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Matt Gelfand's avatar

While Arnold - as always - makes many insightful points, I wonder (just asking) whether his suggested solution is "throwing out the baby with the bathwater?" As the other Matt (below) suggests, the demand side of the market has potential for improving the quality of the product by voting with its feet. It'd be a long time coming until some other institutions develop a good enough reputation to supplant colleges and universities as the arbiters of who has learned enough to merit filling certain jobs.

As an important aside, the CFA Institute, which promulgates the Chartered Financial Analyst credential within the investment industry (a/k/a "Wall Street") has served in a certain field as a substitute for business schools and works in much the same way as Arnold's suggested scheme. CFAI puts forth a curriculum and suggested (well, required) readings, and at certain times each year administers exams for program participants. It's up to the participants to study and prepare for the exams as they wish - solo, with buddies, with paid lecturers, taking mock exams, and more. Much of the exams can be graded by computers, and the "essays" or long-form questions are graded by volunteers who are current certificants. Over the last 50 years, CFAI and its credential have developed excellent reputations in the financial industry.

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Matt's avatar

Perhaps it's my Libertarian leanings, but we need to start with the market, in this case the students. If students start viewing tuition as an investment and college as preparation for a career, I suspect we'll see a drastic shift in universities as large numbers of useless degrees and pointless professors simply fade away due to lack of use. But as long as people treat college as some mandatory dilettante period and ignore the ultimate cost, reform probably won't happen.

Maybe high school economics classes should have a chapter on the effects of long-term debt on a developing salary and household budget. That'd drain the potential enrollment pool.

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