DeVry - College & Company Profile
Devry, Inc., through its wholly-owned subsidiaries, owns and operates DeVry
University and Becker Conviser Professional Review ("Becker"). DeVry
University includes DeVry Institutes, with undergraduate programs in
technology and business, and Keller Graduate School of Management ("Keller
Graduate School"), with graduate programs in management.   The Company's

executive offices are located at One Tower Lane,

Oakbrook Terrace, IL 60181. The Company's telephone number is
(630) 571-7700.  Devry's website is www.devry.edu.

In fiscal 1999, the holding company for the degree-granting operations was
renamed from Keller Graduate School of Management, Inc. to DeVry
University, Inc., to better reflect the comprehensive higher education
system that it has become. DeVry Institutes; DeVry Canada, Inc.; and

Keller Graduate School of Management are a part of DeVry University. DeVry
University is one of the largest private, degree-granting, regionally
accredited higher education systems in North America.

Becker prepares candidates for the Certified Public Accountant ("CPA"),
Certified Management Accountant ("CMA") and Chartered Financial Analyst
("CFA") professional certification examinations.

DeVry University Segment
 
The DeVry undergraduate programs trace their origin to Dr. Herman DeVry and
for more than 70 years have provided career-oriented technology-based
education to high school graduates in the United States and Canada. The
first DeVry Institute was opened in Chicago in 1931 as an electronics
school. Today, the DeVry undergraduate programs are offered on twenty one
campuses in the United States, three campuses in Canada and several smaller
DeVry University Center ("DVUC") teaching locations operated in conjunction
with graduate school program offerings at these sites.

Keller Graduate School was founded in Chicago in 1973 on the idea that the
most important components of management education are effective teaching
and student mastery of practical management skills. Building on its
original MBA program offering, as of the end of the fiscal year Keller now
offers a total of seven management masters degree programs and numerous
concentrations within some of these programs at 48 teaching centers.

Originally offering only undergraduate programs in electronics, DeVry
introduced its undergraduate computer information systems curriculum in
1979. As the number of high school graduates in the U.S. declined during
the 1980's, DeVry expanded its program offerings and delivery schedule into
the evening hours to serve larger numbers of working adults. In the summer
of 1986, a bachelor's degree program in business operations was introduced,
followed by the telecommunications management program and the introduction
of an accounting program in the spring of 1988. In 1994, DeVry introduced
the undergraduate technical management degree completion program which
focuses on business and management skills for students who already have an
associate degree. In 1997, the undergraduate business operations program
was redefined and is now the business administration program, with a
concentration in accounting, replacing the previously separate accounting
program, and other concentrations in e-commerce, operations management,
project management and business information systems. In 1998, in response
to the increasing employment demands of the information technology field, a
one year Information Technology program was first offered at the Toronto-
area campuses to bachelor's level college graduates of any discipline and
is now offered at most undergraduate campuses in the United States. The
Information Technology program is designed for the bachelor's-level
graduate seeking career change and enhancement opportunities in IT. The
program is structured around a core of technology-oriented specialty
courses, with an emphasis on applying computer technology to solve business
problems.

In fiscal 2000, DeVry introduced a new undergraduate bachelor's degree
program in computer engineering technology, ("CET"). This program is aimed
at helping students develop skills and knowledge in software engineering,
operating systems, data structures and algorithms, and distributed computer
systems. Other programmatic initiatives developed during the past several
years include new delivery formats, such as weekend class schedules,
compressed and accelerated course schedules and technology-assisted
delivery options including online courses.

In fiscal 2001, DeVry announced two new undergraduate educational program
delivery initiatives. The bachelor of business administration degree
program was the first undergraduate DeVry program to be offered in a fully
online format. Subsequently, the bachelor of information technology and
the bachelor of technical management programs were added in an online
format. Additional programs will be added in an online format in the
future. The online format allows DeVry to better serve place-bound
students and others whose schedules prevent them from attending classes in
person.

The second new delivery initiative was the formation of DeVry University
Centers. In fiscal 2001, DeVry University opened the first adult-learner
DeVry University Center in conjunction with the existing graduate school
teaching site in the downtown Chicago area. This teaching center is aimed
at providing both undergraduate and graduate education convenient to
working adults. At this expanded former graduate teaching center, DeVry

University now offers selected accelerated undergraduate degree programs
formatted and oriented to adult students with the option to combine online
with on-site coursework. By the end of fiscal 2002, three additional DeVry
University Centers had been opened. Additional DeVry University Centers
are planned to be opened in fiscal 2003.

In addition to the Master of Business Administration ("MBA") program, which
Keller Graduate School began offering in 1977, Keller introduced a Master
of Project Management ("MPM") degree program in 1991 and a Master of Human
Resource Management ("MHRM") degree program in 1993. In 1995, Keller began
offering a Health Services Management ("HSM") concentration within its MBA
program. In 1997, Keller introduced a Master of Telecommunications
Management ("MTM") program to meet the need for expertise in this growing
field. The MTM program was developed in conjunction with the DeVry
undergraduate telecommunications program. In 1998, Keller began offering
two new programs, the Master of Information Systems Management ("MISM") and
the Master of Accounting and Financial Management ("MAFM"). The MAFM
program offers students a choice of three professional certification exam-
preparation emphases: Certified Public Accountant, Certified Management
Accountant or Chartered Financial Analyst. These exam-preparation
concentrations were developed in conjunction with the Becker Conviser
Professional Review.

Concentrations in electronic commerce, international business and marketing
are among those that have been developed to broaden the scope and appeal of
the original MBA program. In fiscal 2002, the MBA program was offered with
a specialization in the management of public and private K-12 educational
systems, designed to prepare students to be effective educational leaders.

Also new for fiscal 2002, approval was granted to offer a 7th graduate
degree program, the Master of Public Administration ("MPA"). The MPA
consists of three tracks: Government Management, Nonprofit Management, and
Public Health Management. The MPA incorporates the same practitioner focus
as the other graduate programs and is designed for students who want to
become successful managers in the not-for-profit or government arenas. All
of the Keller graduate programs and concentrations are aimed at satisfying
the need for advanced education in high demand areas.

In addition to its expanding network of classroom based program offerings,
Keller offers all of its programs in an online format. These offerings are
designed to allow students to efficiently complete their degrees entirely
online or in any combination of online and on-campus coursework that suits
their needs.

In addition to its programmatic expansion and new delivery method
initiatives, DeVry University embarked upon a strategy of facility
improvement and expansion in 1991 to attract and retain increased student
enrollment. This improvement and expansion strategy includes facility
renovations, expansion of existing campuses and openings of new campuses.
Similarly, graduate school teaching centers were relocated, renovated and
increased in number.

Expansions and improvements during the past several years include a new
undergraduate campus opened in Fremont, California, in July 1998 and in
November 1998, a new undergraduate campus opened in Long Island City, New
York. In November 1999, a new undergraduate campus opened in West Hills,
California, the third DeVry undergraduate campus in the Los Angeles area.
In July 2000, a new undergraduate campus opened in Tinley Park, Illinois,
the third DeVry campus in the Chicago area. In July 2000, the Company
acquired the operations of Denver Technical College with two undergraduate
campuses in Colorado, the Company's first campuses in that state. In
November 2000, a new undergraduate campus was opened in Orlando, Florida,
the first campus in that state. Further expansion was accomplished with
the completion of a technology center addition to the urban Chicago campus,
a renovation and expansion program at the Columbus, Ohio, campus and
completion of the expansion of the New York undergraduate campus into its
third floor leased space, bringing that campus to its full facility size.
In July 2001, a new undergraduate campus was opened in the Seattle,
Washington, area, the first in that state. In November 2001, a new
undergraduate campus was opened in the Washington, D.C. area, the first
campus in that area. In July 2002, a new undergraduate campus was opened
in the Philadelphia, Pennsylvania, area, the first DeVry University
undergraduate campus in that state.

Keller emphasizes practitioner orientation, excellence in teaching and
service to working adults, offering classes in the evenings and on
weekends. At the start of the June 2001 term, classes were being offered
at 42 locations nationwide, including the Online Education Center. At the
start of the June 2002 term, classes were being offered at 48 locations
nationwide, including the Online Education Center. Additional teaching
centers are planned to be opened in fiscal 2003. Some of Keller's teaching
sites are co-located on DeVry undergraduate campuses and some are within a
DeVry University Center. Also, one classroom teaching site and the Online
Education Center are located in the Company's corporate headquarters in
Illinois. In addition, some Keller teaching sites host Becker exam review
classes where space and location are appropriate.

In addition to its expanding network of graduate teaching locations,
graduate programs were first offered online in September 1998. The Online
Education Center now extends delivery of all of the master's degree
programs to students who reside beyond the geographic reach of local
centers, whose schedules preclude attending weekly classes onsite and/or
who cannot find their desired course at the teaching center near where they
live or work.

At the beginning of the spring 2002 semester, which was the final semester
in the Company's fiscal year 2002, approximately 46,210 full and part-time
students were enrolled in DeVry University undergraduate day, evening and
online programs. The Company's undergraduate programs accounted for
approximately 85% of the Company's revenues in fiscal 2002. In addition,
there were approximately 9,925 coursetakers in graduate school programs for
the Spring term that began in February.

Classes began in July for the DeVry University undergraduate summer 2002
semester. This is the first semester in the Company's fiscal year 2003.
Although total DeVry undergraduate enrollments increased during fiscal 2002
from the previous year, these undergraduate program offerings are heavily
concentrated in the areas of computer and electronics technology. Interest
in these programs as careers has been adversely affected by the news of
employee layoffs and financial difficulty encountered by many firms in the
technology sector of the economy. As a result, new undergraduate student
enrollments declined from year-ago levels by 6.2%, 7.6% and 14.2% in the
final two semesters of fiscal 2002 and in the summer term (fiscal 2003),
respectively. As a result, total undergraduate enrollment for the summer
term was 43,567 compared to 47,415 in the previous summer. There were,
however, an increased number of students attending Keller graduate School,
with approximately 8,209 coursetakers in graduate programs for the term
that began in June compared to 6,683 a year-ago. Historically, the summer
term has been the period of lowest DeVry University enrollment during the
year.

DeVry University - Tuition and Fees
 
Effective with the summer 2002 term, tuition at the United States
undergraduate campuses for two semesters (one academic year) ranged from
$9,240 to $10,300. Variations in tuition depend on the term of enrollment
and the particular campus attended. Based upon current tuition rates, for
a student enrolling in the five term undergraduate Electronics Technician
program, total tuition cost would range from $23,475 to $26,125. For a
student enrolled in the nine term undergraduate Computer Information
Systems program, total tuition cost based upon current rates would range
from $42,255 to $47,025. Students enrolled at a DVUC or in an online
program pay somewhat different tuition rates. Students enrolled on less
than a full time basis are charged somewhat lower tuition. Undergraduate
tuition rates at DeVry University are substantially below the average
tuition at four-year independent institutions, but are substantially higher
than the average at four-year publicly supported institutions. For the
academic year 2001/2002, the average annual tuition at four year private
schools was $17,123, an increase of 5.5% from last year, while the average
annual tuition at four year publicly supported institutions was $3,754, an
increase of 7.7% from last year. These tuition rate increases are
generally the largest rate increases since the late 1980s and early 1990s.

The DeVry University undergraduate tuition increase from summer 2001 was
between five and six percent, depending on the campus attended. Tuition
increases in previous years approximated the rate of increase at many other
postsecondary education institutions. In early 2002, some state supported
educational institutions, that were affected by reduced funding because of
declining state tax revenues, announced double digit tuition rate
increases. However, their tuition rates for students qualifying for in-
state tuition generally remain below those at DeVry University
undergraduate campuses. For the academic year 2001/2002, almost 70% of
full-time undergraduate students in the U.S. were enrolled at four-year
educational institutions with tuition rates less than $8,000 per year.

Tuition rates at the Canadian campuses are somewhat lower then those at
campuses in the U.S.

Certain undergraduate programs, such as the one year Information Technology
program, are charged at a total program price, not on an individual term
basis.

Effective with the September 2002 term, graduate program tuition per
classroom course (four quarter credit hours) ranges from $1,250 to $1,590,
depending on the location at which the student is enrolled. This compares
to tuition rates from $1,185 to $1,515 implemented in September 2001. The
price for courses taken online is $1,700.

If a student leaves school prior to completing a term, federal, state and
Canadian provincial regulations and accreditation criteria permit the
Company to retain only a set percentage of the total tuition received from
the student, which varies with, but generally equals or exceeds, the
percentage of the term completed by the student. Amounts received by the
Company in excess of such set percentages of tuition are refunded to the
student or the appropriate financial aid funding source.

In addition to the tuition amounts described above, students at DeVry
University must purchase textbooks and supplies as part of their
educational program.

The DeVry University approach to distance learning is to focus on the
quality of education delivered to the student. The technical feasibility
of the delivery system, while an integral component of online course
delivery, is not the sole or primary focus. Some classroom-based courses
also have a distance education component for learning enhancement.

DeVry University Online offers undergraduate and graduate programs in
business and technology via the Web. It builds on the successful model
initially implemented at the graduate level in 1998 and draws on the
content and pedagogy of both the undergraduate and graduate systems.

DeVry University Online currently offers all of the Keller graduate
programs and the DeVry undergraduate Business Administration (BSBA),
Technical Management (BSTM), and Information Technology (IT) programs. As
part of the Higher Learning Commission of the North Central Association
Comprehensive Evaluation visit in August 2002, DeVry University has
requested approval to offer all of its programs and courses online.

DeVry University Online is a cornerstone of both the DVUC initiative and
the educational system capacity strategy in that it provides mix-and-match
capability, ensuring a full complement of courses at DVUCs and helping
optimize use of faculty and classroom space at all teaching locations.

Each of the undergraduate programs is designed to integrate general
education and technology or business. General education courses develop
skills and competencies that help graduates enhance both their professional
and personal capabilities. Businesses require graduates who can fit into
an organization by working collaboratively, having an understanding of how
business works, communicating clearly and having the in-depth technical
knowledge to get the job done. Laboratory courses throughout each
curriculum provide the opportunity to translate classroom learning into a
practical, hands-on experience that better prepares the student for the
workplace.

Undergraduate classes are generally offered in morning, afternoon or
evening sessions which help students maintain a part-time job. The
availability of part-time employment and government-provided financial aid
partially offset the competitive advantage of schools charging a lower
tuition. Each curriculum is generally consistent at all of the
undergraduate campuses, with content variations introduced to meet local
employment market needs. This common curriculum is another competitive
advantage that allows students to transfer, if necessary, to an
undergraduate campus at a different location without interrupting their
studies.

Graduate program faculty members are practicing professionals who bring
their expertise to the classroom, emphasizing theory and practices that
will best serve students in their work as managers. Critical competencies
in areas such as business communications, technology, quality and
international issues are woven throughout the curricula. Keller's
curricula, which like the undergraduate curricula are generally consistent
at all locations, are regularly reviewed for relevance to both students and
employers.

To facilitate student success, DeVry University devotes significant
resources to libraries and academic support services which can assist
students in any phase of their educational program. In addition, DeVry
undergraduate students are encouraged to participate in an array of offered
activities. Each student is also required to complete a student success or
problem solving strategy course aiming at preparing students to assume
responsibility for their learning and growth through practical strategies
and methods for realizing success.

Financial Aid and Financing Student Education
 
Students attending DeVry University finance their education through a
combination of family contributions, individual resources (including
earnings from full- or part-time employment), financial aid (including
Company-provided financial aid) and tuition reimbursement from their
employers.

The Company believes that more than 70% of the U.S. undergraduate students
receive some government-sponsored financial aid and that a similar
percentage of the students attending the Canadian DeVry Institutes receive
some government-sponsored financial assistance. A 1999-2000 study on
student financing of undergraduate education found that approximately 55%
of students received some form of financial aid from federal, state,
institutional or other sources.

DeVry University assists its undergraduate students in locating part-time
employment. Data from the National Center for Education Statistics
indicates that almost half of all full-time college students between the
ages of 16 and 24 are employed. The Company believes that a substantially
greater percentage of its full-time undergraduate students are employed to
help finance their costs of education. DeVry develops an assistance
package for students who require financial aid on the basis of a financial
aid application completed by the student and the student's family.
Government-sponsored financial aid is of great importance to the Company
because historically, almost 70% of the U.S. undergraduate tuition, book
and fee revenues have been financed by government-provided financial aid
received by its students.

Although not as significant for Keller Graduate School, government-
sponsored financial aid is utilized by more than an estimated 50% of its
graduate students. Additionally, the Company believes that approximately
65% of its graduate students receive some tuition reimbursement assistance
from their employers.
 

DeVry - College Faculty Members

Each DeVry undergraduate campus president hires academic deans and faculty
members in accordance with criteria established by the Company, accrediting
standards and applicable state law. Most faculty members teaching in
technical areas have related industry experience. Sabbatical and other
leave programs have been initiated to allow faculty to engage in
developmental projects or consulting opportunities to maintain and enhance
their currency and teaching skills. Faculty members are evaluated each
semester based on student comments and observations by an academic dean.
There are approximately 1,200 full and part-time faculty member employees
among all of the DeVry undergraduate campuses. More than 85% of DeVry
full-time undergraduate faculty member employees hold advanced academic
degrees. In addition, DeVry engages adjunct and visiting faculty, as
needed, mostly in the evening programs, who teach on a part-time basis
while maintaining their employment in their technical field of specialty.

Graduate program faculty members are practicing business professionals who
are engaged to teach on a course-by-course basis. A multi-session training
course is used to train and develop new faculty throughout Keller's
national system. Over the past several years, graduate school courses have
been taught selectively utilizing full-time faculty to respond to student
demand in areas of rapidly growing enrollment and to meet licensing
approval requirements in certain states. Less than 10% of graduate
instructors, excluding staff members who regularly teach, are full-time
employees. Approximately 700 active faculty teach graduate courses as
needed throughout the past year.

Professional and Training Segment

In June 1996, the Company acquired the Becker CPA Review. At the time of
acquisition, Becker was a leading international training firm preparing
students to take the national Certified Public Accountant and Certified
Management Accountant examinations.

Becker's proprietary course materials and teaching methods, which include
CD-ROM based presentation materials coupled with live classroom
instruction, result in pass rates on the CPA exam for Becker students which
the Company believes are substantially higher than the national average
pass rate, producing nearly one half of all students passing the CPA exam.
 

Ticker

DV

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8200 - Services-Educational Services

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