Governments are increasingly understanding that the entire educational system – from early childhood through tertiary education – must reflect the new social and economic needs of the global knowledge economy, which increasingly demands a better-trained, more skilled, and adaptable workforce. Tertiary technical and vocational education and training can provide an effective and efficient complement to traditional university studies in providing students with skills and knowledge relevant to the labor market. This is critical because, according to a World Bank Group (WBG) report, a student with a tertiary education degree in the region will earn more than twice as much as a student with just a high school diploma over a lifetime.Īs the youth population continues to swell and graduation rates through elementary and secondary education increase dramatically, especially in regions like South Asia, Sub-Saharan Africa, Latin America, and the Middle East and North Africa, there is an intensifying demand for expanded access to tertiary education of good quality.
In Latin America and the Caribbean, for example, the number of students in tertiary education programs has doubled in the past decade. Today, there are around 220 million tertiary education students in the world, up from 100 million in 2000. These high returns are even greater in Sub-Saharan Africa, at an estimated 21% increase in earning for tertiary education graduates. The economic returns for tertiary education graduates are the highest in the entire educational system – an estimated 17% increase in earnings as compared with 10 % for primary and 7% for secondary education. In short, tertiary education institutions prepare individuals not only by providing them with adequate and relevant job skills, but also by preparing them to be active members of their communities and societies. Also, increased tax revenues from higher earnings, healthier children, and reduced family size all build stronger nations. Graduates of tertiary education are more environmentally conscious, have healthier habits, and have a higher level of civic participation. Tertiary education benefits not just the individual, but society as a whole. A highly skilled workforce, with lifelong access to a solid post-secondary education, is a prerequisite for innovation and growth: well-educated people are more employable and productive, earn higher wages, and cope with economic shocks better. Tertiary education is instrumental in fostering growth, reducing poverty, and boosting shared prosperity. Tertiary education refers to all formal post-secondary education, including public and private universities, colleges, technical training institutes, and vocational schools.
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