Graduate Employability as a Key to the Efficiency of Tertiary Education

Abstract

In the 21st century there is a lot of attention on sustainability (whether social or environmental). However, unfortunately, the economic perspective has been largely neglected in the field of education. This article deals with a quantitative assessment of the efficiency of tertiary education in individual EU countries, which allows to include the economic aspect of the evaluation. Furthermore, we are expanding the commonly established evaluation system based on the number of graduates to include another area, namely the graduate's employability on the labor market. We believe that for a correct evaluation of individual education systems it is necessary to include the relevance and quality of acquired knowledge and skills. Although the efficiency assessment is carried out for the whole EU, the results are presented according to identified groups of countries that have similar education systems. Countries such as Ireland and France emerge as top performers because of their ability to produce large numbers of graduates given their resources. Malta and Luxembourg have also performed very well in the efficiency assessment, although they produce far fewer graduates in terms of resources, but thanks to the system set up, graduates in these countries are highly employable in the labor market.