And according to NYU marketing professor, entrepreneur, author, and podcaster Scott Galloway, the pandemic has accelerated changes that were already brewing in higher education, making the sector more ready for major change than nearly any other industry.
“Education, other than maybe healthcare, is more ripe for disruption than any other $100 billion-plus industry in the US,” Galloway said at Insider’s virtual “Access, Equity, and the Future of Education” event Wednesday.
College tuition rates have skyrocketed — far outpacing the rate of inflation — and acceptance rates have plummeted, Galloway noted, while the quality of education students receive and the outcomes they can expect after graduation haven’t improved accordingly. All the while, compensation for administrators and faculty has grown, Galloway said.