Global trends in financing higher education

Abstract

This article describes the types of higher education institutions financing around the world, as well as the features of university financing and their structural changes in the context of the countries of the world. The management system of higher education around the world is multifunctional, complexly structured. This activity appears to be specially organized by the state authorities jointly with public institutions and is aimed at increasing the effectiveness of the higher education sector in the context of the implementation of the goals and objectives of the state in a particular historical period of development. In the last decade, there has been a demand for educational services and a corresponding increase in the cost of financing higher education. The drivers of this increase were wage growth, the cost of modern infrastructure, and the slow response to rising costs. The decline in government revenue has led to more efficient use of resources and careful monitoring of research results, since the priority for the state is to strictly evaluate the results for their funding, and research funded by the private sector has clear goals. Universities in the updated system of values stimulate the development of society, implement the training of personnel required by the market. New challenges – the pandemic and the development of the digital economy-provide new opportunities for people focused on higher education, and at the same time change the education system itself and its financing mechanisms.