Effects of Crisis on UK Higher Educational Institutions Career Prospects of UK Students: a brief literature review
Burke (2012) links the impacts of the global economic crisis of 2008-2010 with spending cuts on education system by the UK government. Chalabi and Arnett (2013), on the other hand, make an interesting observation related to the issue. Specifically, according to Chalabi and Arnett (2013), the levels of GDP in the UK decreased by 2 per cent between 2008 and 2010, whereas the levels of public expenditure on education have increased by 8 per cent during the same period.
A large-scale survey conducted by Education Institution (2009) has attempted to assess impacts of the global economic crisis on education in 48 countries, including the UK. Infrastructure, human resources (HR), and other needs of the UK education system have been found as a result of the survey.
Infrastructure needs of UK education system, according to Education Institution (2009) relates to necessity to rebuilt primary schools. Other needs are found to relate to funding for high quality continuing professional development of teachers and challenges associated with reforming curriculum and qualification system. However, it is important to note that Education Institution (2009) findings only relate to education in public sector, and the level of relevance of data to private sector educational institutions are yet to be established.
Burke (2012) considers dramatic reduction of numbers of graduate employment schemes offered by multinational companies in 2009 as the direct impact of the global economic crisis. Although, this argument appears to be convincing, Burke (2012) fails to back-up the claim through referring to relevant statistical data.
Vaitilingam (2010) points to the risk of lifetime earning loss for a generation of graduates that join full-time workforce during or immediate aftermath of recession. According to Vaitilingam (2010), this situation may occur due to rapid increase in the supply of graduates compared to jobs caused by cuts on graduate recruitment schemes of many global businesses.
Moreover, according to Chalabi and Arnett (2013) due to uncertain economic situation created by the crisis and reduction of the levels of attractiveness of job markets for graduates, students may be reluctant to join the workforce and may with to further continue with their studies pursuing MBAs and PhDs until the job market becomes more favourable for graduates.
Burke, P.J. (2012) “The Right to Higher Education: Beyond Widening Participation” Routledge
Chalabi, M. & Arnett, G. (2013) “Education spending: how does the UK compare?” The Guardian
Vaitilingam, R. (2010) “Recession Britain: Findings from economic and social research” Economic & Research Council