The coronavirus pandemic ultimately shaped the world in a matter of weeks and has made every sector of the economy rethink their business models. One of the fields which did very well over the last few years is the education sector. In almost all developed and developing countries, higher education, foreign education, education at top institutes and some professional degrees have helped educational institutions mint money over the last two decades. Before the pandemic students were paying hundreds of thousands of dollars for degrees in top universities.
Pandemic Influence on Educational Institutions
The new academic year starts from between June and September of 2020, and most top institutes like Cambridge in the UK and ISB Hyderabad have started classes online. Most universities all over the world are expected to create online courses, and the college campus experience is non-existent in most places around the world. Till the coronavirus pandemic ends, educational institutions cannot function in the usual way, and this disruption will have a lasting impact on education in a post-pandemic world. The following are some ways how education might change in the post-pandemic world:
Education in the Post Pandemic World
Change in Business Model for Top Institutes
The decentralization of education has taken place over the last few decades. It means that there are more and more universities and colleges opening and education not concentrated in only IIMs, IITs, or Ivy League Schools. This pandemic will shut down many colleges and will again make the top schools with large endowments more popular. These schools like Harvard, Oxford, and other top schools will try to expand their student base and will control education in a much more centralized way.
The Hybrid Educational Model
The universities and colleges that survive the pandemic will likely have a campus experience, and an online experience degree offered to students. The fee structures will have to be reworked after the pandemic as students will not pay exorbitant fees for their degrees. The campus social distant experience in colleges could have an expensive fee structure. Hundreds of thousands of students could also get the same degree online at a much cheaper rate from top universities around the world. There will be no geographical limitations on education.
Investment in Education
Digital access is critical for education in the future as online education will become an essential part of education. Investment in new methods of education and also in educational apps is likely to increase over the next few years. Many corporate businesses looking for sectors to make new investments after the pandemic are likely to look at the changing education sector soon.
Adult Education Online
Educational degrees in the traditional sense are likely to change in the future. This means that as the world changes, old degrees will become outdated, and people will have to keep taking refresher courses in their fields every year to learn new aspects of their profession. Adult education is likely to flourish after the pandemic.
The COVID 19 crisis has changed the world, and education is likely to ultimately see overall as universities and colleges will learn to adapt to a new post-pandemic world.