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A World Tour with a Side of MOOC and a Citizen of the World Who Aspires to be a Yogi! (Module 3)

3/25/2016

This Module had a little something for everyone! We started with definitions and differentiation between cost efficiency and cost effectiveness. Why do learners love it so much when faculty disagree among themselves? Certainly there’s more than one way to pluck a chicken!

Professors Thomas Hülsmann and Greville Rumble disagree a bit on the cost-effectiveness/efficiency angle. Dr. Hülsmann proposes that the cost per graduate is a cost-effectiveness measure, whereas Dr. Rumble argues that basically cost effectiveness and cost efficiency are approximately the same (with regard to graduates), although at the end of the day Dr. Rumble favors more the cost effectiveness approach.

From there we did the world tour from The Open University in the UK (which we have explored at length in prior coursework), the Chinese Open University (which has a very low drop-out rate despite teaching methods that seem not as advanced as other countries; their techniques are designed to reach the masses in greater quantity), the Indira Gandhi Open University and UNISA. I have spent considerable time reviewing UNISA in previous coursework and remain very impressed with how much they have accomplished in both African and worldwide.

We spent time with Dr. Rumble, who is clearly all that and a bag of chips. He has worked in over 50 countries (I’m guessing he doesn’t travel heavy!) and is a one-man international experience. He shared some of his daily activities with our group and I don’t think he’s slowed down!

We ended this module with a look at MOOCs – I’m on the fence as to which direction MOOCs are going to over the next 5-10 years. Could go even bigger, or could fold and go home!

This module was quite an introspective one!

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How much is that doggie in the window? (Module 2)

3/25/2016

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Well….that’s kind of a loaded question, especially if the doggie happens to be distance education. In this module we explored course material development costs (which vary depending on the chosen media), direct and indirect costs and how to utilize a generic costing template. Then we did a deeper dive exploring and classifying costs (direct vs. indirect; operating and capital; fixed and variable – then the dreaded semi-variable!). As if that weren’t enough, then we learned how to depreciate costs – simple depreciation, social discount or annualization.

The next step was looking at total costs, average costs and marginal costs, which looped me back to the conversation about semi-variable costs. We put this module to bed with a look at several models that had fudge factors – Perraton’s costing cube, Daniel’s triangle – both of these kind of remind me of a girdle. If you squish it in here, it will pop out somewhere else! Choices and consequences!

What do I know for sure from this module? Many (many) years ago I met my future husband in Accounting I in college. That was the only (really, seriously the only) good thing to come out of that course. I decided that I’d rather eat a bug every day for the rest of my life than become an accountant. My husband did, and he’s had a marvelous career. I switched to health care, which has proven to be an extraordinarily well-founded decision (both to bail on accounting, and move to my chosen field).

These concepts appeal to the left side of my brain, but possibly caused a brain bleed as well.

PS – my husband was no help with this module. I may divorce him after all.

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Can I use the back of my business card to include all my degrees? (Module 1, Unit 8)

3/19/2016

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In this unit we read about the idea of JCM – job competition model/sorting that expands on the screening theory. In this model individuals with the most impressive credentials land at the top of the queue and are matched with the most sought after jobs. If there are too many highly credentialed people in line, some may be shifted down the food chair, allowing the employer to fill all the vacancies. This results in the less qualified contenders being shuffled to the bottom of the deck.

Our professor argues that we have become “credential happy” (guilty, as charged). Whether you agree this approach to “keeping up with the neighbors” game is appropriate or not, it is very real, and not likely to be abandoned any time soon.

Respectfully,
Mary Lynn McPherson, PharmD, MA, BCPS, CDE, CPE, FAPhA, FASHP, FASCP, FASPE, MOUSE (ok, I made that last one up!).

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What DO the figures say? Is pharmacy still a viable option without a sugardaddy (or mama)? (Module 1, Unit 7)

3/19/2016

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Historically, the profession of pharmacy has long been touted as one of the highest paid professions. There are many advantages to a career in pharmacy – you get to help improve the health of people, serve as a safety check against medication-induced adverse effects, while still having a reasonable lifestyle (as opposed to a career in medicine). However, tuition and fees have been increasing at an astonishing rate in recent years.

Cain and colleagues evaluated “Pharmacy Student Debt and Return on Investment of a Pharmacy Education” and the results are sobering to say the least. They calculated the Salary:Indebtedness Index (SII) and for the first time, in 2011, it dropped below 1.0. The SII is calculated by dividing the average salary for a year by the respective average indebtedness of the student. Owing more than you owe in a year makes for a very deep hole.

As a pharmacy educator, I am concerned about the future of our profession. We cannot afford to lose the best and brightest to other professions. While I often tout the intangible benefits of a career/education decision, even I can’t count on that alone. The indebtedness of our students is staggering; selling shoes at Nordstrom’s might not be a bad deal after all.

Cain, J., Campbell, T., Congdon, H. B., Hancock, K., Kaun, M., Lockman, P. R., & Evans, R. L. (2014). Pharmacy Student Debt and Return on Investment of a Pharmacy Education. Am J Pharm Educ American Journal of Pharmaceutical Education, 78(1), 5.

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What Else Can You Show Me (besides the money?) (Module 1, Unit 6)

3/19/2016

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We visited John and Jill in this module, and gained a graphic appreciation of how Jill’s lifetime earnings exceeded those of John’s, despite Jill losing 4 employable years to pursue her education, and the monies paid out for tuition.
As several students pointed out (myself included) in our discussion board, I think it would be interesting to conduct this same RORE calculation for adult learners returning to school for an advanced degree. However, they would probably still be working (usually full time) so there’s no revenue loss (although there would be a tuition expenditure). I think it would be particularly interesting to compare earning the master’s degree through a face to face program, vs. a distance education (DE) program. In addition to expenses saved (gas, parking, etc.), which is all objective data, I feel compelled to argue that the subjective gains (ease of degree completion through DE) are important as well.

Regardless of the method of delivery (F2F vs DE), even if the RORE doesn’t make a conclusive case for enhanced earnings thanks to an advanced degree, I believe the intangible benefits need to be included as well. Satisfaction for a job well done, enhanced understanding of your current job, and so forth. Both are important in my mind!

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$9.99 is WAY Less Than 10 Bucks, and Other Financial Fables (Module 1, Unit 5)

3/19/2016

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In this unit we examined the internal rate of return. We evaluated the example of an entrepreneur investing $5,000 in a machine, and earning an annual revenue of $1,000 over 6 years. But what if you invested that same $5,000 in the bank which was offering 6% interest?

One of my classmates noted that students (e.g., high school age) need to learn this lesson. I think we ALL need to learn this lesson. For example, don’t we all love a good sale? I can buy this beautiful pair of diamond earrings for $1,999.99, which is 30% off the retail price. But I have to put them on my credit card, and take 2 years to pay them off (at which point they will cost me $3,999.99!). Yep, great deal! I’m sure retailers use all sorts of persuasive strategies to lure customers to make inadvisable financial decisions.

With regard to education, students need to comprehend the return on tuition investment (minus the opportunity costs) and the time to horizon to neutralize this investment. I’ve been watching the ads on TV for distance education recently (Phoenix, etc.) – the adult students in those ads portray a hugely busy person who sees the value to working so hard to earn an advanced degree. This emotional appeal (just like jewelry on sale) can make someone through an internal rate of return assessment out the window!

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How big are the holes in that screen? (Module 1, Unit 4)

3/19/2016

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Screening theory is described as a filtering system that separates “the men from the boys,” “the more from the less talented,” “those who can cut the mustard vs. those who can’t.” We learned in this course that the separation theory illustrates how employers are less interest in the specific curricular content learned in school, and are more interested in the skill set that allowed culmination in a terminal degree (e.g., natural intelligence, stamina, communication skills, etc.).

But put yourself in the shoes of the job applicant who is counting heavily on the weight of their education accomplishments to carry the day thanks to the screening theory. Congratulations – you got the job. NOW, you are suffering from a tremendous case of the IMPOSTER SYNDROME – “Oh no! They’re going to actually expect me to know things! And I don’t! I’m an imposter!” Gee, maybe you should have paid attention to the CONTENT in your degree, not just be a charter member of the “2.0 and go” club!

I was never in the “2.0 and go” club (referring to a grade point average) but I have had pangs reminiscent of the imposter syndrome. Luckily, my employers didn’t actually expect me to know everything on the first day of my employment. As an employer I confess to employing the screening theory, but I always do a deeper dive beyond the surface screening provides. After all, I don’t want to hire complete imposters!

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Will a quarter of a million buy me an awesome birthday present? 9Module 1, Unit 3)

3/19/2016

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My husband and I have one child – a beautiful, gifted, brilliant daughter. She has earned a Baccalaureate degree in International Business from the Robert H. Smith School of Business at University of Maryland College Park, a Master of Public Health (Global Health with an emphasis on pharmaceuticals) from Boston University, and a Doctor of Pharmacy degree from the University of Maryland School of Pharmacy. Because we only have one child, we were able to afford the tuition, books, fees, and living expenses associated with receipt of all three of these degrees for our daughter, to the tune of about a quarter of a million dollars (over a decade, but still – that’s a whole lot of bologna sandwiches).

I am a strong supporter of the Human Capital Theory, which is explained by Professor Huelsmann as increased education leading to increased productivity which leads to increased earnings (for the individual and the company or whoever funded the individual). I also agree with the idea that inherent talent and/or out of school socialization adds spice and interpretation to the investment in training (sort of individualizes it).

As an adult, I have grown very fond of the idea of WIIFM – what’s in it for me? So what’s in it for me (and my husband) to sink $250,000 into our daughter’s education? We suffer under NO delusion that she will “pay us back” in the future. Not that I think she’d kick us to the curb, but we’ve carefully planned for our own financial well-being in the future, so there shouldn’t be a need for her to do so. Do I think all three of these degrees were necessary? From a pragmatic position, no. You only need about 70 college credits to go to Pharmacy School, so she didn’t even really need to complete the Baccalaureate degree, let along get an MPH degree.

So was it “worth it” to get behind the Human Capital Theory and invest this money in our daughter? Aside from sparing her the financial burden if we had said no, I still think it was a worthwhile investment. Her education has magnificently prepared her for what I know will be an amazing career, which shows signs of providing her with great personal fulfillment. WIIFM? My daughter’s happiness. But I still wouldn’t turn down an awesome birthday present or three!

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Stand Back! I don’t know how big this things going to get! (Module 1, Unit 2)

3/19/2016

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Professor Huelsmann discussed three primary developments that occurred in the past 50-60 years in education. These include an enormous expansion in education (after World War II), the emergency of the “economics of education” and the emergence of distance education (DE). When I wonder WHY there was this explosion in education, emerging value to education, and embracing DE, of course I immediately understand the idea of “new hope” after a major war that caused so much loss for so many. Sort of like when the fall arrives and the kids all go back to school – a fresh start so to speak.

But apparently there’s more to the story – not only this renewed optimism for the future and the parallel adoption of human capital theory, but also the economic demand for a more skilled work force due to growing economies and the US baby boom .

This growth wasn’t just in the US – China and Russia had significant jumps in educational endeavors. Professor Huelsmann provided several hypotheses why this is including USSR implosion (development of a capitalist economy), China provides the world with inexpensive labor, US housing market expansion and burst, European mortgage crisis, and US and global recession.

Is this the Chaos theory at work? The butterfly effect? I don’t know if a butterfly flapping its wings in New Mexico will cause a hurricane in China, but I do know my husband won’t buy Oreo’s any longer because Nabisco moved its plant to Mexico! That spells chaos in my book!

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Elixir or Snake Oil? Should we drink the Kool-Aid? (Module 1, Unit 1)

3/19/2016

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The most profound thing I learned in this week is that “education = a better lot in life” is not an immutable law of nature. The adjective “immutable” has Latin roots that mean “not changeable” so I was very surprised to be made to grapple with whether or not an education has tangible (financial) benefits. Perhaps this has to do with being a career-long educator – wouldn’t I be a walking, talking oxymoron if I didn’t embrace this?

Wolf acknowledged that educated people earn more money than those who are less educated (pp. 15-17) although he counters with arguments that countries who have put the most effort into educating their populous have grown more slowly than countries with fewer resources channeled into education (p. 39).

Many have made the argument that participating in higher education exacts an opportunity cost (e.g., not out there working, accumulating debt). In my mind however, I remain unchanged and the elixir-like properties of education remain immutable for me. Perhaps this because I define “is it worth it” as so much more than a paycheck. I could absolutely be earning more money than I do right now, but I wouldn’t be as happy or fulfilled in my career. My career is a huge part of what defines ME, and to be discontent in this large a portion of my very existence would be a death blow. I’m sure my family would agree because, as you know…”If Mama ain’t happy, nobody’s happy.” Pass the Kool-Aid.

Wolf, A. (2002). Elixir or snake oil? Can education really deliver growth? In A. Wolf (Ed.). Does education matter? Myths about education and economic growth (pp. 13-55). London: Penguin books.

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A World Tour with a Side of MOOC and a Citizen of the World Who Aspires to be a Yogi! (Module 3)

How much is that doggie in the window? (Module 2)

Can I use the back of my business card to include all my degrees? (Module 1, Unit 8)

What DO the figures say? Is pharmacy still a viable option without a sugardaddy (or mama)? (Module 1, Unit 7)

What Else Can You Show Me (besides the money?) (Module 1, Unit 6)

$9.99 is WAY Less Than 10 Bucks, and Other Financial Fables (Module 1, Unit 5)

How big are the holes in that screen? (Module 1, Unit 4)

Will a quarter of a million buy me an awesome birthday present? 9Module 1, Unit 3)

Stand Back! I don’t know how big this things going to get! (Module 1, Unit 2)

Elixir or Snake Oil? Should we drink the Kool-Aid? (Module 1, Unit 1)

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