Did any of you read this recent story (Private college undercuts on tuition fees) published on the BBC? If you haven’t, it basically focused on the emergence of competition in the education sector from private colleges. The journalist, Sean Coughlan, took the example of the ifs College of Finance in London who recently announced that they would be charging fees of £5,750 to £6,000 per year.
I can personally see a lot of similarities between what we do and the approach taken by this college. Their curriculum is focused on a very specific subject area and they are located close to the industry they aim to serve with new graduates. This is definitely something that we can relate to here at Escape Studios.
The challenge that many Universities face is that they offer too many varying courses to be able to develop the key industry relationships that are so important to students. Granted, they have the funds to create fantastic facilities, but what students are demanding is proof that the hike in tuition fees will deliver value to them in terms of their ability to secure jobs after their courses.
A lot of economists will tell you that economies of scale are key to success, but in the case of education, I have a feeling that 'small is indeed beautiful'.
What do you think?
PS: Although not directly related to this, those of you who are interested in the “Small is Beautiful” economic theories of British economist E. F. Schumacher, can find out more here. Very interesting read.