Officials from Education Management Corp (EDMC) participated in a webcast this morning as part of the “Back to School Education Conference” sponsored by Investment Banking firm BMO Capital Markets.
Despite its title, the conference has little to do actual education and more to do with the business of selling education. Most of the presenters were officials from for=profit education companies, including EDMC. Readers of this spot know that the Pittsburgh-based company is the second-largest provider of for-profit education in the country and owns schools including the Art Institutes nationwide.
There was little new information brought out at the webcast and there were no questions regarding the massive layoffs that have gone on at the company since January including 800 faculty and staff members at Art Institutes nationwide. The most interesting quote, however, came from current board chairman Todd Nelson about how the types of students sought out by the institutions.
Nelson said the company is “focusing on students who are most adequately prepared … and likely to achieve their education goals.”
This comment would come as a surprise to many former employees and students who have claimed, for example that the schools are willing to accept anyone with a “pulse and a pell”
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Love this episode. I'm already looking forward to visit. :)