Lockdowns and travel bans have had an instant impact on higher education institutions across the world. With campus life unlikely to return to normal, how can these institutions adapt to survive?
The coronavirus (Covid-19) crisis and the resulting lockdowns have affected nearly every sector of the global economy, but some have been upended. One of these is travel and tourism; another is the higher education sector. Students have gone home, staffing has been reduced, and many academics are now working from home. Even as lockdowns ease, campus life will not return to normal. Although domestic applications may remain high, international students will be scarce, while many institutions now intend to do at least some of their teaching online.
Higher education institutions face multiple hits to their income as a result of the coronavirus crisis, including the probable loss of foreign students.
With jobs scarce, domestic student applications will remain steady in the short term, but campus life will not return to normal. Institutions will be under even more pressure to offer value for money.
Although many institutions have already moved to online learning, a permanent shift would entail a radical change of business model, with a broader customer base but lower fees.
This shift would expose the sector to more external competition, with only the most prestigious institutions likely to retain market share. Fixed costs will remain high.
Countries that typically send a lot of students abroad, such as China, India, Vietnam and Kazakhstan, may have opportunities to expand domestic institutions if private and public funding allows.
The long-term implications of the coronavirus crisis could be far-reaching. With finances shaken by the crisis, some institutions may no longer be viable, while others will need to rethink their business model entirely.
To read more, download our full report Covid-19 and the crisis for higher education.
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