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John P. Gavin, CFA, is the founder and CEO of Disclosure Insight®, an independent publisher of investment research. Mr. Gavin has spent his entire career of over 25 years in the financial services industry. Prior to starting “DI” in 2000, he worked as an equity analyst and portfolio manager... More
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  • How Much Tuition Would You Pay CECO for a 1-in-4 Shot at a 2-in-3 Shot that You’ll End up with a Job in Your Field? 0 comments
    Dec 9, 2011 2:02 PM | about stocks: CECO

    In its most recent 10-Q filed 9-Nov-11, CECO disclosed that only 13 of its 49 ACICS-accredited schools in the Health Education & Design segment met the ACICS placement rate requirement of 65% for the 2010 - 2011 reporting period. In an 8-K filed 21-Nov-11, CECO disclosed an upcoming December meeting where it will try to convince ACICS that its accreditation should not be suspended, given its placement numbers.

    By CECO’s own reporting, only 26.5% of its Health Education & Design schools were placing at least 65% of their graduates into meaningful employment. This gives the prospective student a 1-in-4 shot (13/49) at a 2-in-3 shot (65%) of ending up with a job in their field (or a related field).

    The following is from an Accrediting Council for Independent Colleges and Schools (ACICS) press release on 8-Nov-11 that specifically mentions CECO:

    "A school’s career placement rate is one of the accountability standards required to attain and maintain accreditation by ACICS. The threshold indicates that any school which does not place at least 65 percent of its graduating students in a job in their field of study (or a related field) is at risk of losing their grant of accreditation.

    ACICS takes any misrepresentation in placement rates –whether intentional or unintentional– very seriously. As an independent auditor, we do not tolerate misconduct or misleading statistics from schools reporting on job placement rates. When a school is not in compliance with ACICS’ standards and policies, we take appropriate enforcement action.

    We are currently conducting an internal review of our processes for evaluating placement rates, including a review of data collected from site visits and audits of Career Education Corporation from the last few years, to determine why those problems were not detected."

    Stocks: CECO
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