Like any public policy area, vocational education and training (VET) systems and their performance are shaped to a significant degree by financing. With the growing importance of VET for employment, productivity, and international competitiveness, there is a renewed impetus around VET reform; but more questions are also being asked about how VET is funded and financed. This is particularly the case as it is an expensive field for public policy, requiring small pedagogical group sizes for effective practical learning and appropriate levels of professional equipment and material.
The ETF has created a methodology specifically for this purpose, called the ETF Financing Prism. The Prism is a geometric model which captures the interrelated aspects of VET financing policy, allowing issues to be examined through the three key facets of Resource Mobilisation, Resource Allocation, and Management of the Financing Chain.
The purpose of the ETF Financing Prism is to support partner country policy makers in dealing with the VET financing challenges they have identified within their specific context. It can be used to build a common understanding of terminology, develop a structured approach to decision-making, and foster collaborative processes in analysis and policy dialogue.
This document also constitutes an analytical framework to support accurate diagnostic assessment of the situations in place.
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