Online Delivery and Certification Demand Reshape Exam and Test Preparation
US tutoring and exam preparation revenue is forecast to approach $4 billion by 2028, and online services already account for 63% of it. Selective universities are reinstating standardized testing while a widening corporate skills gap pushes professionals toward certification, lifting demand on both sides of the market at once.
The exam preparation industry encompasses a range of services and products designed to enhance performance on standardized exams. As a subset of the broader tutoring and test preparation market, it provides specialized academic support to K-12 students, college-bound individuals, and professionals seeking additional degrees or skills. Revenue is forecast to grow at a 2.7% CAGR from 2024 to 2028, nearly reaching the $4 billion threshold by 2028.
Two demand curves are converging on the same providers. Selective universities that suspended standardized testing during the pandemic have reinstated it, restoring the SAT and ACT as a differentiator in an applicant pool where elite acceptance rates sit in the low single digits. At the same time, a widening corporate skills gap is pushing working professionals toward certifications and continued education, making professional exam prep the fastest-growing part of the industry. Both curves are increasingly served online.
How Online Delivery, Renewed Testing Requirements, and the Skills Gap Are Reshaping Exam Prep M&A
Steady, low-volatility growth toward $4 billion. Tutoring and Exam Preparation industry revenue is forecast to grow at a CAGR of 2.7% over the period 2024 to 2028, nearly reaching the $4 billion threshold by 2028. The industry is characterized by low volatility, high profit margins, and a highly competitive landscape, with growth fueled by rising college application and enrollment rates, an expanding K-12 student population, and improving economic conditions.
Technology is changing how prep is delivered. Increasing investment in education technology and the development of analytical tools is driving market growth in exam preparation. That investment has produced a growing shift from conventional preparation classes and practice exams toward online mock exams with built-in guidebooks and applications. Online services generated 63% of industry revenue in 2023, up from 57% in 2019.
Demand is rising from two directions. Graduates and professionals are increasingly investing in enhancing their qualifications and skills, while the highly competitive college admissions process fuels demand for accessible SAT and ACT preparation. College placement exams remain the largest segment at roughly 50% of the industry, followed by certification exams at 20%, with high school and elementary exams at 10% each.
M&A volume sits above pre-pandemic levels. Deal activity in the exam prep market exceeds pre-pandemic levels, with 19 relevant deals in 2022, 12 in 2023, and 7 so far in 2024. Volume is expected to increase in the third and fourth quarters on greater certainty around the presidential election and improving lending conditions. Private equity is a consistent participant, with sponsors including Alpine Investors, Eden Capital, and Boathouse Capital completing multiple transactions in the space.
Exam Prep Industry at a Glance
The largest segment is services for college placement exams such as the SAT and ACT, accounting for approximately 50% of the industry. That is followed by services for certification exams at 20%, high school exams at 10%, and elementary exams at 10%. The industry offers various modes of learning, including self-paced online courses, online tutoring, classroom coaching, and hybrid models.
Geographically, exam prep is predominantly concentrated in North America, due to regional testing conventions and the presence of major players like Kaplan and The Princeton Review. The industry is characterized by low volatility, high profit margins, and a highly competitive landscape, and its growth is fueled by increasing college application and enrollment rates, the expanding number of K-12 students, improving economic conditions, and the growing use of analytical tools within the industry.
Expected Growth in the US Exam Prep Market
While demand was temporarily suppressed during the COVID-19 pandemic, the exam preparation industry has quickly rebounded. Industry trends show a shift toward online services that is expected to continue through 2028, with the adaptation of analytical tools increasing both cost efficiency and time efficiency for students. The US industry is projected to reach nearly $4 billion of revenue by 2028, and in 2023, 63% of all industry revenue was generated by online services compared with 57% in 2019.
Beyond the adoption of analytical tools, growth can be attributed to the competitive college application market and increased demand for services among professionals. With rising demand for a skilled workforce and higher rates of voluntary job turnover, professionals today are pursuing certifications and other forms of continued education to differentiate their resumes. That has created new and increasing demand for professional exam preparation services, such as those for graduate school exams and trade certifications.
SAT Rebound in College Admissions
In 2020, many universities including the Ivy League and state schools lifted their standardized testing requirements through the class of 2023. Since then, many selective universities have reinstated standardized testing in their admissions processes, including the Massachusetts Institute of Technology, Brown University, Dartmouth College, the University of Texas at Austin, and the University of Tennessee.
Rising tuition, plummeting acceptance rates, and an increased wage premium on college degrees are all contributing to demand for SAT and ACT prep services, as candidates try to differentiate themselves in a competitive applicant pool. The SAT reported an increase in test takers for the class of 2023, demonstrating heightened demand post-pandemic. As acceptance rates to elite universities fall to low single digits, that demand can be expected to continue through upcoming years.
Skills Gap Drives Demand for Continued Education
Demand for professional exams and certifications has increased significantly in the last few years, making it the fastest growing part of the exam prep industry. That growth is driven by increasing recognition of the corporate skills gap, an employment and economic issue that spans various industries. Pandemic disruptions underscored the gap between the professional skillsets the labor force currently possesses and the skillsets required for the future, and those gaps, combined with the rapid development of EdTech, have increased demand for upskilling programs and professional certifications.
Revenue in the professional certificate market is projected to reach $6.04 billion by the end of 2024 and $8.40 billion by the end of 2028, growing at an annual rate of 5.62%.
M&A Volume Above Pre-Pandemic Levels
M&A volume growth in the exam prep market exceeds pre-pandemic levels, with 19 relevant deals in 2022, 12 deals in 2023, and 7 deals so far in 2024. Deal volume is expected to increase in the third and fourth quarters due to more certainty around the upcoming presidential election and improving lending conditions.
Buyers fall into three groups. Diversified education services companies and large publishers, including Pearson, Wiley, Stride, and Adtalem Global Education, acquire prep and certification assets that feed existing distribution. Specialist platforms such as UWorld, Kaplan, BARBRI, CeriFi, Colibri Group, and Blueprint consolidate high-stakes exam content vertical by vertical, from bar review to nursing to financial licensing. Financial sponsors underwrite both, with Alpine Investors, Eden Capital, Boathouse Capital, LLR Partners, and Falfurrias Capital Partners each completing multiple transactions in the sector.
Notable Transactions
Intelvio acquires Classward. Intelvio, a portfolio company of Eden Capital, announced the acquisition of Classward in July 2024. Classward, based in San Francisco, is a leader in comprehensive EMS training services, with offerings that include certification courses and continuing education programs designed to equip emergency medical professionals with essential skills and knowledge. Eden Capital is a private equity firm focused on investing in middle-market companies within the education, healthcare, and business services sectors.
Intelvio is a leading provider of advanced healthcare training solutions aimed at enhancing the proficiency and capabilities of healthcare professionals. Through this acquisition, Intelvio integrates Classward’s EMS training platform to expand its presence in the EMS sector, giving its customers access to training that meets both national and local standards while Classward gains the resources and support of a larger organization. The specific financial terms of the acquisition have not been disclosed.
Unleashed Brands acquires Sylvan Learning. Unleashed Brands announced the acquisition of Sylvan Learning in February 2024 via its financial sponsor, Seidler Equity Partners. Sylvan Learning is a provider of tutoring and test prep services for K-12 students. Over the last 45 years, Sylvan has served millions of students and families in more than 750 locations, offering personalized tutoring, academic coaching, and test prep services in person and online, one-on-one and in group settings.
The Unleashed Brands Group is a platform of brands dedicated to creating fun and safe environments for kids to help them learn, play, and grow. With Sylvan Learning, Unleashed Brands made its sixth strategic acquisition in the youth enrichment market, further expanding into the education segment. Sylvan’s tutoring approach and mission of inspiring a love of learning align with Unleashed Brands’ goals for growth.
| Market Cap ($) | LTM | EV / LTM (x) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price ($) | % of 52-Wk High | Equity Market Cap | Enterprise Value | Revenue | Gross Margin % | EBITDA | EBITDA Margin % | 1-Yr Rev Growth | Revenue | EBITDA |
| Chegg | NYS: CHGG | 2.21 | 19.3% | 234 | 495 | 683 | 68% | 196 | 29% | -8% | 0.7x | 2.5x |
| Coursera | NYS: COUR | 7.95 | 37.4% | 1,240 | 1,240 | 674 | 52% | 19 | 3% | 16% | 1.8x | 65.0x |
| Graham Holdings | NYS: GHC | 699.58 | 85.1% | 3,185 | 4,307 | 4,616 | 29% | 618 | 13% | 10% | 0.9x | 7.0x |
| John Wiley & Sons | NYS: WLY | 44.09 | 89.6% | 2,451 | 3,312 | 1,873 | 69% | 369 | 20% | -7% | 1.8x | 9.0x |
| Nerdy | NYS: NRDY | 1.47 | 28.0% | 173 | 214 | 198 | 70% | (4) | -2% | 20% | 1.1x | NM |
| Pearson | LON: PSON | 13.24 | 96.3% | 8,780 | 8,794 | 4,468 | 51% | 1,369 | 31% | -10% | 2.0x | 6.4x |
| Stride | NYS: LRN | 78.03 | 97.2% | 3,496 | 3,982 | 2,040 | 37% | 391 | 19% | 11% | 2.0x | 10.2x |
| Udemy | NAS: UDMY | 7.03 | 43.9% | 1,086 | 1,087 | 765 | 60% | 24 | 3% | 13% | 1.4x | 45.1x |
Source: PitchBook. US$ in millions.
Prices as of August 7, 2024.
EV = enterprise value. LTM = last twelve months. NM = not meaningful.
| EV / Rev | EV / EBITDA | |
|---|---|---|
| Mean | 1.5x | 20.7x |
| Median | 1.6x | 9.0x |
| Harmonic Mean | 1.3x | 7.4x |
Buyer Universe
Our team has long-standing relationships with many of these firms through recent transactions we have represented in the Education and Training industry. We have also tracked buyers that have been highly acquisitive. Our sector expertise and network provide us with unique insights into this buyer universe and into the sector and growth drivers for the companies within it.
Select Transactions
The table below summarizes exam and test preparation transactions from 2020 through August 2024, spanning college placement prep, professional licensure and certification, medical and legal review, and adjacent tutoring and courseware assets.
| Deal Date | Target Company | Acquirer | Description | Valuation | EV / Revenue | EV / EBITDA |
|---|---|---|---|---|---|---|
| 02-May-24 | Green Building Education Services | TUV SUD | Provider of training services and certification courses intended to advance global sustainability in the construction and building industry. | – | – | – |
| 05-Apr-24 | Objectif CRPE | Capza | Provider of education services intended for students preparing for school teacher recruitment exams. | – | – | – |
| 07-Mar-24 | Metro Academic Prep | Boathouse Capital | Operator of an educational tutoring center which offers comprehensive tutoring services including test preparation. | – | – | – |
| 16-Feb-24 | Sylvan Learning | Seidler Equity Partners | Provider of tutoring services intended for students from kindergarten to 12th grade. | – | – | – |
| 23-Jan-24 | Bruce College | Dukes Education | Operator of a private co-educational institution specializing in providing senior cycle tuition and exam preparation courses. | – | – | – |
| 12-Jan-24 | Classward | Eden Capital | Provider of online test preparation and continuing education resources intended for emergency medical service professionals. | – | – | – |
| 08-Jan-24 | Mortgage Educators & Compliance | 360training.com | Provider of online mortgage license courses and training with pre-license education and test preparation. | – | – | – |
| 07-Dec-23 | Greenwich Education Group | Audax Private Equity | Provider of educational consulting and services offering students of all ages boarding school advisory, college counseling, and tutoring and test prep. | – | – | – |
| 24-Nov-23 | Uniadmissions | Testbusters | Provider of various types of exam preparation services, enabling candidates for admission to Oxford, Cambridge, and medical school. | – | – | – |
| 30-Oct-23 | Parnasse Education | Ardian | Provider of academic coaching services intended for students transitioning to higher education, including entrance exam training and preparation. | – | – | – |
| 05-Sep-23 | Peoples Educational | Perfection Learning | Peoples Educational Holdings Inc develops and sells proprietary print and digital education product. | – | – | – |
| 28-Jun-23 | MBL Seminars | Law Business Research | Provider of continuing professional development (CPD) and learning solutions intended to serve the professional services sector. | – | – | – |
| 12-May-23 | Dion Training | Alpine Investors | Provider of training services certifications intended for IT certification exam preparation. | – | – | – |
| 05-Apr-23 | The Marquee Group | Falfurrias Capital Partners | Provider of financial modeling training services intended to help professionals and organizations apply the discipline of financial modeling to enable improved decision-making. | – | – | – |
| 15-Mar-23 | Wiley Efficient Learning | UWorld | Operator of a review course platform intended to provide services for accounting and finance students. | – | – | – |
| 14-Mar-23 | Alexander Academy | Ivy Tutors Network | Provider of tutoring and test preparation services based in Atlanta, Georgia. | – | – | – |
| 16-Feb-23 | Enhanced Prep | Study.com | Provider of online tutoring services based in Temecula, California. | – | – | – |
| 19-Jan-23 | Testout | CompTIA | Provider of IT certification training and online education catering to academia and IT professionals. | – | – | – |
| 03-Jan-23 | ProDental CPD | Agilio Software | Provider of dental e-learning content intended for continuous professional development. | – | – | – |
| 14-Dec-22 | Apex Anesthesia Review | LLR Partners | Provider of high-stakes exam preparation and learning support for Student Registered Nurse Anesthetists (SRNAs). | CF | CF | CF |
| 05-Dec-22 | Boards & Beyond | ATP Private Equity Partners | Developer of an online learning platform intended to help students prepare for medical exams. | – | – | – |
| 30-Nov-22 | A.D.Banker | The CE Shop | Operator of an insurance education firm intended to offer training and education courses to insurance agents. | – | – | – |
| 10-Nov-22 | MasteryPrep | Achieve Partners | Developer of an online educational platform intended to offer college and career readiness preparation. | – | – | – |
| 05-Oct-22 | Winn’s Career Education | International Code Council | Provider of educational services intended to train industry professionals. | – | – | – |
| 16-Sep-22 | EduMind | Alpine Investors | Provider of training courses and exam preparation services intended to serve college and university students. | – | – | – |
| 01-Aug-22 | Solomon Exam Prep | CeriFi | Developer of a training application designed to help financial professionals pass their FINRA, NASAA and MSRB licensing exams. | – | – | – |
| 02-May-22 | Summit Educational Group | Boathouse Capital | Provider of tutorial and academic consulting services intended to offer one-on-one tutoring for individual student success. | – | – | – |
| 22-Mar-22 | PrepForward | University Instructors | Developer of an educational platform designed to provide professional development and certification courses. | – | – | – |
| 10-Mar-22 | Becker Professional Education | Colibri Group | Provider of exam preparation services intended to empower people around the world to advance their careers through a lifelong partnership of superior professional education. | CF | CF | CF |
| 08-Feb-22 | Wilson Language Training | Alpine Investors | Provider of professional learning certifications to deliver professional learning and ongoing support. | – | – | – |
| 14-Jan-22 | CareerCert | GTCR | Provider of healthcare education and professional training programs intended for students and practicing healthcare professionals. | – | – | – |
| 11-Jan-22 | The Princeton Review | Primavera Capital Group | Provider of classroom-based online coaching and training services intended to serve students and working professionals. | – | – | – |
| 11-Jan-22 | Tutor.com | Primavera | Developer of an online education platform intended for K-12 and college students. | – | – | – |
| 01-Jan-22 | GoPeer | Ardian | Developer of a personalized tutoring platform designed to provide convenient, affordable and highly effective education to all students. | – | – | – |
| 09-Dec-21 | COAReview | Eden Capital | Developer of a comprehensive question bank and testing engine designed to empower users to prepare efficiently for examinations. | – | – | – |
| 03-Dec-21 | Advanced Practice Education Associates | Assessment Technologies Institute | Provider of training and preparation services intended for students appearing in competitive examinations in the healthcare segment. | – | – | – |
| 18-Nov-21 | Pramp | Exponent | Developer of an interview practice platform designed to assist in coding interviews. | – | – | – |
| 01-Nov-21 | Edgenuity | Imagine Learning | Provider of online curriculum, supplemental material and instructional services intended for the K-12 market. | – | – | – |
| 01-Nov-21 | Rosh Review | Blueprint | Developer of an online education platform designed to change the way physicians, medical students, nurse practitioners and physician assistants learn medicine. | CF | CF | CF |
| 01-Nov-21 | Bluejacketeer | Kaplan | Developer of an exam preparation platform designed for navy personnel preparing for advancement tests. | – | – | – |
| 28-Oct-21 | Hit The High Bar | West Academic | Provider of tutor services of legal education intended for law students. | – | – | – |
| 19-Oct-21 | Powerscore | BARBRI | Provider of education services to students and professionals. | – | – | – |
| 13-Oct-21 | Study Edge | Accelerate Learning | Developer of education technology designed to distribute customized content for courses at the middle-school, high-school and collegiate levels. | – | – | – |
| 12-Oct-21 | Med School Tutors | Blueprint Test Preparation | Operator of a medical school tutoring company based in New York, United States. | – | – | – |
| 27-Sep-21 | Sylvan Learning | Franchise Group | Provider of tutoring services intended for students from kindergarten to 12th grade. | $81.0 | 0.5x | 6.8x |
| 19-Aug-21 | CliffsNotes | Course Hero | Provider of study guides catering to high school and college students. | – | – | – |
| 04-Aug-21 | Fast Forward Academy | CeriFi | Provider of tax and accounting exam preparation and continuing education courses intended for Enrolled Agent (EA) and Certified Public Accountant (CPA) exams. | – | – | – |
| 26-Jul-21 | Apex Learning | Edmentum | Provider of rigorous, standards-based content intended for a variety of students. | – | – | – |
| 20-Jul-21 | Revolution Prep | Apax Partners | Provider of educational programs and services intended to provide personalized instruction, easy scheduling and better tutors for students. | – | – | – |
| 19-Jul-21 | Simplilearn | Blackstone | Provider of online training and professional certification courses intended to help working professionals achieve their career goals. | $400.0 | 5.9x | – |
| 16-Jul-21 | Pearson Vue (Nurse Aide Business) | Credentia | Provider of nurse aide credentialing service based in Austin, Colorado. | – | – | – |
| 30-Jun-21 | McGraw-Hill Education | Platinum Equity | Provider of printed and online educational materials intended to accelerate learning through intuitive and engaging experiences. | $4,500.0 | 3.0x | – |
| 29-Jun-21 | Mentoring Minds | Curriculum Associates | Developer of research-based products intended to teach critical thinking and improve student achievement. | – | – | – |
| 21-Jun-21 | Training The Street | Falfurrias Capital Partners | Provider of financial training and skills development services for corporations and educational institutions. | – | – | – |
| 10-Jun-21 | Picmonic | LLR Partners | Developer of a visual learning platform designed to improve memory and increase skills. | – | – | – |
| 02-Jun-21 | PrepAgent | Aceable | Provider of online real estate exam preparation services based in Seattle, Washington. | – | – | – |
| 29-Apr-21 | BARBRI | Francisco Partners | Operator of an online learning platform intended to serve law students, attorneys and legal professionals. | – | – | – |
| 08-Apr-21 | Cram Fighter | Blueprint Test Prep | Developer of an educational application designed for creating study plans for students. | – | – | – |
| 05-Apr-21 | Aakash Educational Services | BYJU’S | Operator of engineering and medical test-preparation coaching institute. | $1,000.0 | 6.2x | – |
| 08-Mar-21 | Bionic Turtle | CeriFi | Provider of financial risk management certification exam prep services intended to provide an affordable resource for FRM candidates. | – | – | – |
| 18-Feb-21 | The Learning Liaisons | Gauge Capital | Operator of an e-learning platform designed to deliver teacher exam preparation through interactive video courses and workshops. | – | – | – |
| 01-Feb-21 | Ascend Goals | Aperture Education | Developer of an online resource platform designed to motivate students. | – | – | – |
| 18-Nov-20 | Tech Elevator | Stride | Provider of educational services intended to assist individuals and companies acquire in-demand technology skills for the modern workforce. | $23.5 | 2.1x | 11.8x |
| 09-Oct-20 | Education Galaxy | Serent Capital | Developer and provider of online assessment and test preparation content for K-8 elementary and middle school students. | – | – | – |
| 30-Sep-20 | XPrep Learning Solutions | Edcetera | Provider of online test preparation solutions to veterinary, veterinary technician, optometry, and dental hygiene students. | – | – | – |
| 21-Aug-20 | CPMI Professional Development | CeriFi | Operator of an insurance pre-licensing and continuing education courses platform intended for insurance agents and agent candidates. | – | – | – |
| 04-Jun-20 | Mathway | Chegg | Operator of an educational website committed to offering unique mathematics education to students. | $101.0 | 7.8x | – |
| 29-May-20 | TrueLearn | LLR Partners | Developer of educational software intended to assist in test preparation and practice. | – | – | – |
| 15-May-20 | Aztec Software | PSG | Developer of education programs for adult learners. The company offers Adult Basic Education (ABE) learning programs, and preparation courses for the GED and trade certifications. | – | – | – |
| 28-Apr-20 | RxPrep | UWorld | Provider of pharmacy license review services intended to offer live and online comprehensive reviews for medical exams. | $26.5 | – | – |
| 23-Apr-20 | SelectQ | Thinkster | Provider of online education and training services based in Sunnyvale, California. | – | – | – |
| 31-Jan-20 | Themis Bar Review | UWorld | Provider of an online learning system for bar exam preparation. | CF | CF | CF |
Source: PitchBook. Valuation in US$ millions.
Multiples shown where disclosed.
EV = enterprise value. CF = confidential.
| EV / Rev | EV / EBITDA | |
|---|---|---|
| Mean | 6.0x | 13.6x |
| Median | 6.1x | 13.9x |
| Harmonic Mean | 2.2x | 11.6x |
Meet the Team Behind This Report
With over two decades of experience, Jacob is the Managing Director of Navagant, having been a key contributor since its inception. Leading as Managing Director and Co-Founder, he has played a vital role in establishing Navagant’s strong brand presence, building relationships with clients and servicing them with integrity. Demonstrating a remarkable talent for deal-making and unwavering dedication to his clients, Jacob has earned recognition as a leader in various industries, most prominently the Education and Training industry. He began his career at Rabobank International and later focused on software and direct marketing industries with Andersen Corporate Finance LLC. Then, in 2003, he founded Capstone Partners and led its Education and Training Practice until 2023, when he co-founded Navagant. As a highly accomplished leader, Jacob serves as an inspiring mentor and role model to the firm’s up-and-coming professionals, further solidifying his significant contributions to the investment banking industry.
Shawn is a Founding Member and Managing Director of Navagant and brings over 19 years of experience to the firm. Shawn has led execution efforts on 70+ transactions resulting in over $3.5 billion of proceeds for clients. He assists owners of middle-market companies in achieving their strategic growth objectives, exit strategies, and liquidity goals. Formerly, he served as a Managing Director of Capstone Partners in the Education and Training practice. His investment banking career began with Raymond James, where he focused on deal execution and client development for both public and private companies. Shawn’s previous experience includes serving as an officer in the US Navy where he served as a destroyer navigator and communications officer, student naval aviator, and fleet Tomahawk cruise missile officer.
Ethan is an Analyst at Navagant. He previously interned with the firm as a Summer Analyst, where he supported several M&A transactions in the education and training sectors. Prior to Navagant, he held internships in wealth management and at a public equities long/short hedge fund, gaining exposure to investment research and portfolio strategy. Ethan holds a B.S.B.A. in Finance from the University of Richmond and studied abroad at Corvinus University of Budapest.
Endnotes & Sources
- IBISWorld. Online Tutoring Services in the US. 2024. https://www.ibisworld.com/united-states/
- IBISWorld. Tutoring & Exam Preparation Franchises in the US. 2024. Subscriber report; industry code 61171.
- IBISWorld. Tutoring and Test Preparation Market Revenue in the US. Reports OD5609 and OD6038. Subscriber reports.
- IMARC Group. Global Exam Preparation Market Size and Outlook 2023-2028. https://www.imarcgroup.com/exam-preparation-market
- Hellmann, M. US Universities Are Reinstating SAT Scores. Experts Say It Will Exacerbate Racial Inequality. The Guardian, June 20, 2024. https://www.theguardian.com/us-news/article/2024/jun/20/university-require-sat-act-test-diversity
- The Wall Street Journal. Some Ivy League Colleges Admit 4% of Applicants; Others Play Down How Selective They Are. https://www.wsj.com/articles/some-ivy-league-colleges-to-play-down-how-selective-they-are-11648719001
- McKinsey & Company. OPS 4.0, The Human Factor: The Need for Speed in Building Skills. https://www.mckinsey.com/capabilities/operations/our-insights/operations-blog/the-human-factor-in-ops-4-0-the-need-for-speed-in-building-skills
- Statista. Professional Certificates, Worldwide Market Forecast. https://www.statista.com/outlook/dmo/eservices/online-education/professional-certificates/worldwide
- College Board. SAT Suite of Assessments Annual Report, Total Group Test Taker Counts. 2021 to 2023.
- Pew Research Center. Americans and the Future of College Admissions. 2022.
- PitchBook Data. Exam and Test Preparation M&A Activity and Public Comparable Company Data. 2020 to 2024.