Although access to education has improved, 53 percent of ten-yearolds in low- and middle-income countries are unable to read and understand a short age-appropriate text (World Bank 2019). Unfortunately, recent increases in public education spending have been associated with relatively small improvements in education outcomes. But the education finance challenge is not only about mobilizing resources but also about improving the effectiveness of funding. During the last decade, government education spending has increased steadily, but the Covid-19 pandemic has impacted public finances dramatically, and the prospects for maintaining these increases have deteriorated. To achieve national and international education goals, many countries will need to invest more in their education systems. The spotlight for this year’s EFW is on the impact of Covid-19 and provides a snapshot of how education budgets are changing in response to the pandemic.
Each EFW will follow a similar format and explore annual changes in the main sources of education funding (namely governments, households and development assistance).Įach year the EFW also aims to shine a spotlight on an important education financing issue. The EFW will be published every year soon after the main annual release of public expenditure and development assistance data at the end of the year. Regardless of what type of career you want to pursue, investing in your education can help you get there.This Education Finance Watch (EFW) draws together and summarizes the available information on patterns and trends in education financing around the world. Forensic accountants are the detectives of the financial world, with responsibility for “following the money” in cases of corporate fraud, corruption, organized crime, and increasingly complex financial crimes. For example, environmental accountants provide guidance at the intersection of the environment and business, with responsibilities such as determining compliance costs for regulations and identifying cost-saving environmental initiatives. Just as the world of finance is evolving, so are fast-growing careers in this field.
Higher up the ladder, most large corporations have a chief financial officer (CFO) in the C-suite. While money may be the ultimate fungible commodity, careers in finance aren’t as interchangeable as some people think! Traditional jobs in finance include accountants and certified public accountants (CPAs), controllers, actuaries, bankers, and financial planners, and these services are always in demand.
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