Sin financiación3.097 JCR (2015) Q2, 72/255 Pharmacology & Pharmacy, 24/90 ToxicologyUE

García, I.

Cabellos García, Ana Cristina

Giner Larza, Eva María

Basic & Clinical Pharmacology & Toxicology

Horsfall, Andrew

Digital Commons @ American University Washington College of Law

THE EFFECT OF CURRENCY VALUE FLUCTUATIONS  IN THE U.S. AND ABROAD  ON LL.M. PROGRAM TUITION    THE “HOW” AND THE “WHY” LL.M. PROGRAMS ARE GETTING MORE EXPENSIVE    (without raising tuition!)   - OR -  Andrew S. Horsfall is the Assistant Dean of International Programs at Syracuse University College of Law.     Andrew shepherds the College’s Strategic Plan for Internationalization. He oversees the College’s Office of International Programs and its portfolio encompassing the LL.M. program, the LondonEx summer externship program, the Visiting Scholars Program, semester exchange programs, short-term study abroad courses, new program development, institutional and market research, international alumni engagement, and other international initiatives and special projects.  The genesis of this study: 2014 Goals of the study: ■ The study determines the effect of recent fluctuations in currency values in the United States and select foreign countries on the cost of tuition for the Master of Laws (LL.M.)   ■ Two important data outputs: • Cost of the LL.M. program in a foreign currency • The change in that cost from the previous study  ■ Most important: trends over time.    Tools of the study: ■ OANDA.com  ■ LL.M. Tuition  ■ Fixed dates/ranges (i.e. September 15)  ■ Calculator or spreadsheet to collect data Foreign Currency Values Over Time Syracuse LL.M.:       $49,500            $50.490             $51,500 Foreign Currency 9.15.12 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17 Argentina 228,292.00 281,822.00 414,185.00 463,092.00 758,723.00 874,482.00 Brazil 99,447.50 112,236.00 112,459.00 189,461.00 168,352.00 160,544.00 China 312,505.00 304,125.00 304,461.00 314,794.00 336,894.00 337,218.00 Euro 37,697.90 37,218.90 38,236.90 43,799.10 44,905.50 43,136.70 India 2,656,520.00 3,126,070.00 3,020,490.00 3,281,820.00 3,376,920.00 3,299,890.00 Japan 3,879,810.00 4,918,220.00 5,307,890.00 5,943,860.00 5,166,140.00 5,702,260.00 Mexico 629,100.00 645,929.00 655,677.00 828,145.00 974,129.00 909,965.00 Nigeria 7,666,160.00 8,063,550.00 7,984,700.00 9,834,120.00 15,816,800.00 18,297,000.00 Saudi Arabia 185,387.00 185,608.00 185,542.00 185,642.00 189,315.00 193,019.00 South Korea 54,890,100.00 52,464,100.00 50,805,800.00 58,448,600.00 56,826,000.00 58,263,700.00 Taiwan 1,441,770.00 1,467,190.00 1,489,230.00 1,608,410.00 1,599,840.00 1,547,720.00 United Kingdom 30,521.30 31,161.90 30,471.30 32,071.20 38,154.30 38,099.10 LL.M. Tuition in Brazilian Real 99,447.50 112,236.00 112,459.00 189,461.00 168,352.00 160,544.00 0.0020,000.0040,000.0060,000.0080,000.00100,000.00120,000.00140,000.00160,000.00180,000.00200,000.009.15.12 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17Brazilian Real Study Dates LL.M. Tuition in Chinese Yuan Renminbi  312,505.00 304,125.00 304,461.00 314,794.00 336,894.00 337,218.00 280,000.00290,000.00300,000.00310,000.00320,000.00330,000.00340,000.009.15.12 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17Chinese Yuan Renminbi Study Dates LL.M. Tuition in Mexican Peso 629,100.00 645,929.00 655,677.00 828,145.00 974,129.00 909,965.00 0.00200,000.00400,000.00600,000.00800,000.001,000,000.001,200,000.009.15.12 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17Mexican Pesos Study Dates Looking only at foreign currency values - at one point in time - is only half the inquiry…  we also want to: 1. Understand these fluctuations in relation to USD.   2. Examine the trend over time. What does this look like in relation to the USD?  Syracuse LL.M.:       $49,500            $50.490             $51,500 USD Baseline 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17 Argentina $49,500  58,812.74 74,535.54 79,758.70 99,799.61 106,754.76 Brazil $49,500  55,086.99 55,182.12 75,262.12 69,140.45 66,673.94 China $49,500  48,139.38 48,193.97 49,814.07 53,153.21 53,104.68 Euro $49,500  48,863.32 50,181.04 56,466.10 57,699.13 55,250.63 India $49,500  56,899.97 55,173.53 59,105.89 60,520.43 59,344.72 Japan $49,500  59,947.70 63,581.19 68,876.70 61,595.30 66,249.87 Mexico $49,500  50,789.71 51,525.20 61,827.80 69,621.59 65,918.85 Nigeria $49,500  51,932.01 51,452.15 60,717.46 79,576.02 86,447.45 Saudi Arabia $49,500  49,558.91 49,541.32 49,567.97 50,546.81 51,533.87 South Korea $49,500  47,304.47 45,718.48 52,180.48 50,718.25 51,978.70 Taiwan $49,500  50,352.74 51,084.25 54,748.53 54,460.99 52,764.53 United Kingdom $49,500  50,519.98 49,397.61 51,866.70 60,185.16 59,685.29 Trends in September studies:  $0$20,000$40,000$60,000$80,000$100,000$120,000USD Baseline 9.15.13 9.15.14 9.15.15 9.15.16 9.15.17The Formula:  Brazil from September 2014 to 2015  1. Change in cost of LL.M. tuition ($49,500) from Sept. 2014 to Sept. 2015 September 2014: R$112,459.00 September 2015: R$189,461.00 2. Change = Increase of R$77,002.00  3. Convert that Change to USD = $20,080  4. Add Change (USD) to the output from the previous year:    $20,080.00 + $55,182.12* = $75,262.12 USD Let’s unpack it a bit more… *Recall this is a cumulative study – with new data building on previous data. The value of $55,182.12 represents the value in USD from when the same calculation was performed in September 2014.  This figure builds from the baseline value of $49,500, from when the study began in September 2012. So we can also say… 4. Add Change (USD) to the output from the previous year:    $20,080.00 + $55,182.12* = $75,262.12 USD The change in cost of LL.M. tuition felt by a Brazilian from 2012 to 2015 is comparable to what we in America would experience if the cost changed from $49,500 to $75,262.12  Mexico from September 2014 to 2015  1. Change in cost of LL.M. tuition ($49,500) from Sept. 2014 to Sept. 2015 September 2014: $828,145 MXN September 2015: $655.677 MXN 2. Change = Increase of $172,468 MXN  3. Convert Change to USD = $10,302 4. Add Change (USD) to the output from the previous year:    $10,302 + $51,525.20* = $61,827.80 USD Let’s unpack it a bit more… *Recall this is a cumulative study – with new data building on previous data. The value of $51,525.20 represents the value in USD from when the study was performed in September 2014.  This figure builds from the baseline value of $49,500, from when the study began in September 2012. So we can also say… 4. Add Change (USD) to the output from the previous year:    $10,302 + $51,525.20* = $61,827.80 USD The change in cost of LL.M. tuition felt by a Mexican from 2012 to 2015 is comparable to what we in America would experience if the cost changed from $49,500 to $61,827.80  Other interesting trends from September 15, 2017 study:  ■ 4 countries encountered a “real cost’ of LL.M. tuition at least $20,000 USD above $51,500: Russia, Turkey, Nigeria, Argentina ■ Eurozone countries, the U.K., Canada, and Mexico saw the largest percentage change decrease in the “real cost” of LL.M. tuition as the dollar weakens: – Eurozone (↓-8.59%),  – the United Kingdom (↓-6.93%),  – Canada (↓-6.49%), and  – Mexico (↓-6.24%) ■ Saudi Arabia, South Korea, and Taiwan continue to keep currency values at a level stable enough for LL.M. tuition to fall slightly above the $51,500 USD tuition: – Saudi Arabia ($51,533.87) – South Korea ($51,978.69) – Taiwan ($52,764.53)   Recommendations and Reactions:  ■ Reevaluate anticipated student mobility trends ■ Encourage students to extend payments over time – or - encourage students to pay in full early ■ Consider changes in messaging on value-ad among different regions ■ Scholarships/institutional aid ■ Targeted full scholarships ■ Tuition freeze/partial tuition freeze by country or region ■ Institute-wide tuition reduction ■ Relax discount rate thresholds ■ Establish an isolated discount rate for specific country(ies) or region(s)  What other trends or strategies have worked for your programs?  Hope is on the horizon!? Thank you! Andrew S. Horsfall Assistant Dean for International Programs Syracuse University College of Law  ashorsfa@syr.edu  

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