World’s Best Universities Struggling Economically

As the economy continues to look bleak, even the world’s best universities are not spared from financial headache.

Harvard, which was recently ranked as the world’s best university in the THES-QS ranking 2009, has announced its plan to cut spending and taking steps to revise their spending budget.

According to Harvard President, Drew Faust, the steps are being taken as the economic slowdown may have an adverse affect on its federal grants entitlement and the endowment for the school.

An analyst by Moody’s, a financial research and rating firm, projected a decline in Harvard’s endowment and funding by 30% for the current fiscal year.

Darthmouth College, which is home to America’s top business school, the Tuck Business School has also taken measures to implement cost cutting strategies after losing some $200 million in endowment. Another institution, Cornell University, was forced to stop its construction project and has to make a stop from hiring faculty staff members until the first quarter of 2009.

It wasn’t indicated if the financial burden will reduce the universities power in attracting the best students in the world, but the effect is anticipated to be felt within the next 6 months to a year.

Other posts you may want to read:

1. Harvard University’s Endowment Plunges
2. Webometrics World University Ranking 2009
3. FT MBA School Ranking 2009 (Top 10)
4. Cambridge Named Best University in Europe
5. Harvard is US No. 1 University for 2009
6. THES-QS Top 200 Universities 2008/2009
7. World’s Top 50 Universities Ranking (ARWU)
8. The THE-QS University Ranking

Author's bio: Zul is the founder and principal contributor for the SKOR Career blog. He is the author of two books, The Malaysian Job Seeker's Dilemma and Buat Duit Tanpa Kerja Makan Gaji (How to Make Money Without a Job), available in major book stores nationwide. You can reach him at zulkiflimusa[at]gmail.com.