College Enrollment Rate in Korea 70%... "The Problem Is the Quality of Education" [How Is Your Dream Doing?]

Education from the Perspective of an Economist

On December 23 last year, examinees at Muhak Girls' High School in Seongdong-gu, Seoul, are checking their 2021 College Scholastic Ability Test score reports. Photo by Joint Press Corps

[Asia Economy Reporter Hyunju Lee] The proportion of Korean high school students receiving vocational education is about one-third of the average among OECD (Organization for Economic Cooperation and Development) countries. On the other hand, the university enrollment rate is around 70%, one of the highest in the world. Is this overeducation or half-baked education?

Among domestic economists, 4 out of 10 emphasized that for Korea's education to develop, "the quality of education should be evenly improved by reducing the number of universities instead of increasing them, so that individuals can better respond to future societal demands and avoid discrimination." In a survey conducted by the Korean Economic Association on the 4th, targeting 35-36 economists on the topic of education, 42% of respondents expressed this view. Professor Namhoon Kwon of Konkuk University’s Department of Economics pointed out, "In a knowledge-based society, the problem is not that there are too many university graduates, but that the level of university education has not sufficiently improved." Meanwhile, 29% answered that "since it is inefficient overeducation, universities and general high schools should be reduced, and vocational high schools (currently specialized high schools) should be increased." Professor Wooheon Lee of Kyung Hee University’s Department of Economics said, "Not only specialized high schools but also higher education institutions that provide professional vocational education should be expanded," adding, "In Germany, it was very impressive that to become a banker, one undergoes several years of education at a financial college and practical on-site training, and then can advance to executive positions without any obstacles."

Twenty-four percent responded with "unable to judge." Professor Suhyeong Lee of Seoul National University’s Graduate School of International Studies said, "Considering the current situation of Korean elementary, middle, and high school education, universities are sufficiently necessary for individuals to cultivate intellectual abilities and social networks needed for social and workplace life," but also noted, "It is difficult for the Ministry of Education and others to lead restructuring of specific fields or universities in a way that reflects the needs of Korean society’s consumers and industrial prospects." Professor Lee emphasized, "Market principles centered on consumers should operate so that individuals and students, as consumers, can choose university education."

As a method to alleviate the overheating of private education, the most common response (50%) was "improving the quality of school education and strengthening accountability for guaranteeing basic academic skills to reduce demand for private education." Other opinions included "designing and operating the entrance examination system to suppress factors that induce private education expenses to reduce demand for private education" and "relaxing enrollment regulations for metropolitan universities to increase the number of students admitted to preferred universities and ease competition for university entrance." Professor Hyuncheol Kim of Cornell University’s Department of Policy Analysis and Management and Economics stated that none of the previously suggested answers could be a solution. Professor Kim argued, "The demand for private education arises from the premium value of prestigious university diplomas in labor and marriage markets," adding, "Graduating from a prestigious university brings rewards through the school's reputation and alumni networks in employment, promotion, and entrepreneurship processes that far exceed the costs of private education investment."