大学财务可持续性之路

© Oliver WymanIn recent years, higher education sectors across the Anglosphere —namely Australia, New Zealand, the United Kingdom, and Canada — haveexperienced increasing financial pressure. As more universities fall intodeficit, the threat to long-term sustainability grows. The nature of thechallenges facing universities in these countries means incremental actionswon’t be enough; institutions will need to redefine and reorient what theydo. This article explores potential strategies that universities could adopt torespond to system-wide pressures and improve their financialsustainability. © Oliver WymanUNIVERSITIES ACROSS AUSTRALIA, NEW ZEALAND, THEUNITED KINGDOM, AND CANADA HAVE MANY SIMILARITIESThese countries are characterised by their highly educated populations, large institutions,partial government funding of research, and a heavy reliance on international student fees,relative to othercountries.Highly university-educated populations served by large institutions:Penetrationof higher education is fairly consistent across all four countries with around 40% of thepopulation educated to a bachelor’s degree or higher. On average, universities in thesecountries have more than 15,000 equivalent full-time students, with slightly largerinstitutions inAustralia.Exhibit 1: Higher education metrics by country, 2022Australia26 million39%24New Zealand5 million36%17Singapore6 million36%13Canada39 million36%154United States333 million38%5Total populationProportion university educated1Average students per university(thousands)2Total populationProportion university educated1Average students per university(thousands)2United Kingdom67 million42%1531. Population aged 25-64 years.2. Equivalent full-time student load or enrolments; approximatefigures.3. Statistics limited to institutions from the UK Office for Students register that have the right to use ‘university’ in theirtitle.4. 2023 figure, includes part-timeenrolments.Source: OECD, World Bank, Australian Department of Education, New Zealand Tertiary Education Commission, UK Higher Education Statistics Agency,Universities Canada, United States National Centre for Education, Singapore Department ofStatistics © Oliver WymanResearch funded through a model of cross-subsidisation:Direct government fundingfor research conducted by universities is relatively lower in these countries compared toother developed economies. This means that for every dollar of research funding received,institutions must source an additional $1 to $3 from other income streams — primarilyteaching revenue. While governments also provide funding for domestic students throughfee contributions and loans, this is generally at cost and provides minimal surplus tocoverresearch.This model is distinct from other countries such as Singapore, where the government fundsmost research costs. In the United States, meanwhile, there is a greater degree of directgovernment funding for research, alongside greater philanthropic contributions and noregulated limit on student fees. As a proportion of GDP, philanthropic contributions arefive times greater in the US than Australia, New Zealand, Canada, and the United Kingdom,according to data from the WorldBank.Exhibit 2: Proportion, given in percent, of direct government funding of universityresearch1by country (latest available data)Australia (2020)New Z ealand (2021)United K ingdom (2021)Canada (2023)United S tates (2022)Singapore (2020)3545253157821. Direct government expenditure on R&D performed by the higher education sector as a proportion of total expenditureon R&D performed by the higher education sector.Source: OECD © Oliver WymanReliance on international students:Historically, countries across the Anglospherehave been successful at attracting international students, with increasing proportions ofinternational students over the past decade. Institutions have also benefited from broaderdiscretion for fees for international students, which are largely uncapped, compared tomore regulated fees for domestic students. This has led to greater reliance on internationalstudent revenue as a source of income, in contrast to countries such as the United States,where international students make up only 5% of tertiaryenrolments.Exhibit 3: Ratio of domestic to international students in higher education in 20221International studentsDomestic studentsUnited States5%95%Canada18%82%United Kingdom24%76%New Zealand10%90%Australia29%71%1. United States includes international students in all tertiary education institutionsSource: Australian Department of Education, New Zealand Tertiary Education Commission, UK Higher Education StatisticsAgency, report by Higher Education Strategy Associates (Canada)1, OECD International Student Mobilitydata1Usher, A., & Balfour, J. (2023). The State of Postsecondary Education in Canada, 2023. Toronto: Higher EducationStrategyAssociates. © Oliver WymanUNIVERSITIES ARE CONTENDING WITH SIMILARSTRUCTURAL AND POLICY CONSTRAINTSAcross Australia, the Un