Pandemic Lessons Learned for K-12, Higher Education

By Blu Putnam and Erik Norland

At a Glance

The instantaneous shift to virtual learning in 2020 tested the limits of educators, students and their families. But as the pandemic exposed challenges to education, what are the lessons learned?

The pandemic has highlighted the need to control higher ed costs, while calling into question the perceived value of a college degree. CME Group economists discuss what this could mean for universities and professors.

The pandemic disrupted many sectors of the economy, and education was certainly no exception. In fact, the sudden move to a virtual learning environment in 2020 put K-12 educators, students and their families to the test, while also calling into question the costs and structure associated with higher education.

Students continued to learn, even as they didn’t visit a classroom, but studies indicate that the pace at which they did slowed. This is largely due to two challenges to virtual education exposed by the pandemic, including inequality in broadband access and the importance of in-person social interaction. “Learning from one’s peers simply cannot be underestimated and cannot be reproduced in a virtual environment,” CME Group Senior Economist Erik Norland says in the latest episode of The Economists. The good news though, according to Norland, is that the pandemic taught us many things about how to improve education outcomes, offering a more focused path forward.

One of the other takeaways was a sort of solution to a decades-long problem with higher education. Many analysts have viewed the trend in rising higher ed costs as unsustainable. But with some professors now producing high-quality, short videos in lieu of long lectures, a cost-controlled hybrid approach seems more doable. “In-person classes can use a suite of bite-sized videos with the instructor facilitating the post-video discussion,” CME Group Chief Economist Blu Putnam explains.

Another consideration for higher education that the pandemic brought to the forefront is the perceived value of a college degree. Do some career paths, such as those in technology, actually require an undergraduate or advanced degree as much as previously thought? Could this lead to declining enrollment at some universities? This remains to be seen, but regardless, a few things do seem certain. The pandemic has prompted new conversations around the state of education, provided lessons learned, and accelerated change within the sector at a rapid – and growing – pace.

Watch Putnam and Norland’s full discussion of the pandemic’s impact on education above.

The Economists is a video series covering the industries and events shaping global economics with a special focus on post-pandemic economic realities. Episodes are released monthly.

About the presenter

Blu Putnam, Chief Economist, CME Group

Bluford (Blu) Putnam has served as Managing Director and Chief Economist of CME Group since May 2011. He is responsible for leading economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their

Erik Norland, Managing Director & Chief Economist, CME Group

is responsible for generating economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their potential impact on CME Group's various asset classes, ranging from interest rate products to energy and agriculture. He is also one of CME Group’s spokespeople on global economic, financial and geopolitical developments.

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