30 Colleges With the Highest Acceptance Rates

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In this article, we are going to discuss 30 colleges with the highest acceptance rates. You can skip our detailed analysis of the rise of EdTech, the problems that it incurred and ChatGPT and go directly to 10 Colleges With the Highest Acceptance Rates

As reaffirmed by the Universal Declaration of Human Rights, education is among the most fundamental of human rights. Over the past century, a strong link has been established between an individual’s income and their level of education. Apart from having a higher rate of employment, individuals with higher levels of education also tend to have a better sense of financial literacy.

A study by the Federal Reserve Bank of St. Louis states that individuals with more education tend to make financial decisions that contribute to building wealth. Households with higher levels of education tend to have more liquid assets to fight financial storms, diversify their savings (investments) and maintain low levels of debt relative to assets.

While the global literacy rate has continued to rise over the past few decades, a lot of work still needs to be done. While the developed nations almost always have an adult literacy rate of 96% or above, the least developed nations have an average literacy rate of only 65%. The Global Education Monitoring report has revealed that in order to achieve the 2030 target for universal basic education, low- and lower-middle-income countries need to spend $504 billion or 6.3% of their GDP annually. 

The COVID-19 pandemic has had a massive impact on the global educational landscape and a part of this was also the rise of EdTech. The 45 largest education companies by market cap currently have a combined market cap of $76.43 billion, with Pearson PLC (NYSE:PSO) at the top of the list with a market cap of $7.31 billion. New Oriental Education and Tech Group (NYSE:EDU) comes in at a close second of $7.23 billion, however, the market cap of New Oriental Education and Tech Group (NYSE:EDU) hit a high of $32.8 billion in February 2021, during the pandemic.

The EdTech companies grew at an explosive rate during the past couple of years but this growth has not been very sustainable. A reason for this could be the rise of AI software, such as ChatGPT. California-based Chegg (NYSE:CHGG) saw its shares plummet to half earlier this month and was one of the first companies to publicly admit that the hit to its finances was directly related to the advances in AI technology.

According to CNBC, Dan Rosenweig, the chief executive of Chegg (NYSE:CHGG) stated that ChatGPT was having an impact on the company’s new customer growth rate. However, the chief executive of Chegg (NYSE:CHGG) also pointed out that ChatGPT struggles with providing accurate answers, a phenomenon known as “hallucination”. He said: