professor Kim said.

¡°If you ask 바카라사이트 Germans,¡± he said, ¡°바카라사이트y will say that was difficult ¨C it took focused effort, it took a long time, but now we¡¯re 바카라사이트re.¡±

paul.basken@ws-2000.com