Financial or Emotional Incentive
The creative sector, a high-growth area of the economy, is in demand for its innovative and imaginative outputs. However, a new report by the Creative Industries Policy and Evidence Centre (PEC) and the University of Sussex suggests that the economic value of creative higher education extends beyond immediate financial gains and simplistic labor market metrics.
The report, titled "For love or money? Graduate motivations and the economic returns of creative higher education inside and outside the creative industries," sheds light on the complex and varied economic returns for creative graduates. Researcher Martha Bloom, from the Science Policy Research Unit (SPRU) at the University of Sussex, led the study.
The report presents a more nuanced picture of the economic value of creative higher education by examining both the motivations of graduates and the actual financial outcomes related to their careers. Graduates of creative higher education programs often pursue these studies for intrinsic motivations such as passion for creative work, alongside expectations of economic benefits. This dual motivation complicates simplistic economic evaluations based solely on income.
Economic returns for creative graduates are varied and complex, differing significantly depending on whether graduates remain within creative industries or move into other sectors. Some creative graduates achieve lower financial returns within creative fields relative to other industries, while others leverage their skills in broader labor markets to achieve better economic outcomes.
Success and value derived from creative higher education cannot be measured solely by immediate or direct economic gains. Broader considerations such as career satisfaction, skills acquisition, and long-term career adaptability contribute meaningfully to their overall economic and personal outcomes.
This nuanced understanding challenges the dominant policy and public discourse which often assumes that creative degrees yield inferior economic returns compared to STEM or business fields. The report advocates instead for recognition of diverse types of value produced by creative higher education.
The report also highlights that using earnings as a metric for value disadvantages creative graduates who are more likely to be self-employed, operate as freelancers, or run their own businesses. Creative higher education provides graduates with high-level creative skills necessary for work in the creative industries and across the economy.
The new scoping study, part of the report, focuses on the economic consequences and potential market failures of overseas mergers and acquisitions in the UK video games industry. The UK's departure from the EU has changed the way British firms trade and work with European counterparts, and this study aims to understand the implications for the UK video games industry.
The report can be referenced as "Bloom, M. (2020): For love or money? Graduate motivations and the economic returns of creative higher education inside and outside the creative industries. London: Creative Industries Policy and Evidence Centre and University of Sussex." The report is a valuable resource for policymakers, educators, and students, providing insights into the economic value of creative higher education and challenging assumptions about the perceived inferior economic returns of creative degrees.
- The report by the Creative Industries Policy and Evidence Centre (PEC) and the University of Sussex, titled "For love or money? Graduate motivations and the economic returns of creative higher education inside and outside the creative industries," delves into the complex economic returns for creative graduates.
- Researcher Martha Bloom, from the Science Policy Research Unit (SPRU) at the University of Sussex, led the study, which presents a more nuanced picture of the economic value of creative higher education.
- Graduates of creative higher education programs often pursue these studies for intrinsic motivations such as passion for creative work, alongside expectations of economic benefits, according to the study.
- Economic returns for creative graduates are varied and complex, differing significantly depending on whether graduates remain within creative industries or move into other sectors, the report suggests.
- Success and value derived from creative higher education cannot be measured solely by immediate or direct economic gains, the report posits, with broader considerations such as career satisfaction, skills acquisition, and long-term career adaptability contributing significantly.
- This nuanced understanding challenges the dominant policy and public discourse which often assumes that creative degrees yield inferior economic returns compared to STEM or business fields, according to the report.
- The report also argues that using earnings as a metric for value disadvantages creative graduates who are more likely to be self-employed, operate as freelancers, or run their own businesses.
- The new scoping study, part of the report, focuses on the economic consequences and potential market failures of overseas mergers and acquisitions in the UK video games industry.
- The report is a valuable resource for policymakers, educators, and students, providing insights into the economic value of creative higher education and challenging assumptions about the perceived inferior economic returns of creative degrees.
