Forbes  Mar 29  Comment 
Better late than never I guess - even if the European solution is currently only partial.
Clusterstock  Mar 16  Comment 
Snapchat published an advertisement that asked users whether they'd rather "slap Rihanna or punch Chris Brown." Rihanna called the ad "ignorant," asking why Snap would "bring shame to DV victims."  Jefferies analyst Brent Thill said that the...
Clusterstock  Mar 15  Comment 
Rihanna has weighed in on the Snapchat ad that referenced the rapper Chris Brown's assault on her in 2009. The singer said in a post on her Instagram story that the ad intentionally shamed victims of domestic violence. "All the women, children...
The Hindu Business Line  Jan 8  Comment 
Expansion of arecanut crop – both in traditional and non-traditional areas in the country – needs to be prohibited strictly, according to DV Sadananda Gowda, Union Minister for Statistics and Progra...
MarketWatch  Dec 5  Comment 
Shares of Adtalem Global Education Inc. , formerly known as DeVry Education Group Inc., soared 9% in midday trade Tuesday toward the highest close since February 2015, after the for-profit education company essentially gave DeVry University and...
MarketWatch  Aug 30  Comment 
One of his former employers, DeVry, paid $100 million to settle allegations it misled students.
Benzinga  Jul 7  Comment 
A day after the Federal Trade Commission began refunding students defrauded by DeVry University, attorneys general from 18 states and the District of Columbia raised further objections to widely-scrutinized for-profit colleges. The coalition...
Benzinga  Jul 6  Comment 
The Federal Trade Commission began distributing $49.4 million in refund checks to defrauded DeVry University students Wednesday. The sum represents less than half of the school’s $100 million settlement with the FTC, $50.6 million of which...
Mondo Visione  Jun 29  Comment 
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against Rosenthal Collins Capital Markets, LLC, now known as DV Trading LLC (RCCM), of Chicago, Illinois, for engaging in...
Mondo Visione  May 5  Comment 
Prosperity UK - the forum organised by Paul Marshall (Marshall Wace) and Lord "Hill (former EU Commissioner) to enable Britain to plan for a successful Brexit with ideas led by the business community itself, included a panel on "Stock Exchanges,...


DeVry (NYSE: DV) is the third-largest for-profit university by revenue. The company offers undergraduate and graduate degrees in technology, business and healthcare technology, management, medicine, veterinary medicine, and nursing. More than 130,000 students[1] are enrolled in DeVry's various programs and tuition accounts for most of the company's revenue.

One of DeVry's fastest growing divisions is its Medical and Healthcare segment. Through Ross University Schools of Medicine and Veterinary Medicine and Chamberlain College of Nursing, the company offers nursing, M.D., and veterinary degrees. The US Department of Labor predicts that 587,00 new jobs will be created for registered nurses through 2016 and the Association of American Medical Colleges expects the demand for physician education to grow by 30% over the next decade. In response to this overwhelming demand DeVry has plans to open Chamberlain College campuses every year.

Historically, enrollment at for-profit educational institutions has increased during economic downturns as poorer job prospects cause prospective students to view continuing education more favorably.

Company Overview

The company is the holding company for DeVry University (including the Keller Graduate School of Management), Ross University, Chamberlain College of Nursing, Becker Professional Review, and Advanced Academics. DeVry University offers associate, bachelor's and master's degree programs in technology, healthcare technology, business, and management. Ross University offers doctoral degree programs through its schools of Medicine and Veterinary Medicine while Chamberlain College of Nursing offers associate and bachelor's degree programs in nursing. The Professional and Training segment includes Becker Professional CPA Review and Stalla Review for the CFA Exams, provides professional education and test preparation services to candidates of the Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA) professional certification examinations.

Business Segments[2]

  • DeVry University (78% of revenue) - DeVry University offers undergraduate and graduate degree programs in technology, business and healthcare technology, and graduate degrees through the Keller Graduate School of Management.
  • Professional and Training (7% of revenue) - More than 50,000 students are enrolled in review classes, with CD-ROM and online review courses accounting for nearly 55% of all enrollments. Advanced Academics provides online secondary education to school districts throughout the U.S. Students attending the CPA/CFA review courses are not eligible for federal financial aid but many employers pay tuition for their employees in the these programs.
  • Medical and Healthcare (15% of revenue) - The Medical and Healthcare segment consists of the Ross University School of Medicine in Dominica, Ross University School of Veterinary Medicine in St. Kitts/Nevis, and Chamberlain College of Nursing in Missouri and Ohio. These institutions serve nearly 4,500 students and present one of DeVry's greatest opportunities for growth with demand for medical education expected to increase by 30% in the next decade.

Business Growth

FY 2009 (ended June 30, 2009)[3]

  • Total revenue increased 34% to $1.4 billion. The company attributes the gain to an increase in the number of students, which lead to an increase in tuition revenue.
  • Net income increased 32% to $166 million.

Trends and Forces

Job Trends and DeVry’s Medical and Professional Training Segments

According to the US Department of Labor, the employment of registered nurses through 2016 is expected to create 587,000 new jobs representing growth of 23%. Some employers in certain parts of the country are having difficulty attracting registered nurses, while enrollments in registered nursing programs are increasing rapidly over the past few years. Applicants are reported to be turned away due to the shortage of nursing faculty. DeVry’s is opening another Chamberlain college of nursing facility in Ohio, and the company also filed applications to open up Chamberlain facilities in Illinois and Arizona to add to their existing location in Missouri and Ohio. The company stated during the 2nd quarter earnings call that their goal was to open up one new Chamberlain facility per year.

Within the accounting and financial industries, the US Department of Labor reports 226,000 new jobs in accounting, and 147,000 new jobs for financial analyst/advisers through 2016. This represents job growth rates of approximately 18% and 37% respectively. Demand for CPA and CFA designations will likely increase as these specializations help respective accountants and financial adviser advance their careers and compensation. DeVry’s Becker CPA and Stalla CFA review programs have benefited from these trends showing over 20% top line revenue growth rates for the professional/training segments. The company has made efforts to align these programs with specific accounting firms and societies inside the US and internationally, in the hopes to increase the channel/demand for these review programs.

Increasing Demand Drives Up Enrollment

More than 93% of DeVry revenue comes from tuition. The average age of the University of Phoenix student is in his between 25 and 39 years old.[1] DeVry focuses on marketing itself to the non-traditional higher education population of students older than 24 years old. The U.S. Department of Education estimates that the post-secondary education market is worth at least $370 billion and estimates that nearly 40% of all students enrolled in post-secondary education programs are older than 24. Over the next six years, the percentage of 18-24 year old students will increase by 19%, and the number of non-traditional students should grow at a similar rate. Because such a large percentage of Apollo's revenue comes from tuition, the company's continued success will depend on its ability to recruit and enroll ever-increasing numbers of students.[4]

Capitalizing on Increased Demand for Education During Global Economic Slowdown

Historically, enrollment at for profit educational institutions has increased during economic downturns as poorer job prospects cause prospective students to view continuing eduction more favorably. People of all ages are going back to school to get a better job and increase their job prospects. Apollo Group has been no exception from this trend. The global economic slowdown has increased their number of students and thus raised revenues. The number of students at the University of Phoenix increased by 10,000 in 2009.[1] As a result, the company's net revenue grew by 34% in 2009.[3]


The post-secondary education market is extremely competitive and not dominated by any single player. The United States has approximately 6,550 post-secondary education institutions:[4]

  • 2,730 private, for-profit schools
  • 2,000 public, non-profit schools
  • 1,820 private, non-profit schools

In addition to this extreme market fragmentation, the extensive accreditation process acts as a significant barrier to entry for new companies.

Of the other private, for-profit schools that target non-traditional students, Apollo Group (APOL) , DeVry University (DV), and ITT Educational Services (ESI) pose the greatest competition to Career Education.

Career Education (CECO) is a global for-profit university that offers associate, master's, bachelor's and doctoral degree programs in vocational areas such as business, communications and IT. The company had an enrollment of 116,000 students on 90 campuses in the the US, France, Italy, and UK.

Apollo Group (APOL) operates the University of Phoenix, the largest private, for-profit postsecondary education institute. They serve more than 355,800 enrolled students, at 102 campuses and 157 learning centers in forty states.

ITT Educational Services (ESI) operates 124 campuses in 38 states serving approximately 80,000 students.


  1. 1.0 1.1 1.2 DV 2009 10-K "Enrollment Trends" pg. 7-8
  2. DV 2009 10-K pg. 4-13
  3. 3.0 3.1 DV 2009 10-K "Consolidated Statements of Income" pg. 73
  4. 4.0 4.1 APOL 2009 10-K "Industry Background" pg. 8-9
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