Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, is bringing new analytical insights such as “what if” scenario modeling and operational benchmarking to higher education clients through its revamped Program Economic Analysis (PEA) modeling software.
PEA is an analytics platform designed to empower college and university leaders in setting strategies and making decisions that drive operational excellence. The newest edition of PEA is the result of robust conversations with finance and academic leaders on campuses across the country. It assesses an institution’s historical financial performance of academic programs, compares its performance to peer institutions, and models scenarios showing how changes to academic variables could affect financial outcomes.
The evidence-based data is paired with the firm’s high-touch consulting services to offer strategic guidance tailored to each client institution’s unique goals, needs, and mission.
“We understand that every school is different and there is no ‘magic number’ on margins to indicate a healthy institution,” said Rachel Pauletti, leader of the higher education consulting practice at Forvis Mazars. “These new features make PEA an even more useful resource for college and university leaders as they work closely with colleagues across their campuses to institute meaningful change. Our approach to academic portfolio management is built by higher ed, for higher ed.”
The platform refinements are well-timed additions, as some accreditors now require institutions to conduct program-level analysis, and as demographic shifts, lower enrollments, and rising expenses continue to squeeze margins at institutions of all types and sizes.
“Uncertainty in the industry continues to rise and many institutions simply do not have an effective mechanism for understanding how changes and potential new strategies in their academic programs will affect their operations,” Pauletti said. “PEA allows schools to test potential strategies and view possible outcomes before they make any decisions.”
Key new PEA features include:
- Strategic resource alignment – Clients can refine budgets and manage programmatic investments and disinvestments efficiently to enhance an institution’s financial health.
- “What if” scenario modeling – Clients can test and model how changes to academic variables, such as enrollment and faculty lines, could impact financial performance outcomes.
- Benchmarking – Clients can compare performance against peer institutions to gain a better understanding of an institution’s potential opportunities and efficiencies.
The higher education practice at Forvis Mazars serves more than 350 college and university clients across the United States and provides more audits to higher ed institutions than any other firm in the country, according to publicly available data.
For more information about PEA, visit forvismazars.us.
