Internet Learning Volume 3, Number 2, Fall 2014 | Page 31

Internet Learning
below). However, as the labor market
has struggled, the value of a college education
has been questioned by graduates
who cannot find a job or find a job
in their desired field.
• As of June 2014, at 10.5%, the unemployment
rate for individuals aged
20-24 was more than twice that of
those aged 25-54 at 5% (U.S. Bureau
of Labor Statistics, 2014a).
• In the Voice of the Graduate report
prepared by McKinsey & Company
and Chegg, Inc., 41% of respondents
from U.S. News & World Report top
100 colleges and 48% from non-top
100 colleges could not get a job in
their desired field (Dua, 2013).
• In a 2013 student loan survey conducted
by Wells Fargo, when asked
about the cost for a college education
in relation to opportunities a degree
provides, 31% of the 1,400 millennials
surveyed said they would have
been better off working instead of
going to college and paying tuition
(Wells Fargo, 2013).
While part of the reason for the education/employment
divide is grounded
in the post-recession economy, many employers
in the U.S. also claim that higher
education does not deliver graduates with
the proficiencies they need. This belief has
helped shape their declining view that higher
education institutions are providing value,
which is in contrast to the perspectives
of college presidents who believe a college
education has increased in value (Figure 3).
Academics and pundits can and will
debate whether the value of a college education
is found in personal enlightenment
or career preparation. The reality is that it is
not an either/or proposition. The programs
with the greatest impact will provide both
the professional proficiencies that employers
say they want and the communication,
writing, interpersonal, planning, leadership,
and critical thinking qualities they
need, thereby positioning graduates for
success in whatever endeavor they seek.
In an increasingly competitive
higher education market, particularly for
online students, and where the rewards of
a college education are questioned, institutions
that are able to unlock value, articulate
it clearly, and align it to their mission
and their areas of programmatic strength
and differentiation will create distinction
to separate themselves from other institutions
thereby improving their competitive
position. Today, that increasingly requires
a combination of the quality education, affordability,
and branding aspects previously
noted above along with either a focus on
industry needs and/or a clear articulation
of the ways the core values of a liberal arts
education are central to addressing industry
concerns.
• Competency-Based Education –
CBE is not a new approach, having
been applied for decades as a staple
of corporate training. Its use in higher
education has wavered over that
time period but in the current market,
where online education provides
an opportunity to develop targeted
competency-based programs, the
approach has gathered momentum.
Even the United States Department
of Education has approved certain
CBE programs for federal financial
aid, marking a significant shift in unlocking
funding from seat time.
Institutions such as Western Governors
University and Excelsior College have
built curriculum around competencies either
in a self-directed manner or within
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