Here are some examples:
- Yale University's endowment lost 25% of it's value in 2008.
- Princeton University is expecting a 25% loss in their endowment and plans to sell $750M of debt.
- Cornell University lost 27% of their endowment in just the last 6 months of 2008.
- Columbia University lost 15% in the second half of 2008.
- Harvard University reported losses of $8 billion, representing a 22% loss in their endowment. University Business is reporting that Harvard will offer buyouts to 1600 non faculty workers in an effort to cut cost. This represents about 10% of their workforce.
Tuesday, February 10, 2009
Higher Education Jobs are Not Recession Proof
Many career experts will advise that jobs in higher education are typically considered recession proof. This is clearly not the case with the current recession since higher education institutions are seeing their endowments shrink through losses on Wall Street. Schools like Cornell University where 14% of the operating budget comes from endowments are looking at all options to cut their budgets.
Bloomberg News reports that, "The global financial crisis has battered higher education endowments, squeezing budgets and forcing schools to consider job cuts and bond sales to raise cash."