In the near future, colleges and universities will be able to offset declining enrollment with enrollment growth in Business Administration, Healthcare, and Computer Science and Information Systems.
In the face of continued enrollment decline, higher education market researchers at EducationDynamics analyzed more than 3,000 degree and certificate programs and identified the most successful based on high completion rates and job growth. This study offers colleges and universities the opportunity to finetune their program marketing and enrollment strategies while focused on career-focused online programs.
Building programs that have the greatest likelihood of success include the following characteristics:
- Have high levels of completion
- Show high levels of completion growth over the past several years
- Lead students to future high employment growth areas
- Allow students to increase future earning potential
The Education eLearning Index reflects the demands of today’s working and adult students for flexible programs focused on areas of study that lead to in-demand careers. As the student mix changes and demand for career-focused studies increases, forward facing colleges and universities are developing programs to meet the demands of a changing marketplace. This report is a resource to understanding the supply and demand dynamics of the current postsecondary education market.
"We seek to not only highlight current trends in online education but also provide a roadmap for institutions seeking to enhance their offerings and increase enrollment growth," shared Bruce Douglas, CEO of EducationDynamics, "We believe this is a great jumping off point for schools developing strategic plans for program growth and investment of online programs."
Potential opportunities occur over all degree levels: Associate, Bachelor, Master, and Doctoral. However, it is those students with Bachelor degrees that will have the highest number of job openings.
STEM Opportunities
The report also uncovered:
- Anticipated job growth across healthcare and STEM careers from 2021-2031
- Demand for employees with STEM-related degrees resulting in higher-than-average median wages.
- Enrollment growth opportunities through certificates and micro-credentials at both pre- and post-graduate levels.
STEM programs should be at the forefront of consideration for potential growth areas. Though STEM employment currently represents only six percent of total employment, STEM occupations are projected to grow over 10 percent in the next decade according to Bureau of Labor Statistics data released in 2021.
These occupations also have a median annual wage that is more than double the median annual wage of non-STEM occupations. The median annual wage for STEM careers in 2021 was $95,420. Non-STEM wages averaged $40, 120—less than half of a STEM wage.
As STEM job opportunities increase, demand for STEM programs will follow. As they plan for the future, institutions can use this date to anticipate student demand and plan for expansion of STEM programs. A smart strategy is for universities to diversify their offerings to prepare for this estimated growth.
Conclusion
Healthcare and STEM fields are the two most promising fields for their projected increase in completions and job opportunities. These fields of study offer opportunities to either build on current programs or initiate new programs. As higher ed administrators plan for the future, they should consider both the benefits of boosting enrollment and the outcomes students expect after they finish degrees and certifications
As certificates and micro-certifications at both pre- and post-graduate levels prove to be an effective bridge between career and future career development, institutions should consider adding these programs as most of them are relatively low cost.
The eLearning Index indicates a path for colleges and universities to stabilize and grow their programs while offering students an opportunity to increase their earning potential.