In November the ‘full’ year position will not be a perfect projection of the actual full year fee income. At aggregate university level, historic trends from November to July allow a reasonably good projection of the full year fee income, but doing the same at school level may be more difficult. This is particularly the case where there is relatively large change (increase or decrease) from one year to the next in fee income for January or April enrolments, or where any of the following anomalies apply:
• First Year Electives: FIrst year undergraduate students don't register for one elective module in the first semester, instead their 12th module is initially registered against a standard central module. In semester 2 the students register for the actual module that they will take. Most schools therefore (depending on elective choices) increase first year undergraduate fee income in the February census comapred with the November census. This policy was introduced in the 2019/20 term and so is expected to affect seasonality of fee income from 2019/20 onwards, but was not a factor in previous years.
• Occasional Programmes: Many Occasional Programmes don’t follow the same enrolment patterns as other programmes. In many cases Semester 2 enrolments are associated with the September term but have not yet been processed by 1 November. Therefore, Occasional Fee Income for the September term typically increases from the November Census to the Feb Census. This increase may be by a material amount.
• Resit Income: Resit Fee Income is included within the attributed Fee Income. Resit Fee Income for the September Term typically continues to increase after the 1st November census point, and so is typically higher in the Feb census.
• Change of Mind Window: Initial module registrations for Semester 2 are included in the 1 November Census, but are subject to change during the Change of Mind window. There may be factors that lead to a relatively high level of change for a particular school during this window, and this would lead to a change in attributed fee income in the March Census.