The costs of competency-based education
- A recent analysis of competency-based education reveals four new models of development and approach, which are finding more support from colleges and universities nationwide.
- According to the analysis, institutions implementing CBE programs can expect an initial investment of just over $382,000 to develop one two-year degree program, and between $4.2 and $11 million over a number of years to create a number of programs which can save students and institutions money in faculty and technical resources, and in tuition savings.
- About 75% of institutions surveyed on CBE implementation expect these programs to break even on costs in six years.
Many schools see that the future of higher education is going to be focusing on convenience for millennial students, opportunity for adult learners and saving money for all types of students. This will require degree programs that mandate shorter completion times, save money on technology and institutional fees, and help to deliver translatable skills into a work environment.
While there is some discussion about the value of taking work experience and credentialing against the traditional view of college as a hub to create human flourishing, the workforce demands, at least at this point, employees who can do a job and help an enterprise to grow. Considering that CBE is a model which allows this principle to positively effect higher education markets, leaders should consider these models across all areas of learning and outreach.