Higher Education Value: EDUopinions’ Framework
How do you measure the value of a higher education program? Is it solely about acquiring knowledge, or does the experience and credential that come with it also play a role? In his book "Post Corona," Scott Galloway offers a framework that breaks down the value of higher education into three components. At EDUopinions we have adapted it for our use. We have renamed the three components: Experience (E), Knowledge (K), and Credential (C). So we call it the “EKC Framework”. As a higher education professional, I've found this framework to be incredibly useful in understanding how students perceive the value of different programs. In this article, we'll explore the EKC framework in more detail and discuss how it can help institutions better capture their niche. In future articles, I will explain how we use it at EDUopinions and how institutions can use it too.
It is essential to note that the components are interdependent. For example, institutions must provide good K (Knowledge) to achieve accreditation for their C (Credential), but rankings often overlook the E (Experience) component.
To evaluate the value of a higher education program, students place different weight on each component. For some students, E may be more important than K. For example, one student review of the American University of Paris states that it is "a fantastic way to have a chance to live in the great city of Paris". While for others, K may be the most important factor.
Institutions must offer a good mix of Experience, Knowledge, and Credential to capture their niche. This means understanding the needs and expectations of their target audience and creating programs that deliver on those needs. While a broad appeal may be desirable, it's essential to remember that not all students are looking for the same thing. By focusing on the unique value proposition of their programs and ensuring a good balance of EKC, institutions can attract and retain the students that are the best fit for them.
The Experience Component (E)
The E component of the EKC framework refers to the overall experience that a student gains from the program. This includes everything from campus life to extracurricular activities to study abroad opportunities. The quality of campus life can significantly impact a student's experience and satisfaction with the program.
The EKC framework applies not only to undergraduate programs but also to postgraduate programs. In this case, the E component is more about networking opportunities than campus life.
In addition, the E component can play a crucial role in enhancing the value of the C component. A robust campus life can lead to networking opportunities and better job prospects, which can increase the value of the credential. Therefore, institutions that provide a comprehensive E component tend to attract more students.
The Knowledge Component (K)
The K component of the EKC framework refers to the academic knowledge that a student acquires from the program. This includes the quality of the faculty, the curriculum, and the research opportunities. The K component is closely linked to the C component since institutions need to provide good K to achieve accreditation for their C.
The Knowledge component is often the main factor considered in academic rankings. However, it is important to remember that a balance between the E, K, and C components is necessary for a truly valuable higher education program.
The Credential Component (C)
The C component of the EKC framework refers to the overall credential or degree that a student receives upon completion of the program. The value of the credential is often determined by the reputation of the institution, the quality of the faculty, and the academic resources available.
The C component is closely linked to the K component since institutions need to provide good K to achieve accreditation for their C. A valuable credential can lead to better job prospects and a higher earning potential for students.
Conclusion
In conclusion, the EKC framework provides a valuable lens through which to understand the value of higher education programs. It highlights the importance of balancing Experience, Knowledge, and Credential to meet the diverse needs and expectations of students.
While each student may have a unique set of priorities, institutions that can offer a compelling combination of EKC are better positioned to attract and retain students. By using this framework as a guide, higher education professionals can better understand what their students value most and tailor their programmes to meet those needs.