Money or Affection: The Compelling Dilemma
In a new report published by the Creative Industries Policy and Evidence Centre and the University of Sussex on August 21, 2020, researcher Martha Bloom sheds light on the economic value of creative higher education. The report, titled "For love or money? Graduate motivations and the economic returns of creative higher education inside and outside the creative industries," presents a more nuanced picture of the employment outcomes and earnings data for creative graduates specifically in the creative industries.
The report finds that creative higher education provides graduates with high-level creative skills necessary for work in the creative industries and across the economy. However, it also highlights that using earnings as a metric for value disadvantages creative graduates who have different motivation profiles for entering work and are more likely to be self-employed, operate as freelancers, or run their own businesses than non-creative graduates.
The report was peer-reviewed prior to publication, and the views and interpretations expressed in the report do not necessarily represent those of the PEC or its partner organizations.
Beyond graduate earnings, the report suggests alternative metrics for evaluating the value of creative higher education. These include the development of essential skills such as critical thinking, communication, and adaptability, which are valuable across many careers and in a changing economy. The report also emphasizes the importance of long-term career trajectories and individual variation, teaching effectiveness and pedagogical outcomes, equity-focused strategies and local/community impact, holistic student assessments, and research impact and academic contribution.
The report also notes that creative higher education is providing good value to the Treasury by supplying skilled employees to the creative industries, a high-growth sector of the economy. In 2015, worldwide exports of creative goods exceeded 500 billion USD, showing a 150% increase since 2000.
The report also discusses the economic consequences and potential market failures related to The BFI's Research, the impact of the UK's departure from the EU on British firms trading and working with European counterparts, and the potential damage to the sustainability of the UK's fast-growing creative industries and other sectors that rely on creative work due to disruptions to the creative talent pipeline.
Finally, the report details the results of a survey of employers in the UK's creative industries regarding migrant and skills needs. The report serves as a call to shift towards more nuanced, inclusive, and comprehensive frameworks for valuing higher education—especially liberal arts and creative disciplines—that go beyond simple economic returns to measure intellectual development, teaching quality, social impact, and scholarly influence.
- The Creative Industries Policy and Evidence Centre, in collaboration with the University of Sussex, published a report titled "For love or money?" on August 21, 2020, which focuses on the economic value of creative higher education.
- Martha Bloom, a researcher, sheds light on the employment outcomes and earnings data for creative graduates, specifically within the creative industries, in this report.
- The report indicates that creative higher education equips graduates with high-level creative skills vital for work in the creative industries and across the economy.
- However, the report underscores that using earnings as a single metric for value may disadvantage creative graduates with distinct motivation profiles and higher rates of self-employment, freelancing, or business ownership.
- Beyond graduate earnings, the report introduces alternative metrics to evaluate the value of creative higher education, such as skill development, career trajectories, teaching effectiveness, equity-focused strategies, local impact, holistic student assessments, and research impact.
- The report also affirms that creative higher education is contributing value to the Treasury by providing skilled employees to the creative industries, a high-growth sector of the economy.
- In 2015, worldwide exports of creative goods surpassed 500 billion USD, signifying a 150% increase since 2000.
- The report addresses the economic repercussions and potential market failures related to The BFI's Research, the impact of the UK's exit from the EU on British firms collaborating with European counterparts, and the potential threats to the sustainability of the UK's growing creative industries.
- The report concludes with the results of a survey of UK creative industry employers, highlighting migrant and skills needs as a call to gradually adopt more nuanced, inclusive, and comprehensive frameworks for valuing higher education—especially liberal arts and creative disciplines—that encompass intellectual development, teaching quality, social impact, and scholarly influence.
