Thanksgiving vacation provided me with some time to catch up on reading. I’ve significantly reduced magazine subscriptions due to their digital availability, but one I continue to receive in print is The Economist. In its November 2, 2019, issue, the magazine wrote about business schools in the U.S. and the market forces forcing them to change.
More than 40 years ago, I started working at Price Waterhouse (now PricewaterhouseCoopers, or PwC). Even though I was on the consulting track, I was encouraged to sit for the Certified Public Accountant (CPA) exam and become a licensed CPA. Having this license, along with an MBA, boosted my career and I subsequently served as CFO at five different companies over the years.
It’s no secret that state funding per student for public higher education has dropped significantly since the 2008 recession. In response to lower tax revenues during the recession, states cut their funding to higher education (a non-mandated spending item in most state budgets) and public colleges and universities responded by increasing tuition, recruiting more out of state students, eliminating faculty and staff positions, and shuttering academic programs. Many states’ tax revenues have rebounded since then, and yet their funding for higher ed has not. According to the Center on Budget and Policy Priorities, only four states out of 49 analyzed have increased their funding per student above the 2008 funding levels.
Given that state treasuries have purportedly returned to pre-2008 levels, one might assume that states would no longer be cutting higher education funding. However, that’s not the case. At least three states recently indicated the potential for change, and not necessarily positive change. The most notable was Alaska, where Governor Mike Dunleavy cut the state’s higher education funding by more than $130 million on June 28. The cut represented 41% of the state’s annual higher education budget. After the legislature failed to override his line item veto cut, the board of regents declared financial exigency. After weeks of discussion, the Regents and Governor agreed to reduce funding by a cumulative $70 million over three years. However, this occurred after the system president proposed merging the state universities under one entity, triggering a faculty vote of no confidence and a letter from the universities’ accrediting body. The Regents and the system president rescinded that recommendation, for now.
Last week, serial entrepreneur Mark Cuban created a stir with his statement at the SXSW (South by Southwest) conference that the world’s first trillionaire will be someone who masters artificial intelligence (AI). In the past, Cuban has been an avowed proponent of the value of a liberal arts degree for its ability to teach critical thinking. However, at SXSW, he advocated the study of computer science, stating, “Whatever you are studying right now, if you are not getting up to speed on deep learning, neural networks, etc., you lose."
The fourth conference organized by the Policy and Internet Journal (PIJ, founded in 2009) and the Oxford Internet Institute (OII) was held at the Mathematics Institute at Oxford University in late September. I was pleased to attend and represent American Public University System. The following recaps some of the presentations.
“We move from one online platform to another as part of our daily lives,” said Professor Helen Margetts, OII chair.
Oakland has been chosen as a pilot for the concept of UBI (universal basic income). Y Combinator, a Silicon Valley incubator and early-stage funder of Airbnb and Dropbox, announced a pilot in May to provide 100 individuals a monthly stipend for up to a year. The purpose is not just to test whether the UBI theory will succeed, but to also test the logistics of how to manage such a program. Matt Krisiloff, the manager of the pilot, noted that he was inspired to conduct the experiment based on his work with Artificial Intelligence.
Jeff Selingo, author of College (Un)bound, recently released his latest book, a primer for parents of college-aged children. He maintains that today’s teenagers and young adults have many challenges ahead of them after college graduation and that it’s appropriate to start thinking about how to manage your career as soon as you finish high school. Selingo notes that the education system is out of sync with the economy and that college is a platform for lifelong learning that we will leave and return to whenever we need further education and training to get ahead in our existing job or to switch careers.
As Public Service Recognition Week (PSRW) comes to a close, I’d like to reflect on how we honored our amazing federal employees. This year, the week started with the President’s Proclamation declaring its observance. In his edict, the president reminded us that being a federal employee is about more than having a job.
As part of its ongoing contributions to improving higher education, the Lumina Foundation issued a white paper in August 2015, A Benchmark for Making College Affordable – The Rule of 10. The paper initially references the 45 percent increase in the cost of college over the past decade while the average family income rose only 7 percent over the same period.
The Aug. 17, 2015 issue of Forbes features an article by George Anders, whose premise is that brilliant coding and engineering is a given in Silicon Valley corporations but that their real value-add comes from employees who can sell and humanize their products. He writes about two executives with Slack Technologies, Anna Pickard and Stewart Butterfield, who majored in theater and philosophy, respectively.