Dear Saint Mary's Administration: Here's How to Actually Create A World Without Limits
Written by Samarth Behl
Thumbnail & Banner Photo from SMU Facebook
Did you know Saint Mary’s University has recently faced significant financial challenges? According to the latest financial reports, the university’s disposable funds dropped from $26.8 million to just $13.8 million, drastically reducing its financial flexibility by 48.5%! This also comes at a time when the debt escalated from $47.3 million to a whopping $69 million. This financial squeeze led to an exponential deficit of $9.8 million. It is imperative for the administration and the student body to understand the severity of these figures and the potential long-term effects they may have and explore strategies for financial recovery and sustainability. This article aims to explore ideas that aim to reduce the financial stress at Saint Mary’s.
The reasons for this financial strain can be understood through the following exclusive data compiled by SMUFU:
The administration should aim to increase student enrolment and retention to tackle these financial challenges. Attracting more students would increase the university’s revenue through tuition fees and enrich the campus community. To achieve this, several measures can be implemented:
Annual Alumni Salary Reports
The university can enhance its attractiveness and credibility by publishing an annual report highlighting the salaries and sectors in which Saint Mary’s alumni work. This data would provide future and current students with transparent, data-driven insights into the financial outcomes of their degrees. A student Ambassador at SMU, Aniket Sharma, added, “The salary I will earn after graduating is the main factor for me when it comes to selecting a school. Had there been such a report at SMU, my decision to come here would have been much easier.” This just goes to show how powerful such a report can be when it comes to deciding what school to choose.
This would make Saint Mary’s a more lucrative option for prospective students and serve as a feedback mechanism for the university itself, highlighting the strengths and areas for improvement in its educational offerings. This may lead to more targeted career support services and curriculum adjustments to better meet the job market demands and for students to be more employable and earn higher salaries. Additionally, showing our alumni’s success after university can further enhance Saint Mary’s reputation.
How can this be implemented?
This initiative involves conducting regular online surveys with alumni to gather information about their program, salaries, job roles, and career satisfaction. This collected data can be analysed to display trends and average earnings, which would then be compiled into an engaging annual report.
Overall, creating an annual alumni salary report helps in recruitment and marketing and supports the university’s mission of a world without limits to provide a valuable outcome with a focused and results-driven approach. This approach of sharing success stories ensures that SMU will attract, educate, and inspire future generations.
2. Differentiating: Offering Unique Programs
By offering unique programs, Saint Mary’s can distinguish itself competitively in Atlantic Canada. Developing niche programs that are not widely available but in demand can help SMU attract diverse student bodies, thereby increasing its revenue. This approach would increase SMU’s attractiveness and help build a reputation as a leading educational institute in particular fields.
How can this be implemented?
Firstly, market research should be conducted to identify gaps in the current educational offerings within Atlantic Canada. Such surveys and analyses of programs in demand and job market trends can pinpoint areas and identify unique programs that can be offered.
We should aim to leverage our existing resources. Developing programs that can capitalise on existing faculty expertise and resources can pay dividends in the long run. This approach would also minimise new expenditures. For example, since SMU has a really strong business faculty, it could consider unique specialisations or majors in emerging areas like Fintech, Real Estate, and sustainable business practices. Additionally, alumni and potential donors who are specifically interested in fostering innovative education and specific programs should be engaged. Such fundraising campaigns can be targeted to support the launch of these unique programs while mitigating financial risk.
By implementing unique programs that are in demand, SMU can ensure that it remains competitive and financially sustainable while continuing to offer valuable, in-demand and distinctive educational experiences.
3. SMU Digital Learning Subscriptions
Saint Mary’s could enhance its financial stability and global educational impact by launching online certification programs that are open to anyone. In this initiative, SMU would leverage its existing resources to offer specialised online courses with certifications that appeal to a wide audience beyond traditional students.
The global e-learning market, which includes everything from degree courses to certifications, is expected to grow from $400 Billion in 2022 at a rate of 14% over the years. This trend shows a significant shift in how individuals pursue their education and professional development in the digital age.
These programs would tap into the growing demand for flexible and professional education, thereby opening up new revenue streams for the school. It would also elevate SMU 's brand on a global scale, showcasing academic excellence and an innovative approach to education.
4. Exploring government partnerships for program development and employment pathways
Saint Mary’s can explore certain initiatives that the provincial or federal government wants to or is already undertaking and aim to build a partnership with the government where they identify a governmental goal like sustainability or environment and build a program together which receives federal or provincial funding to run that program. By aligning university programs with government objectives, SMU can secure funding, grants, and support, thereby minimising costs and enhancing program credibility. Additionally, since these programs would be in partnership with the government, this opens a door for students to enter government jobs related to such programs.
How do we implement this?
Firstly, it is imperative to identify such government goals. We should research and identify key governmental goals and initiatives at both the provincial and federal levels where such programs can be implemented. The focus should be on areas where the university has existing strengths, such as sustainable business practices.
Then, a detailed proposal should be made for new programs or the expansion of existing ones that align with these government initiatives. These should state how these programs support government objectives, benefits to students and potential outcomes.
Lastly, we should reach out to relevant government departments and agencies to discuss potential collaborations and funding opportunities. If a mutual interest is established, such programs can be built through collaboration with the government.
By pursuing partnerships with the government, Saint Mary’s can diversify and strengthen its academic offering and also provide students with unique opportunities. If this initiative is implemented, SMU will become a pivotal player in national and regional development, showing the power of a world without limits.
5. Placements
In India, the "placement" process typically refers to organised efforts by educational institutions to facilitate job opportunities for their final-year students. This involves on-campus recruitment events where companies visit the educational institution to conduct interviews and hire students directly on the spot. Saint Mary’s could significantly enhance its appeal to future students and the employability of its graduates by establishing a formalised placement system inspired by this successful model used in almost all Indian colleges and universities.
Implementing such a model here at SMU can have significant benefits. Firstly, students could smoothly transition from education to employment. Secondly, a robust placement program can serve as a major draw and deciding factor for prospective students to decide to come to SMU, and a large number of students consider post-graduation employment opportunities as a crucial factor when it comes to choosing a school. Lastly, developing relationships with businesses through this recruitment process can lead to broader collaborations. For example, the implementation of such a model would involve establishing a placement cell, collaborating with different industries and businesses, preparing students and marketing this model to prospective students.
6. Industry consulting on curriculum
Saint Mary’s can improve the relevance and credibility of its academic programs by incorporating industry consultation into its curriculum. By doing this, SMU can ensure that its program aligns closely with current professional standards and job market demands. Additionally, this would also build trust with employers, who can be confident in the practical skills and knowledge that SMU graduates bring to the table.
Implementing this would include building connections and forming industry advisory panels, hosting industry consultation workshops, offering incentives to faculties for innovating the curriculum based on the latest industry needs, and communicating and marketing benefits to future and existing students.
In conclusion, the solutions offered here offer long-term strategies aimed at improving SMU as a school, making it more attractive for students and potentially increasing student enrolment. The recent decision to reduce scholarships and discontinue SMUworks may give short-term financial relief, but it is also important to consider that such measures may reduce the university’s appeal to current as well as future students in the long run, potentially affecting student enrolment and retention negatively. In contrast, innovative approaches promise sustainable growth. It is essential for SMU to explore and evaluate the feasibility of these initiatives and solutions to ensure that they are pragmatically achievable in the university’s quest for excellence and sustainability and to actually create a World Without Limits.
A special thanks to Cathy Conrad, the SMUFU President for meeting with me and discussing SMU’s financial issues.