Abstract
Purpose. The purpose of this study was to provide insights from presidents and CEOs who lead for-profit, publicly traded higher education institutions today regarding their academic and professional preparation, leadership practices, and perceptions of the future in higher education. Methodology. Corporate presidents and CEOs from five of the eight largest for-profit, publicly traded, degree granting higher education institutions were interviewed for this qualitative study. Findings. It was found that for-profit higher education presidents and CEOs predominantly have MBAs and few have doctorate degrees. Their professional experience is diverse and mostly in highly regulated business industries rather than academe. They are motivated by an intrinsic desire to change people's lives through education and not by profit alone. The top competencies to be in their positions are leadership, financial acumen, communication, and innovative strategic thinking skills. Compliance, quality, and communication are the top priorities; managing compliance, communications, and hiring the right talent comprise their top uses of time. They predominantly use a consultative approach to decision making. They gain input, primarily from their executive management team, and then they make the final decision. Compliance, ethics, and student satisfaction are the top three considerations in making decisions; the impact on stock price is the least important consideration. Presidents and CEOs are most interested in overcoming the misconception that making a profit compromises academic quality. Conclusions and recommendations. Continued studies are needed to expand the understanding of the for-profit segment of higher education. The need for proven role models arises as economic uncertainty, increasing expectations for efficiency and accountability, and an emphasis on lifelong learning impacts the way the business of higher education is conducted. Misconceptions of the for-profit industry continue to impede traditional academe's progress in learning how to best incorporate appropriate business principles and provide innovative and responsive student-centered learning environments. Innovative leaders must be cultivated that can embrace shifting paradigms and navigate the tides of change in higher education.