Does Georgia Tech’s legit online academic program threaten NYC’s future economy? (Ira: real estate, cheap house)
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As long as the federal govt and banks hand out unlimited loans which cannot be discharged in bankruptcy, and we keep pounding "you must go to the best college you can get into no matter what" into the heads of our kids, tuitions at even Third Tier Toilet colleges will continue to go up.
Your question is not NYC specific and should be in the education section of CD. One reason Columbia, NYU, etc are so sought after is because they are located here in NYC. Every kid I have ever met would give their left arm to spend their college years in the center of one of the greatest cities on earth.
Without a doubt many will want to study in NYC, but (in case nobody else has wondered), will they still be willing to pay >$50K/year in tuition plus inflation and go into debt for it? Or will NYU et al be forced to reduce their tuitions and drastically cut costs (meaning lower wages for employees) to keep attracting students? Majority of NYC university students, who are not from NYC, are not Chelsea Clinton, or Columbia law/med, NYU Tisch, etc. Maybe more typical profile is NYU Stern/Fordham Gabelli undergrad/MBA.
I believe that as long as NYC continues to be a global center of industry, there will be significant value in attending NYC colleges in person. Off the top of my head, on-campus recruiting and internship opportunities (including year-round internships) would be two big advantages.
That doesn't even take into account the personal growth opportunities that would come from daily face-to-face interactions with classmates from around the country and around the world, or access to world-class cultural institutions, etc.
What is your basis for saying that? I started out as in I-banking associate (M&A, underwriting), BTW. Not that it matters.
You sound too out of touch with common industry practice within the finance sector and education system. You fail to grasp even the most basic information that is available through a google search.
Georgia Tech answer to low cost online education seems to compete with that of Stanford corsera. I'm not sure if this supposed or designed to compete with nyc academics which is not tech bases oriented compared to Boston, Texas, silicon Valley and Seattle Redmond area.
You sound too out of touch with common industry practice within the finance sector and education system. You fail to grasp even the most basic information that is available through a google search.
Maybe you're talking about industry practice today. I'm asking about tomorrow. Most of Goldman's transactions now are being migrated to computers which do not need human intervention. So the old practice of doing business case interviews (eg, how would you compute wacc) may one day become irrelevant.
Maybe you're talking about industry practice today. I'm asking about tomorrow. Most of Goldman's transactions now are being migrated to computers which do not need human intervention. So the old practice of doing business case interviews (eg, how would you compute wacc) may one day become irrelevant.
Investment Banking is a sales role which requires a certain amount of human element for winning the deal. In addition, every deal is unique and requires a certain amount of structuring to fit the clients needs that can't be automated especially from a credit risk perspective. Investment Bank justify the high fees they charge by selecting the majority of the staff from elite universities.
The trading floor/broker dealer business has been most impacted by automation and regulation.
Many train courses these days are offered online CBT or instructor led courses . I don't think it threatens big colleges, it threatens smaller colleges ones that can no longer compete on price and course offerings.
Investment Banking is a sales role which requires a certain amount of human element for winning the deal. In addition, every deal is unique and requires a certain amount of structuring to fit the clients needs that can't be automated especially from a credit risk perspective. Investment Bank justify the high fees they charge by selecting the majority of the staff from elite universities.
The trading floor/broker dealer business has been most impacted by automation and regulation.
You're talking about the senior level. At the junior level, banks are becoming more productive. They are hiring less analysts and associates for every dollar of fees they collect. Some of it is from outsourcing. Others through realignment. Or making juniors do more work.
In our bank, the direction is to hire less juniors for deal teams while seniors (director, MD) are taking pay cuts, or move to boutiques like Moelis where they work almost entirely on commission. It's not like in the pre 90s anymore. When I started, there were dozens of us associates and VPs working on the same deal. That does not work anymore. That is why NYC staked its future on tourism, culture and academic.
Where we are hiring a lot for in NYC is for swaps and the pricing and distribution thereof. But it requires a lot of programming and math.
So the point being as it relates to my OP, if this technology from gtech were done in the 90s or earlier, it would not catch on. But what about tomorrow whenthe job market becomes entirely different?
Many train courses these days are offered online CBT or instructor led courses . I don't think it threatens big colleges, it threatens smaller colleges ones that can no longer compete on price and course offerings.
Anything potentially disruptive kills the smaller weaker players first, but later takes down the larger beasts.
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