The national context

Liberal Arts Graduates and Employment

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Liberal Arts Graduates coverThe National Center for Higher Education Management Systems and the Association of American Colleges and Universities released a report yesterday that provides data on employment outcomes of liberal arts graduates.

The report, Liberal Arts Graduates and Employment: Setting the Record Straight, compared salary and employment data of liberal arts majors with that of science, math, and engineering graduates and professional and pre-professional graduates.

The findings come at a time when a traditional liberal arts education is seen by some as a luxury and perhaps not the best path to a well-paying job:

“Recent attacks on the liberal arts by ill-informed commentators and policy makers have painted a misleading picture of the value of the liberal arts to individuals and our communities. As the findings in this report demonstrate, majoring in a liberal arts field can and does lead to successful and remunerative careers in a wide array of professions.” — Carol Geary Schneider, president AACU.

The study found that employers want workers with both broad knowledge and specific skills — four out of five employers agree that all students should have broad knowledge in liberal arts and sciences. 

The report also found salary outcomes should be measured over an entire career. Earnings of liberal arts graduates, especially those who attain advanced degrees, can outpace professional and pre-professional graduates over several decades.

The state

State of the State: Governor Walker to Propose Tax Cuts

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Governor Scott Walker

Governor Scott Walker

Governor Scott Walker will offer more details about his proposed $504 million tax cut in his State of the State address at 7 pm this evening. The speech will be broadcast live on public radio and television, with audio stream and video stream available online.

The governor plans to utilize part of the $912 million budget surplus to lower state income and property taxes. The Legislative Fiscal Bureau announced last week that tax collections are expected to exceed initial projections, allowing for a surplus at the end of the 2013-15 biennium.

Some details have already become public:

  • A property tax cut of about $101 on a $150,000 home, Wisconsin’s median home value
  • An income tax cut of $44 to $58 for each tax filer
  • A change in tax policy that would result in the state no longer withholding more income taxes than actually owed, resulting in about $58 more per month per family

The governor’s plan adds $100 million to the state’s rainy day fund, but raises the structural deficit by about $100 million to $725 million at the end of the biennium.

Assembly Speaker Robin Vos (R-Rochester) indicated broad support of the plan among Assembly Republicans: “Our caucus is united behind the idea of having it go to property tax relief and income tax relief.”

Democrats and Senate Republicans, however, have expressed concern. Senate President Mike Ellis (R-Neenah) and Senator Dale Schultz (R-Richland Center) both have said the would like to pay down structural deficit while Senate Minority Leader Chris Larson (D-Milwaukee) and Assembly Minority Leader Peter Barca (D-Kenosha) told reporters they would like to fund gaps in Medicaid and W-2 before implementing tax cuts.

The state

Wisconsin Retirement System Funds Show Strong Gains in 2013

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The State of Wisconsin Investment Board (SWIB) announced earlier this week that the two funds it manages for the Wisconsin Retirement System (WRS) posted strong gains in 2013, allowing for the first pay increase in five years for annuitants.

The Core Fund ended the year with a 13.5 percent gain and the riskier Variable Fund posted a 29 percent gain. These gains surpassed benchmarks set by SWIB.

Morningstar recently recognized WRS as the strongest state pension in country, and the Pew Center on the States found WRS to be fully-funded and called it a “solid performer.”

Three state departments released a report in 2012 recommending no changes to WRS. The legislature requested the study as part of the 2011-13 state budget. In particular, the study was to examine the possibility of allowing WRS participants to choose a defined contribution plan or opt out of WRS altogether.

PROFS is currently monitoring two bills affecting WRS:

  • Assembly Bill 470 would increase the minimum retirement age by two years. If passed, it would apply to workers 40 and younger.
  • Assembly Bill 471 would calculate benefits based on the five highest earnings periods, a change from the current three year formula.

 Both bills are in committee awaiting a public hearing.

The national context

Coffee and Conversation with F. King Alexander

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F. King Alexander

F. King Alexander

Louisiana State University President and Chancellor F. King Alexander will visit UW-Madison tomorrow, Friday, January 17, for a discussion of federal oversight in higher education, including President Obama’s College Scorecard.

Alexander was named to the newly-merged position of LSU Chancellor/ LSU System President last year. He received his Ph.D in higher education administration from UW-Madison and served as president of California State University-Long Beach before arriving in Louisiana. He also served as president of Murray State University in Kentucky.

This event, sponsored by WISCAPE, the Wisconsin Center for the Advancement of Postsecondary Education, will be held at 9 am in Room 290 Education. It is free and open to the public.

 

UW

Milwaukee Journal Sentinel on UW-Madison’s Entrepreneurial Efforts

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Kathleen Gallagher of the Milwaukee Journal Sentinel wrote about UW-Madison’s economic development efforts and the launch of Discovery to Product (D2P) yesterday.

The front page article noted that Chancellor Rebecca Blank has the opportunity to fill three high profile director positions — University Research Park, the Office of Corporate Relations and D2P are all hiring.

UW-Madison attracts more than $1 billion annually in research funding, ranking third among research universities in 2010. The university lags, however, when it comes to attracting research spending from business and commercializing research through partnerships with industry.

Today, the Journal Sentinel editorial board lauded the university’s efforts, D2P in particular:

Entrepreneurs at the University of Wisconsin-Madison soon will have a new advocate on campus that should boost the number of ideas that are commercialized, which we think should, in turn, give the state’s economy a boost over time.

The state, UW System

Raymond Cross Named UW System President

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The University of Wisconsin Board of Regents appointed UW Colleges and UW Extension Chancellor Raymond Cross next president of the University of Wisconsin System. Cross succeeds Kevin Reilly who stepped down in December to take a position with the American Council on Education. UW-Whitewater Chancellor Richard Telfer will serve until Cross takes office in mid-February.

 

 

Cross arrived at UW System three years ago and was the only internal candidate among three finalists and his appointment was praised by legislators from both sides of the aisle:

“I trust Ray Cross and believe he offers the right leadership at a critical time in the history of the UW System. While we won’t agree on every issue, I know that he will be a man of his word and will always prioritize the best interest of Wisconsin families.” — State Representative Steve Nass, R-Whitewater

“I’ve been very impressed with Chancellor Cross’s support for quality higher education and his ability to be an effective communicator. He understands the unique strengths and needs of our 26 statewide UW campuses and Extension programs. As a trusted leader with a wealth of experience, I have every confidence that Chancellor Cross’s leadership will serve our UW System well and strengthen our state’s reputation as a global leader in higher education.” — State Senator Jennifer Shilling, D-La Crosse

Cross will appear at a 9 am news conference tomorrow, Friday, January 10 at UW-Milwaukee. Livestream video will be available here.