Ceaseless Education

Man’s search for knowledge and truth never ceases. From Plato’s time to the modern man, the pur- suit to define the “self ” never seems to end. With the competitive need to meet pressing deadlines, mortgages to pay, careers to advance and time to beat, there is mounting pressure to put a stop to this journey for knowledge. We caught up with East Asia Institute of Management (EASB) and Singapore Management University (SMU), two of Singapore’s top educational institutions, to explore this issue and attempt to answer the Singapore professionals’ who-am-I and how-much-am-I-worth question. 

Human capital is replacing financial capital

In one of its studies released this year, the World Economic Forum (WE Forum) stated that “Human capital is replacing financial capital as the engine of economic prosperity.” This takes place in the midst of high unemployment rates, even while economies struggle to remain afloat. 

With this premise, the WE Forum predicted that by 2020, skills for high-demand jobs must be developed to be at par with the competition. Educational institutions should therefore upgrade their programs, if not create new ones, to address this future talent crisis. There has already been an increase in MBA enrollment in the past few years, as reported by some institutions such as EASB. This is a result of industry demands for higher-skilled professionals.  

“Our experience is that enrollment into our postgraduate programs, especially the MBA has been experiencing a steady rise over the last 4 years, irrespective of the state of the economy,” said Dr. Tan Jing Hee, EASB’s Executive Director and Chairman of Academic Board, who sees the financial crisis as a factor in the increased demand for an MBA education. “This seems to indicate that student enrollment in private education institutions at postgraduate level is relatively stable, irrespective of whether it is a time of crisis or of economic growth. Demand may be fueled by the retrenched seeking further education as a form of upgrading to remain competitive. Individuals eager for career progression will do the same during economically good times.” From early 2008 up to 2010, Singapore saw an increase in the postgraduate student population. The increase was steady, from 41.21% masters and university degree graduates in 2008, to 42.84% and 44.1% in 2009 and 2010 respectively. Singaporeans seem to be more than willing to invest in quality education if it helps them secure a better future. 

Postgraduates versus non-postgraduates 

In Hay Group’s report on fresh graduate salaries last year, salaries of bachelor and masters degree-holders were expected to decline from the average of S$2,461 and S$2,856 across all industries to S$2,418 to S$2,820 in 2011. However, this is only due to caution on the companies’ part, allowing for the uncertainties of the economy. 

“Education, especially at postgraduate levels, is increasingly being viewed as an investment, with good returns. There is evidence that executives with appropriate postgraduate qualifications tend to obtain higher incomes, achieve faster promotion and rise up to more senior corporate levels,” Dr. Tan emphasised. 

Global movement 

“Demand will be highest for well-educated professionals, technicians and managers. All over the globe – in developed, newly industrialized, BRIC and developing countries – demand is soaring for these professions,” WE Forum reported. To be competitive in 2020, WE Forum said that graduates in different fields must be “technologically literate and acquire transferable, cross-cultural learning skills.” That is why educational institutions and companies send professionals abroad for the acquisition of needed skills in increasing their company’s managerial and professional talents. 

“Globalisation is fueling mobility, as more companies expand abroad and people consider foreign postings as an integral part of professional development,” WE Forum added. 

In 2008, UNESCO released a report which delineated the challenges that come hand-in-hand with this offshore skill acquisition. With glo- balisation making it easy for individuals to relocate from one country to the other, it has now become easier to embrace crosscultural training for skill upgrades. 

Reflecting this global movement, programmes offered by companies like the UOB International Managers Program and Flextronics’ Emerging Leaders Programme provide training and resources so that employees can hone their skills and jump-start their careers. 

On the other hand, schools like the Singapore Management University (SMU) devise key programs to widen the horizons of students. SMU, for example, launched its eMBA program last September, which is a 13-month program giving eligible candidates the chance to study at top partner universities in China, India, and the US. The university offers overseas 12-15 weeks internships to enable students to study in countries like China, India and the Middle East. This is part of SMU’s plans of global exposure for its students, through student exchange, internship, summer terms, competitions, and overseas community service projects.  

The UNESCO report warns that “overseas training, intended to equip students with necessary skills to be used in the service of the country of residence, may at the same time, be a source of Brain Drain, leading to the loss of highly trained talent, especially in many developing countries.”  

Brain drain has long been an accepted reality which developing nations face, threatening to create a numbing effect on the psyche of its deserted society. Interestingly enough, a new trend has emerged in recent years. UNESCO reported that while there is movement of talent away from residential countries like Africa, countries like China, India and South Korea are experiencing a phenomenon called Brain Gain. 

As a country establishes a stronger knowledge base system and the promise of a stable economy emerge, there are signs that postgraduates, especially at doctoral level, are beginning to return to their home countries.

Education and nation

The WE Forum reports that Brain Gain and other advantages of a highly-skilled labour force have a direct positive impact on the economic status of a country. Quality higher education and training is very essential for economies seeking to move up the value chain. 

“In particular, it is imperative for today’s globalising countries to nurture pools of well-educated workers who are able to adapt rapidly to their changing environments and the evolving needs of their economies. The quality of a nation’s education system, as measured by secondary and tertiary enrolment rates, its industry relevance as well as the extent of staff training through vocational and continuous on- he-job training — often neglected in many economies— are all indicators of the quality and effectiveness of the constant upgrading of workers’ skills.” 

Dr. Tan elaborated that “Education as a key agent of change is an effective process of preparing and equipping a country’s human resources for sustained economic development. This is particularly so for a knowledge-based economy, where the availability of skilled manpower at managerial, professional and technical levels is directly correlated with a vibrant and growing economy.”

 Leading education hub 

Singapore is fast becoming the top destination for further education, attracting students from all over the world. Singapore Business Review recently reported in its website a programme offered by a Singapore-based company with a great internship opportunity for 30 foreign students, offering a S$10,000 grant to the best intern. 

News such as this set the ethos for educational institutions to promote a vibrant environment for higher learning to Singaporeans and foreign students alike. UNESCO’s study further elaborated that Singapore has been the ideal example of how a supply chain of highly-skilled personnel “who are capable of playing a crucial role in drawing their country to an influential position in knowledge societies and economies” has heightened awareness of the potential benefits of quality education to a nation’s skilled workforce. 

There is a noticeable trend of institutions tailor-fitting their programs to shifting market demands. “Although some masters’ degrees by research are still extant, many countries have been developing, in response to labour market pressures, masters’ degrees which are tailored to the needs of particular professions,” WE Forum said.

EASB has been leading the way, by identifying and creating industry-relevant programmes. “Our Academic Board consists of industry experts who regularly provide advice and feedback on changing needs in the marketplace. 

Our Curriculum Committee reviews our programs and syllabi on a quarterly basis and recommends curriculum update and introduction of new courses. This has resulted in the introduction of new disciplines such as hospitality management, and health science programs in recent years. Two years ago, with the building of integrated resorts, we were among the first to launch a casino management program. In the pipeline are new program such as Medical Bioscience, Physiotherapy etc.” 

Education and technology 

In this advanced world of technology, it has become necessary to utilise modern tools in administering quality education. 

At SMU, there are a number of professors who tap on online collaboration and even social media tools for teaching and learning. 

The school also has its SMU Wikis (think Wikipedia) which are accessible to all students, staff and faculty. They can freely add and edit information. In fact, most of the SMU Wikis can be read by anyone outside the University. 

Students have found it a useful platform to collaborate, share and build knowledge. It can be seen that the use of online collabo- ration tools, social media and IT tools enhances the effectiveness of the student learning experience. 

The shifting patterns of national industry and economic development needs, together with the gathering pace of globalisation, mount challenges which educational institutions must respond to in order to satisfy the incessant demands of both local and international corporations. In this context, it becomes apparent how essential postgraduate programs are in this technological age.