Financing high education in the context of new challenges

Abstract

This article analyzes the current system of financing higher education institutions and examines the world experience applied in other countries. Today's development of higher education financing is undergoing changes in connection with new challenges: the process of digitalization is intensifying; impact on the development of higher education during the pandemic and post-pandemic; the system of remuneration of scientists and faculty is undergoing changes; issues of grant financing are being reviewed; the role of universities in regional politics is changing.The main purpose of this study is to study the issues of financing education, a comparative analysis of foreign and domestic experience in this matter. Other sources of funding began to take precedence over the state. The dynamic development of new technologies, the urgent need to train qualified workers are leading the education system to transformation. An increasing number of universities are choosing an entrepreneurial direction, delving into the study of science – all this requires large financial investments. In connection with the above, taking into account all the listed new challenges, for the full functioning of higher education institutions and the training of highly qualified personnel, it is necessary to increase the cost of financing universities. Such new trends in the education of domestic universities as the establishment of partnerships between companies and universities, digitalization and innovation are transforming the usual model of a higher education institution. Universities need continuous development, changes in the educational process and the content of disciplines, the involvement of practitioners in training, large investments in the material and technical base of the university.The decline of government revenues have led to more efficient use of resources and scrupulous tracking of research outcomes, so governments prioritize rigorous outcome assessments for their funding, and privately funded research has clear goals.