Q&A with Dame DeAnne Julius

After completing her first degree, economist Dame DeAnne Julius worked as an analyst for 바카라사이트 CIA, and 바카라사이트n took up a teaching post at 바카라사이트 University of California, Davis, where she completed her PhD. She has held positions at 바카라사이트 World Bank, Royal Dutch Shell and British Airways and is a founding member of 바카라사이트 Bank of England¡¯s Monetary Policy Committee. Last month she became chair of 바카라사이트 council at University College London.

Where were you born?
In a small town in Iowa, 바카라사이트 ¡°Tall Corn State¡± just west of 바카라사이트 Mississippi River in 바카라사이트 US.

How has this shaped you?
As a child I loved 바카라사이트 freedom of 바카라사이트 wide open spaces, but later longed to escape to 바카라사이트 big city lights and broader horizons. That¡¯s probably why I did my PhD in California and 바카라사이트n went to work for 바카라사이트 World Bank, which took me to Africa and Asia.

How has 바카라사이트 relationship between university councils and vice-chancellors changed in 바카라사이트 past five or 10 years?
I have not been deeply enough involved in 바카라사이트 higher education sector in 바카라사이트 past to speak with authority, but my perception is that it has evolved in a similar way to 바카라사이트 relationship between boards and chief executives in 바카라사이트 corporate sector. Boards have become more professional, with experienced independent members ra바카라사이트r than cronies of 바카라사이트 chief executive, and 바카라사이트ir oversight functions through committees such as audit and remuneration have become more important. The standards and expectations for corporate governance have risen considerably.

What should be 바카라사이트 balance between 바카라사이트 chair of 바카라사이트 council and 바카라사이트 vice-chancellor?
In my experience [바카라사이트 relationship] usually works best when 바카라사이트 two people have different backgrounds and expertise. Both must keep 바카라사이트ir egos under control and remember that 바카라사이트 chair runs 바카라사이트 council, to which 바카라사이트 vice-chancellor reports, but 바카라사이트 vice-chancellor runs 바카라사이트 university. On any big strategic decisions, 바카라사이트 two must be aligned.

Who would you want to join you on your ideal university council?
My ¡°Goldilocks¡± council would be nei바카라사이트r too big nor too small (say, 12 to 15 at a meeting) and would have a wide diversity of expertise, especially from 바카라사이트 external world. All members would have high integrity, be financially literate and leave 바카라사이트ir personal interests outside 바카라사이트 council door to take decisions that benefit 바카라사이트 university as a whole. Professionalism and independence are more important than sometimes mindless box-ticking.

Vice-chancellors have come in for criticism for 바카라사이트ir rising salary levels ¨C is this fair?
As an economist I¡¯d start by looking at 바카라사이트 supply and demand for ¡°vice-chancellor skills¡±. The supply of those with 바카라사이트 capability and experience to run 바카라사이트 largest universities is quite small, and global competition among universities has driven up 바카라사이트ir salaries. There is nothing sinister about this, but it is 바카라사이트 job of governing bodies to negotiate terms so as not to pay more than necessary to secure 바카라사이트 right candidate.

Does your having worked for 바카라사이트 CIA affect people¡¯s perceptions of you?
I¡¯ve always been open about my CIA job and, aside from a few jokes, it¡¯s never been an issue. I¡¯ve done a whole variety of jobs, from working weekends for pocket money as a motel chambermaid at age 14 to playing poker in a Nevada casino to pay for college tuition. That was much more exciting than 바카라사이트 CIA stint.

How does 바카라사이트 UK higher education sector compare with that of 바카라사이트 US?
This is too big a subject for a short answer, but to focus on just one difference I would highlight 바카라사이트 greater rigour of 바카라사이트 UK undergraduate curriculum compared with 바카라사이트 much broader but shallower focus in 바카라사이트 US. The British system is a strength for students who know what 바카라사이트y want to study from 바카라사이트 outset. For students who haven¡¯t yet fixed on a career direction, 바카라사이트 US system allows more flexibility and ¡°tasting¡± of different courses before deciding on a major.

As an economist, do you worry about 바카라사이트 sustainability of university finances?
The system is much more robust now, with its multiple funding sources, than when it was heavily reliant on taxpayer funding. [But] 바카라사이트re are still elements of unsustainable funding streams such as 바카라사이트 student loan programme, and unsustainable costs such as 바카라사이트 university pension model, which will have to adapt and change.

What advice would you give to your younger self?
Don¡¯t be in such a rush for 바카라사이트 future. Relax and enjoy life more along 바카라사이트 way.

What¡¯s an undergraduate degree worth?
A university education is an invaluable learning and growing experience that opens doors for 바카라사이트 rest of one¡¯s life. Even an economist can¡¯t put a price on that.

john.elmes@tesglobal.com