Key Highlights
Challenges
Workforce development needs vary across communities. It’s not a one-size-fits-all problem. Accordingly, community colleges do not offer a one-size-fits-all solution. The traditional method for measuring success among higher education institutions, however, does not capture community colleges’ broad set of contributions. A student choosing where to study, a parent or guidance counselor advising a student, or a philanthropic or government institution deciding where to direct resources does not get a full picture of community college efficacy through the traditional success metric.
Opportunities
The Richmond Fed’s Survey of Community College Outcomes (SCCO) offers a more comprehensive measure of success by expanding both the assessed student population to include nontraditional students and the definition of success to include outcomes beyond graduation like transfers to four-year colleges. Using this approach, the SCCO found a 49% success rate among surveyed school, which was 19 percentage points higher than their traditional success rate.
Findings and Next Steps
- The SCCO offers a more comprehensive picture of community colleges’ contributions to workforce development.
- The flexible nature of the success rate allows two community colleges to achieve similar success rates through different avenues.
- The SCCO can also help students, policymakers and philanthropists alike make more informed decisions about investing time and resources into community colleges.
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About the Authors
Tom Barkin
Tom Barkin is the President & CEO of the Federal Reserve Bank of Richmond. He has held this position since 2018. Tom serves on the Fed’s chief monetary policy body, the Federal Open Market Committee, and is also responsible for the Richmond Fed’s bank supervision and the Federal Reserve’s technology organization. He is “on the ground” continually in the Fed’s Fifth District, which covers South Carolina, North Carolina, Virginia, D.C., West Virginia and Maryland. His engagement in the region has brought real attention to areas facing economic challenges. Prior to joining the Richmond Fed, Barkin was a senior partner and CFO at McKinsey & Company, a worldwide management consulting firm, where he also oversaw McKinsey’s offices in the southern United States. Tom earned his bachelor’s, MBA and law degrees from Harvard University.
Laura Ullrich
Laura Ullrich served as a regional economist and senior manager at the Charlotte branch of the Federal Reserve Bank of Richmond from 2019-2025. In the latter role, she oversaw the team in the Regional and Community Analysis unit that produces the Richmond Fed Survey of Community College Outcomes. Previously, Ullrich was associate dean for undergraduate programs and a professor of economics at Winthrop University. She earned a BA in economics from the University of Georgia and a master’s and doctorate in economics from the University of Tennessee. Prior to graduate school, Ullrich worked as a business consultant for Ernst & Young, specializing in executive compensation determination. In 2014, she served as a Fulbright Scholar teaching economics in Kosovo and has spent considerable time working on local economic development issues in Bolivia. Ullrich’s research interests include higher education, community college policy, school finance reform, and the economic impact of local development. Ullrich is a member of the Aspen Institute Global Leadership Network via the South Carolina Liberty Fellowship. She is also an active member of her community, currently serving on the Executive Committee of the Charlotte Regional Business Alliance and the board of the Catawba Regional Council of Governments. She also serves on the board of Family Promise of York County and the Carolina Immigrant Alliance.