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From Wikipedia, the free encyclopedia
Loan
A loan is a type of debt. All material things can be lent but this article focuses exclusively on monetary loans. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
Acting as a provider of loans is one of the principal task for financial institutions. For other institutions issuing of debt contracts, such as bonds is a typical source of funding. Bank loans and credit are one way to increase the money supply.
Other types of debt include mortgages, credit card debt, bonds, and lines of credit. A mortgage is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The bank, however, is given the title to the house until the mortgage is paid off in full. If the borrower defaults on the loan, the bank can repossess the house and sell it, to get their money back.
Abuse in the granting of loans is known as predatory lending. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her.

Criticism of banks and bank loans
The neutrality of this section is disputed.
Please see discussion on the talk page.
Most people believe that bank loans are generally funded by deposits -- or other people's money. This is true for Islamic banks, but not for Western banks. The source for the majority of the money supply in western economies is through the loans issued by banks much like the one down your street. However, regardless of the size of the loan, according to a former Chairman of the Federal Reserve Board, western bank loans are actually based on fraud. Why? Because bank loans are funded not by deposits on hand, but by the borrower's own future credit or "promise to pay". Robert Hemphill, former Credit Manager of the Federal Reserve Bank in Atlanta said "If all the bank loans were paid, no one could have a bank deposit, since there would not be a dollar of coin or currency in circulation... If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible -- but there it is" [1]. Mr. Hemphill is saying that the act of issuing the loan itself is the process of creating "synthetic money", meaning the bank is actually creating money when a loan is issued. The loan itself is all credit or "debt" and is created out of thin air with a few keystrokes on the keyboard. [2] Hemphill also admits that if all the bank loans were paid, then there would be no money in circulation. The corollary to that is that because there is always money in circulation, it is evidence that there are always loans outstanding -- debts which will never be paid without entirely extinguishing the money supply
Few people realize that at the moment any loan is requested, there is no money in existence to cover the loan. This is substantiated by G. Edward Griffin (President of American Media) who says "When banks place credits into your checking account, they are merely pretending to lend you money. In reality, they have nothing to lend".[3] This is by definition a pure fiat[4] money supply. Herein lies the fraud, and it is virtually the same thing as check kiting, except this is loan kiting on the grandest scale. When the borrower signs the promissory note as part of the loan application process, the borrower rarely understands that after leaving the bank, the bank uses that promissory note as the very asset by which the loan is funded. The asset used is the signature of the borrower, where they commit to pay the bank over time the legal tender the bank has just created in exchange for their signature. Modern bank loans are no different to the money changing that has been going on for thousands of years where one asset is exchanged for another, liquidated, and returned to the original asset bearer (encumbered with a charge in the form of compound interest).
The problem with generating loans by this method is that the bank always generates the principal, but it never generates the interest. It is like a dog chasing it's tail -- it can never catch it. In order for the economy of the nation to continue to prosper, ever larger sums (loans) must be continually created and debt must ever increase (in nearly exponential fashion) in order for those who have loans to be able to pay them, and for there to be enough money in existence to carry on day to day commerce across the nation and the world. "The only way new money (which is not true money, but rather credit representing a debt), goes into circulation in America is when it is borrowed from the bankers. When the State and people borrow large sums, we seem to prosper. However, the bankers "create" only the amount of the principal of each loan, never the extra amount needed to pay the interest. Therefore, the new money never equals the new debt added. The amounts needed to pay the interest on loans is not "created," and therefore does not exist! Under this system, where new debt always exceeds new money no matter how much or how little is borrowed, the total debt increasingly outstrips the amount of money available to pay the debt. The people can never, ever get out of debt!" [5]
However, a thinking person will now realize that if all the loans were called in at once, the system would collapse because not enough money has been created to pay the debts as only the principal was created by the bank, but not the interest. Herein lies the fraud as well, since it is readily apparent that since the banks involved in this system do not have enough assets to cover their liabilities, they must be insolvent. Currently, laws in the US and Canada forbid banks from conducting business in a state of insolvency, but they continue to do so anyway because there appears to be no other choice available.
There has been considerable effort in the past to hide the fraudulent way in which loans are generated, but that is changing with the advent of the internet. Books have been written and websites are available offering documentaries that have been recommended and validated by famous individuals such as Milton Friedman (Nobel Laureate in Economics), Arun Gandhi (M.K. Gandhi Institute for Nonviolence), famous scholar Cleon Skousen (author of the Naked Capitalist and the Naked Communist), and G. Edward Griffin (author of the Creature from Jekyl Island).

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From Wikipedia, the free encyclopedia
Bank
A bank is an institution that provides financial service, particularly taking deposits and extending credit.
Currently the term bank is generally understood as an institution that holds a banking license. Banking licenses are granted by bank regulatory authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans. There are also financial institutions that provide certain banking services without meeting the legal definition of a bank, a so called non-banking financial company.
Banks have a long history, and have influenced economies and politics for centuries.
The word bank is derived from the Italian banca, which is derived from German language and means bench. The terms bankrupt and "broke" are similarly derived from banca rotta, which refers to an out-of-business bank, having its bench physically broken. Money lenders in Northern Italy originally did business in open areas, or big open rooms, with each lender working from his own bench or table.
Traditionally, a bank generates profits from transaction fees on financial services and from the interest it charges for lending. In recent history, with historically low interest rates limiting banks' ability to earn money by lending deposited funds, much of a bank's income is provided by overdraft fees and riskier investments.
Contents
1 Services typically offered by banks
2 Types of Bank
2.1 Types of retail banks
2.2 Types of investment banks
2.3 Both combined
2.4 Other types of banks
3 Banks in the economy
3.1 Role in the money supply
3.2 Size of global banking industry
3.3 Bank crises
4 Regulation
5 Public perceptions of banks
6 Profitability
7 Bank Size Information
7.1 Top ten banking groups in the world ranked by tier 1 capital in 2004 (in U.S. dollars)
7.2 Top ten banking groups in the world ranked by assets in 2003 (in U.S. dollars)
7.3 Top ten bank holding companies in the world ranked by profit in 2003 (in U.S. dollars)
7.4 Top ten bank holding companies in the U.S. ranked by deposits (in U.S. dollars)
8 History of banking

Services typically offered by banks
Although the type of services offered by a bank depends upon the type of bank and the country, services provided usually include:
Taking deposits from the general public and issuing checking and savings accounts
Making loans to individuals and businesses
Cashing cheques
Facilitating money transactions such as wire transfers and cashiers checks
Issuing credit cards, ATM, and debit cards
Storing valuables, particularly in a safe deposit box

Types of Bank
Banks' activities can be characterised as retail banking, dealing direct with individuals and small businesses, and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit making.
In some jurisdictions retail and investment activities are, or have been, separated by law.
Central banks are non-commercial bodies or government agencies often charged with controlling interest rates and money supply across the whole economy. They act as Lender of last resort in event of a crisis.

Types of retail banks
Commercial bank, is the term used for a normal bank to distinguish it from an investment bank. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with corporations or large businesses.
Community development bank are regulated banks that provide financial services and credit to underserved markets or populations.
Postal savings banks are savings banks associated with national postal systems.
Private banks manage the assets of high net worth individuals.
Offshore banks are banks located in jurisdictions with low taxation and regulation, . Many offshore banks are essentially private banks.
Savings banks traditionally accepted savings deposits and issued mortgages. Today, some countries have broadened the permitted activities of savings banks.
Building societies and Landesbanks both conduct retail banking.
Ethical banks are banks that prioritize the transparency of all operations and make only social-responsible investments.

Types of investment banks
Investment banks "underwrite" (guarantee the sale of) stock and bond issues and advise on mergers.
Merchant banks were traditionally banks which engaged in trade financing. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike Venture capital firms, they tend not to invest in new companies.

Both combined
Universal banks, more commonly known as a financial services company, engage in several of these activities. For example, First Bank, is a very large bank, is involved in commercial and retail lending; finally, its subsidiaries in tax-havens offer offshore banking services to customers in other countries. Almost all large financial institutions are diversified and engage in multiple activities. In Europe and Asia, big banks are very diversified groups that, among other services, also distribute insurance, hence the term bancassurance.

Other types of banks
Islamic banks adhere to the concepts of Islamic law. Islamic banking revolves around several well established concepts which are based on Islamic canons. Since the concept of Interest is forbidden in Islam, all banking activities must avoid interest. Instead of interest, the Bank earns profit (mark-up) and fees on financing facilities that it extends to the customers. Also, deposit makers earn a share of the Bank�s profit as opposed to a predetermined interest.

Banks in the economy

Role in the money supply
A bank raises funds by attracting deposits, borrowing money in the inter-bank market, or issuing financial instruments in the money market or a capital market. The bank then lends out most of these funds to borrowers.
However, it would not be prudent for a bank to lend out all of its balance sheet. It must keep a certain proportion of its funds in reserve so that it can repay depositors who withdraw their deposits. Bank reserves are typically kept in the form of a deposit with a central bank. This behaviour is called fractional-reserve banking and it is a central issue of monetary policy. Some governments (or their central banks) restrict the proportion of a bank's balance sheet that can be lent out, and use this as a tool for controlling the money supply. Even where the reserve ratio is not controlled by the government, a minimum figure will still be set by regulatory authorities as part of bank regulation.

Size of global banking industry
Worldwide assets of the largest 1,000 banks grew 15.5% in 2005 to reach a record $60.5 trillion. This follows a 19.3% increase in the previous year. EU banks held the largest share, 50% at the end of 2005, up from 38% a decade earlier. The growth in Europe�s share was mostly at the expense of Japanese banks whose share more than halved during this period from 33% to 13%. The share of US banks also rose, from 10% to 14%. Most of the remainder was from other Asian and European countries.
The US had by far the most banks (7,540 at end-2005) and branches (75,000) in the world. The large number of banks in the US is an indicator of its geographical dispersity and regulatory structure resulting in a large number of small to medium sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In Western Europe, Germany, France and Italy had more than 30,000 branches each. This was twice the number of branches in the UK. [1]

Bank crises
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. Risks include liquidity risk (the risk that many depositors will request withdrawals beyond available funds), credit risk (the risk that those that owe money to the bank will not repay), and interest rate risk (the risk that the bank will become unprofitable if rising interest rates force it to pay relatively more on its deposits than it receives on its loans), among others.
Banking crises have developed many times throughout history when one or more risks materialize for a banking sector as a whole. Prominent examples include the U.S. Savings and Loan crisis in 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the bank run that occurred during the Great Depression, and the recent liquidation by the central Bank of Nigeria, where about 25 banks were liquidated.

Regulation
Main article: Bank regulation
The combination of the instability of banks as well as their important facilitating role in the economy led to banking being thoroughly regulated. The amount of capital a bank is required to hold is a function of the amount and quality of its assets. Major banks are subject to the Basel Capital Accord promulgated by the Bank for International Settlements. In addition, banks are usually required to purchase deposit insurance to make sure smaller investors are not wiped out in the event of a bank failure.
Another reason banks are thoroughly regulated is that ultimately, no government can allow the banking system to fail. There is almost always a lender of last resort�in the event of a liquidity crisis (where short term obligations exceed short term assets) some element of government will step in to lend banks enough money to avoid bankruptcy.

Public perceptions of banks
In United States history, the National Bank was a major political issue during the presidency of Andrew Jackson. Jackson fought against the bank as a symbol of greed and profit-mongering, antithetical to the democratic ideals of the United States.
Currently, many people are outraged due to various banking policies that take advantage of customers. Specific concerns are policies that permit banks to hold deposited funds for several days, policies that permit banks to apply withdrawals before deposits, policies that permit applying withdrawals from greatest to least, which is most likely to cause the greatest overdraft, policies that allow backdating funds transfers and fee assessments, and policies that authorize electronic funds transfers despite an overdraft.
In response to the perceived greed and socially-irresponsible all-for-the-profit attitude of banks, in the last few decades a new type of banks called ethical banks have emerged, which only make social-responsible investments (for instance, no investment in the arms industry) and are transparent in all its operations.

Profitability
Large banks in the United States are some of the most profitable corporations, especially relative to the small market shares they have. This amount is even higher if one counts the credit divisions of companies like Ford, which are responsible for a large proportion of those company's profits. For example, the largest bank, Citigroup, which for the past 3 years has made more profit than any other company in the world, has only a 5% market share. Now if Citigroup were to be as dominant in its industry as a Home Depot, Starbucks, or Wal Mart in their respective industries, with a 30% market share, it would make more money than the top ten non-banking U.S. industries combined.
In the past 10 years in the United States, banks have taken many measures to ensure that they remain profitable while responding to ever-changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have moved toward risk based pricing on loans, which means charging higher interest rates for those people who they deem more risky to default on loans. This dramatically helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and extends credit products to high risk customers who would have been denied credit under the previous system. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, pre-paid cards, smart-cards, and credit cards. These products make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with under-developed financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience there is also increased risk that consumers will mis-manage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and companies that accept the cards.
The banks' main obstacles to increasing profits are existing regulatory burdens, new government regulation, and increasing competition from non-traditional financial institutions.

Bank Size Information
Top ten banking groups in the world ranked by tier 1 capital in 2004 (in U.S. dollars)
Citigroup � 73 billion
HSBC � 71 billion
JP Morgan Chase � 69 billion
Royal Bank of Canada � 68 billion
Credit Agricole Group � 63 billion
Royal Bank of Scotland � 43 billion
Mitsubishi Tokyo Financial Group � 40 billion
Mizuho Financial Group � 39 billion
HBOS � 36 billion
BNP Paribas � 35 billion

Top ten banking groups in the world ranked by assets in 2003 (in U.S. dollars)
Mizuho Financial Group � 1,265 billion
Citigroup � 1,097 billion
Allianz � 1,002 billion
UBS � 907 billion
Sumitomo Mitsui Financial Group � 903 billion
Deutsche Bank � 892 billion
Fannie Mae � 888 billion
ING Group � 843 billion
BNP Paribas � 835 billion
Mitsubishi Tokyo Financial Group � 832 billion

Top ten bank holding companies in the world ranked by profit in 2003 (in U.S. dollars)
Citigroup � 21 billion
Bank of America � 15 billion
HSBC � 10 billion
Royal Bank of Scotland � 8 billion
Wells Fargo � 7 billion
JP Morgan Chase � 7 billion
UBS AG � 6 billion
Wachovia � 5 billion
Morgan Stanley � 5 billion
Merrill Lynch � 4 billion

Top ten bank holding companies in the U.S. ranked by deposits (in U.S. dollars)
As of June 30, 2004. These are U.S. deposits only. This is not a ranking of the largest U.S. based global banks.
Bank of America Corp. � 526 billion
Wells Fargo & Co. � 256 billion
Wachovia Corp. � 238 billion
J.P. Morgan Chase & Co. � 227 billion (1)
Citigroup Inc. � 193 billion
Bank One Corp. � 150 billion (1)
U.S. Bancorp � 112 billion
SunTrust Banks, Inc. � 78 billion
BB&T Corporation � 67 billion
National City Corp. � 64 billion
(1) Since this report, J.P. Morgan Chase & Co. has acquired Bank One Corp., making the combined 6/30/04 deposit total for the merged company $377 billion, vaulting it to second place on the list.

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From Wikipedia, the free encyclopedia
College
The term college (Latin collegium) is most often used today to denote an educational institution. More broadly, it can be the name of any group of colleagues (see for example electoral college, College of Arms). Originally it meant a group of people living together under a common set of rules (con-, "together" + leg-, "law"); as a consequence members of colleges were originally styled "fellows" and still are in some places. The precise usage of the term varies among English-speaking countries.

Oxford's All Souls College quad.Contents
1 United Kingdom
1.1 Universities and colleges
2 United States of America
2.1 Aspects of the U.S. system
2.2 The origin of the U.S. usage
3 British and American usage contrasted
4 The rest of the English-speaking world
4.1 Australia
4.2 Canada
4.3 Ireland
4.4 Hong Kong
4.5 India
4.6 Singapore
4.7 New Zealand
5 The non-English-speaking world
6 See also
7 References

United Kingdom
British usage of the word "college" remains the loosest, encompassing a range of institutions:
colleges of further education and adult education.
"sixth form colleges", where students (ages 16-18) finish their secondary education, and some specialist schools
the constituent parts of some universities (see below)
university colleges � independent higher education institutions that have been granted degree-awarding powers but not university status.
certain public schools for children such as Eton and Winchester[1]
professional associations such as the Royal College of Organists, the Royal College of Surgeons and other various Royal Colleges.
the College of Justice or Court of Session of Scotland
In general use, a "college" refers to; institutions between secondary school and university, colleges of further education and adult education. Many types of institutions have "college" in its name but are not "colleges" in the general use of the word. For example Eton College would not be referred to as a college, but as a school or by its full name [1].

Universities and colleges
For notabable examples of the college system inside UK universities see Colleges within UK Universities
In relation to universities, the term college normally refers to a part of the university which does not have degree-awarding powers in itself. Degrees are always awarded by universities, colleges are institutions or organisations which prepare students for the degree. In some cases, colleges prepare students for the degree of a university of which the college is a part (eg colleges of the University of London, University of Cambridge, etc) and in some cases colleges are independent institutions which prepare students to sit as external candidates at other universities (eg many higher education colleges prepare students to sit for external examinations of universities). In the past, many of what are now universities with their own degree-awarding powers were colleges which had their degrees awarded by either a federal university (eg Cardiff University) or another university (eg many of the post-1992 universities).

United States of America
Boston CollegeBy contrast to British usage, in American English the term "college" is generally reserved for institutions of higher education, which are often totally independent and fully empowered to grant degrees. The usual practice in the United States today is to call an institution made up of several faculties and granting a range of higher degrees a "university" while a smaller institution only granting bachelor's or associate's degrees is called a "college". (See liberal arts colleges, community college). Nevertheless, a few of the USA's most prominent universities, such as Boston College, Dartmouth College, and College of William and Mary, have retained the term "college" in their names for historical reasons though they offer a wide range of higher degrees. This problem led, in part, to the threatened lawsuit between Yale College Wrexham (equivalent to an American "high school") and Yale University, the latter claiming trademark infringement.
Usage of the terms varies among the states, each of which operates its own institutions and licenses private ones. In 1996 for example, Georgia changed all of its four-year colleges to universities, and all of its vocational technology schools to technical colleges. (Previously, only the four research institutions were called universities.) Other states have changed the names of individual colleges, many having started as a teachers' college or vocational school (such as an A&M � an agricultural and mechanical school) that ended up as a full-fledged state university.
It should be noted, too, that "university" and "college" do not exhaust all possible titles for an American institution of higher education. Other options include "institute", "academy", "union," and "school" as in the Massachusetts Institute of Technology, United States Military Academy at West Point, New York, Cooper Union, or the Juilliard School.
The term college is also, as in Britain, used for a constituent semi-autonomous part of a larger university but generally organized on academic rather than residential lines. For example, at many institutions, the undergraduate portion of the university can be briefly referred to as the college (such as The College at Brown, Harvard College at Harvard, or Columbia College at Columbia) while at others each of the faculties may be called a "college" (the "college of engineering", the "college of nursing", and so forth). Some American universities, such as Princeton, Yale, and Rice do have residential colleges along the lines of Oxford or Cambridge, but the name was clearly adopted in homage to the British system. Unlike the Oxbridge colleges, these residential colleges are not autonomous legal entities nor are they typically much involved in education itself, being primarily concerned with room, board, and social life. At the University of California, San Diego, however, each of the six residential colleges does teach its own core writing courses and has its own distinctive set of graduation requirements.
Harvard Yard
Aspects of the U.S. system
Two features of the American system (but present in other systems also) are universality and breadth. Nearly half of all Americans attend at least one year of "college" and American universities award a great many degrees for professional training which might be accomplished on-the-job elsewhere. At the more academic end of the scale, on the other hand, many American college students (especially at the most elite institutions) see "college" as a time of intellectual exploration which can be accomplished free from any need to prepare for the future, believing graduate school to be the time for that. The American system, by permitting students to spend some of their time in classes entirely removed from their major field of study, forces much less specialization and focus than is common in the rest of the world. Furthermore, a great many students in American universities and colleges live either in institution-run dormitories or in neighborhoods dominated by student apartments. Hence the college years often involve a distinct kind of living arrangement between the family home and the first adult apartment.

The origin of the U.S. usage
The founders of the first institutions of higher education in the United States were graduates of Oxford and Cambridge. The small institutions they founded would not have seemed to them like universities � they were tiny and did not offer the higher degrees in medicine and theology. Furthermore, they were not composed of several small colleges. Instead, the new institutions felt like the Oxbridge colleges they were used to � small communities, housing and feeding their students who were instructed by residential tutors (see United Kingdom/Universities and Colleges above). However, when the first students came to be graduated, these "colleges" proceeded to assume (without any recognized authority) the right to confer degrees upon them. In Europe only universities could grant degrees. Presumably the leaders of Harvard College (which granted America's first degrees in 1642) thought of their college as the first of many residential colleges which would grow up into a New Cambridge university. However, over time, no new colleges were founded; and Harvard grew and added higher faculties. Eventually, it changed its title to university, but the term "college" had stuck and "colleges" had sprung up all over the United States.

British and American usage contrasted
The most confusing aspect of the conflict between the British and American terminology arises from the colloquial use of the word "college" by Americans. Where a British person would say "attend university", the American instead says "go to college", even when referring to an institution formally called a "university." In Britain, aside from usage in reference to collegiate universities as detailed above, to attend "college" would usually be accepted as meaning one attends a technical college or a specific sixth form institution. (Most state schools and Independent school in Britain have sixth forms, but there are a number of sixth form specific institutions). However, in the U.S., students at the enormous University of Michigan still call it their "college". Similarly, the institution that administers many standardized admissions tests in the U.S. is known as the College Board. To Americans, the word "college" refers not only to an institution but to the phase in one's life usually called "university" elsewhere in the world; more specifically, college refers to an undergraduate education in the United States, while university is a catch all phrase for various levels of study.

The rest of the English-speaking world
Influenced by their origins in the British Empire, and by modern American pop culture, the rest of the English-speaking world seems to have adopted a mix of their practices.

Australia
In Australia, the term "college" can refer to an institution of tertiary education that is smaller than a university, run independently or as part of a university. Following a reform in the 1980s many of the formerly independent colleges now belong to a larger university. Many private high schools that provide secondary education are called "colleges" in Australia. The term can also be used to refer to residence halls, as in the United Kingdom, but compared to the UK their tutorial programs are relatively small-scale and they do no actual teaching towards academic degrees (with the exception of one or two that host theological colleges).
Additionally, in Tasmania and the Australian Capital Territory, "college" refers to the final two years of high school (years eleven and twelve), and the institutions which provide this. In this context, "college" is a system independent of the other years of high school. (Here, the expression is a shorter version of matriculation college.) All college courses in the ACT are sanctioned by the Board of Senior Secondary Studies, or BSSS.
In Australia, "college" can also refer to the several dormitaries located at universities around the country. Examples are St John's College at the University of Sydney and Trinity College at the University of Melbourne.

Canada
Trinity College main buildingIn Canada, the term "college" usually refers to a community college or a technical, applied arts, or applied science school. These are post-secondary diploma-granting institutions, but they are not universities and typically do not grant degrees, except in British Columbia where some have university status. In Quebec, it can refer in particular to CEGEP (Coll�ge d'enseignement g�n�ral et professionnel, "college of general and professional education"), a form of post-secondary education specific to the Quebec education system that is required in order to continue onto university, or to learn a trade.
The "Royal Military College of Canada", a full-fledged degree-granting university, does not follow the naming convention used by the rest of the country.
The term "college" also applies to distinct entities within a university (usually referred to as "federated colleges" or "affiliated colleges"), akin to the residential colleges in the United Kingdom. These colleges act independently, but in affiliation or federation with the university that actually grants the degrees. For example, Trinity College was once an independent institution, but later became federated with the University of Toronto, and is now one of its residential colleges.
There are also universities referred to as art colleges, empowered to grant academic degrees of BFA, Bdes, MFA, Mdes and sometimes collaborative PhD degrees. Some of them have "university" in their name (University of Nova Scotia College of Art & Design) and others do not (Ontario College of Art & Design and Emily Carr Institute of Design).
It should be noted that, unlike in the United States, there is a strong distinction between "college" and "university" in Canada. In conversation, one specifically would say either "I'm going to university" (i.e., studying for a three- or four-year degree at a university) or "I'm going to college" (suggesting a technical or career college). Due to this distinction, the cultural phenomenon known as college radio in the United States is more properly called "campus radio" in Canada.
In Toronto, Ontario, many government-run secondary schools are called �collegiate institutes� (C.I.), a complicated form of the word �college� which avoids the usual �post-secondary� connotation. Some private secondary schools in Toronto choose to use the word �college� in their names nevertheless. Some high schools elsewhere in the country, particularly ones within the separate school system, may also use the word "college" or "collegiate" in their names.

Ireland
Parliament Square, Trinity College, Dublin.See also: List of universities in the Republic of Ireland
In the Republic of Ireland, the term "college" is usually limited to an institution of tertiary education, but the term is quite generic within this field. University students often say they attend "college" rather than "university", with the term college being more popular in wider society. This is possibly due to the fact that, until 1989, no university provided teaching or research directly. Instead, these were offered by a constituent college of the university, in the case of the National University of Ireland and University of Dublin � or at least in strict legal terms. A limited number of secondary education institutions use the word college to describe or name themselves, but this tends to be the exception.
The state's only ancient university, the University of Dublin, is really English in its origins and, until recently, its outlook. Created during the reign of Elizabeth I, it is modeled on the universities of Cambridge and Oxford. However, only one constituent college was ever founded, hence the curious position of Trinity College, Dublin today. For a time, degrees in Dublin Institute of Technology were also conferred by the university. However, that institution now has its own degree awarding powers and is considering applying for full university status.
Among more modern foundations, the National University of Ireland, founded in 1908, consisted of constituent colleges and recognised colleges until 1997. The former are now referred to as constituent universities � institutions that are essentially universities in their own right. The National University can trace its existence back to 1850 and the creation of the Queen's University of Ireland and the creation of the Catholic University of Ireland in 1854. From 1880, the degree awarding roles of these two universities was taken over by the Royal University of Ireland, which remained until the creation of the National University in 1908 and the Queen's University of Belfast.
The state's two new universities Dublin City University and University of Limerick were initially National Institute for Higher Education institutions. These institutions offered university level academic degrees and research from the start of their existence and were awarded university status in 1989 in recognition of this. These two universities now follow the general trend of universities having associated colleges offering their degrees.
Third level technical education in the state has been carried out in the Regional Technical College network since 1970. These institutions are now referred to as Institutes of Technology, and some have delegated authority that entitles them to give degrees and diplomas in their own name. Initially these institutions offered only National Certificate and National Diploma courses. Now they also offer academic degrees at undergraduate and postgraduate level.
Other types of college include Colleges of Education. These are specialist institutions, often linked to a university, which provide both undergraduate and postgraduate academic degrees for people who want to train as teachers.

Hong Kong
In Hong Kong, the term "college" has a range of meanings, as in the British case. In the first case it can refer to a secondary school. It is also used by tertiary institutions as either part of their names, such as Shue Yan College; to refer to a constituent part of the university, such as the colleges in the collegiate Chinese University of Hong Kong; or to a residence hall of a university, such as St. John's College, University of Hong Kong.

India
See also: Universities and colleges in India, Indian Institute of Management, and Indian Statistical Institute
The term university is more common than college in India. Generally, colleges are located in different parts of a state and all of them are affiliated to a regional university. The colleges offer programmes under that university. Examinations are conducted by the university at the same time for all colleges under its affiliation. There are several hundred universities and each university has affiliated colleges.
The first liberal arts and sciences college in India was the Presidency College, Kolkata (estd. 1817) (initially known as Hindu College). The first Missionary institution to impart Western style education in India was the Scottish Church College, Calcutta (estd. 1830). The first modern university in India was the University of Calcutta (estd. January 1857). The first research institution for the study of the social sciences and ushering the spirit of Oriental research was the Asiatic Society, (estd. 1784). The first college for the study of Christian theology and ecumenical enquiry has been the Serampore College (estd. 1818).
The Indian Institutes of Technology (IITs) are specialized institutions that award their own degrees. They are premier institutes in India. There are only seven of them at present.
Of late the government has been establishing Indian Institutes of Information Technology (IIITs) as specialized centres of excellence in the rapidly emerging field of Information Technology. They have been setup to educate professionals for the booming technology oriented market.

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Singapore
The term "college" in Singapore is generally only used for pre-university educational institutions called "Junior Colleges", which provide the final two years of secondary education (equivalent to sixth form in English terms or grades 11-12 in the American system). Since 1 January 2005, the term also refers to the three campuses of the Institute of Technical Education with the introduction of the "collegiate system", in which the three institutions are called ITE College East, ITE College Central, and ITE College West respectively.

The term "university" is used to describe higher-education institutions offering locally-conferred degrees. Institutions offering diplomas are called "polytechnics", while other institutions are often referred to as "institutes" and so forth.

New Zealand
The University of Otago.In New Zealand the word "college" normally refers to a newer secondary school for ages 13 to 17. In contrast, most older schools of the same type are "high schools", and "high schools". Also, single-sex schools are more likely to be "Someplace Boys/Girls High School", but there are also very many coeducational "high schools". There is no distinction between "high schools" and "colleges".
Some older schools are more collegiate in nature, however: Christ's College, Canterbury is still in theory organised as a body of fellows, and was a college of the Universities of New Zealand and Canterbury. Wellington College also enjoys its right to be named a College by virtue of its affiliation with the former University of New Zealand.
The constituent colleges of the former University of New Zealand (such as Canterbury University College) have become independent universities. Some halls of residence associated with New Zealand universities retain the name of "college", particularly at the University of Otago (which although brought under the umbrella of the University of New Zealand, already possessed university status and degree awarding powers). The institutions formerly known as "Teacher-training colleges" now style themselves "College of education".
Essentially the pattern of usage found in the United Kingdom is followed in New Zealand (refer: Royal Australasian College of Surgeons, R.A.C. of Physicians etc.).

The non-English-speaking world
Some languages beyond English use words similar to "college". (French, for example, has the Coll�ge de France.) However, in other languages, confusion is most likely to arise when an American is reading something translated by someone using British conventions, or vice versa.
In Germany a Hochschule or Universit�t is an institute of tertiary education. "College" is a more proper term to use than a direct translation: Hochschule literally means "high school". German secondary education often takes place in an institution called in German an Oberschule, with its specific forms Hauptschule, Realschule, Gymnasium, and in some states also Gesamtschule, together with vocational secondary education in Berufsschule (in North Rhine-Westphalia called Berufskolleg). The term Kolleg (literally: college) is used in some states for institutions of adult education where graduates of a Berufsschule can graduate with an Abitur. A Graduiertenkolleg is a German Graduate school.
In Sweden the term "university college" is used as an official English translation for h�gskola, a term used for independent educational institutions providing tertiary, but not quaternary education. Similarly to the situation in Germany, the Swedish term h�gskola literally means "high school". The same term is also used for a number of institutions which function as specialized universities rather than as university colleges, providing quaternary education and conducting research (such as Kungliga Tekniska H�gskolan, the Royal Institute of Technology).
In China, Japan, Korea and other East Asian nations, colleges and universities are collectively named ?? or in simplified writing ??, which is a word originally introduced by Confucius with his influential book of the same name. The original word and subsequently the book's title is most frequently translated to "The Great Learning". Today's pronunciation of this word is country- and sometimes region- specific and includes daxue and daigaku. In Japan, daigaku is usually considered distinct from senmon gakkou (????), which is more of a post-secondary vocational school. In China, the college students are selected through the annual National College Entrance Examination.
In Belgium, the term college is used for institutes of secondary education, more in particular for Catholic schools (official secondary schools are called atheneum). For tertiary education, the difference is made between hogeschool (which literally means high school) and university. With the current reform of higher education under the Bologna process, the hogeschool institutions now offer professional bachelor's degrees (three years study in one cycle) as well as professional master's degrees (one year study in addition to the professional bachelor's degree). Universities offer academic bachelor's degrees (three years study in one cycle) and academic master's degrees (one or two years study in addition to the academic bachelor's degree). Recent government measures have brought the hogeschool institutions to associate with an university in order to academize their curriculum and to get involved in applied research projects.
Courtyard of the Coll�ge de France.In France, coll�ge generally refers to a middle school or junior high school. However, it can also be used in a manner more similar to that of English, such as in the term electoral college or the Coll�ge de France. The latter use, though, is not as common.
In Greece the term college is mainly used to refer to private secondary education institutions (high schools and junior high schools), while ?a?ep?st?�?? (University) is the term utilized for Higher Education.
In Hungary the term "koll�gium" refers to a dormitory that may or may not be independent from an educational institution; it can also refer to a university's autonomous student organisation, dedicated to the advanced study of a certain science, topic etc, for example the College for Social Theory.
In the Netherlands the term college is used for institutes of secondary education. The term college is also used for classes or lectures at university.
In Portugal the term college (col�gio) is mainly used to refer to private secondary education institutions, while Universidade (University), Instituto or Escola Superior are the terms generally used for several kind of higher education institutions.
In some cantons of the French speaking part of Switzerland and also on the border to the Swiss German speaking part (i.e. in Fribourg) the French term �Coll�ge� (German: Kollegium) is used for the Gymnasium (10th to 13th grade) which lends to the matura. It is also used as a name for the physical building in which obligatory education takes place (e.g., Le coll�ge des coteaux).

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From Wikipedia, the free encyclopedia
Academic Degree
A degree is any of a wide range of status levels conferred by institutions of higher education, such as universities, normally as the result of successfully completing a program of study.

Contents
1 History
2 Types of academic degree
2.1 Australia
2.2 Ireland
2.3 Commonwealth countries
2.4 Germany and Austria
3 Fake degrees
4 Footnotes

History
The first universities were founded in ancient India in Taxila (Takshashila University) and Nalanda (Nalanda University) in the 7th century BC and 5th century BC respectively, followed by Byzantium in the 5th century (in Constantinopolis and Athens). The first university in the Islamic world was founded in Cairo (Al-Azhar University) in the 10th century, while in western Europe, universities were founded in the 12th and 13th centuries. As with other professions, teaching in universities was only carried out by people who were properly qualified. In the same way that a carpenter would attain the status of master carpenter when fully qualified by his guild, a teacher would become a master when he had been licensed by his profession, the teaching guild.
Candidates who had completed three or four years of study in the prescribed texts of the trivium (grammar, rhetoric, and logic), and who had successfully passed examinations held by their masters, would be admitted to a bachelor's degree. Thus a degree was only a step on the way to becoming a fully-qualified master � hence the English word "graduate", which is based on the Latin gradus ("step").
Today the terms "master", "doctor", and "professor" signify different levels of academic achievement, but initially they were equivalent terms. The University of Bologna in Italy, regarded as the oldest university in Europe, was the first institution to confer the degree of Doctor in Civil Law in the late 12th century; it also conferred similar degrees in other subjects including medicine. Note that medicine is now the only field in which the term "doctor" is applied, albeit informally, to students who have only obtained their first academic qualification.
The University of Paris used the term master for its graduates, a practice adopted by the English universities of Oxford and Cambridge, as well as the ancient Scottish universities of St Andrew's, Glasgow, Aberdeen, and Edinburgh.
The naming of degrees eventually became linked with the subjects studied. Scholars in the faculties of arts or grammar became known as "masters", but those in philosophy, medicine, and law were known as "doctor". As study in the arts or in grammar was a necessary prerequisite to study in subjects such as philosophy, medicine and law, the degree of doctor assumed a higher status than the master's degree. This led to the modern hierarchy in which the Doctor of Philosophy (Ph.D.) is a more advanced degree than the Master of Arts (M.A.). The practice of using the term doctor for all advanced degrees developed within German universities and spread across the academic world.
The French terminology is tied closely to the original meanings of the terms. The baccalaur�at (cf. "bachelor") is conferred upon French students who have successfully completed their secondary education and admits the student to university. When students graduate from university, they are awarded licence, much as the medieval teaching guilds would have done, and they are qualified to teach in secondary schools or proceed to higher-level studies.
In Europe, degrees are being harmonised through the Bologna process, which is based on the three-level hierarchy of degrees (Bachelor (Licence in France), Master, Doctor). This system is currently in use in the United Kingdom, the United States, Canada, Australia, and New Zealand. This system is gradually replacing the two-stage system now in use in some countries.
Some degrees are awarded jure dignitatis. That is, a person who has demonstrated the appropriate qualities to be given a particular office may be awarded the degree by virtue of the office held. It is another kind of earned degree.
In the past, degrees have also been directly issued by authority of the monarch or by a bishop, rather than any educational institution. This practice has mostly died out.

Types of academic degree
Some examples of specific degrees follow each general term. For more information, see the article about the general term.
Associate's degrees (U.S.): AA, ABS, AS, AAS
Foundation degrees (U.K.): Fd A., Fd Ed., Fd Eng., Fd Mus., Fd Sc., FdTech
Bachelor's degrees: B.A. or A.B. , B.A.A., B.A.A.S., BBus, BCom or BComm, BE or BEng, BTech, BS or B.Sc. or SB, BFA, BCL, LL.B., BM or MB or B.Mus., BBA, BMed, MB B.Chir. or MB ChB or MBBS, BSSc
Master's degrees: M.A., MS or M.Sc., M.St., LL.M., MALD, MApol, MPhil, MRes, MEM, MFA, MTh, MTS, M.Div., MIA, MBA, MPA, MSW, MPAff, MLIS, MLitt, MPH, MPM, MPP, MPT, MRE, LL.M., M.Eng., M.Sc., M.Biochem., M.Chem., M.Phys., M.Math., M.Mus., MMusTech, MESci, M.Geol., MTCM, MSSc., BCL[1] (Oxon), B.Phil.[1] (Oxon),
Specialist degrees: EdS, B.Acc., C.A.S..
Doctorate degrees: Ph.D., EdD[2], DProf, EngD, DNursSci, DBA, DD, DDS, DSc, DLitt, DA, DMA, DPS, DMus, DCL, ThD, PharmD[3], DrPH, DPT, DPhil, DOM, OMD, PsyD, DSW, M.D., and J.D.[4]
Abbreviations for degrees can place the level either before or after the faculty or discipline, depending on the institution. For example, DSc and ScD both stand for the (higher) doctorate in science. Various other abbreviations also vary between institutions, for instance BS and BSc both stand for 'Bachelor of Science'.
There are various conventions for indicating degrees and diplomas after one's name. In some cultures it is usual to give only the highest degree. In others, it is usual to give the full sequence, in some cases giving abbreviations also for the discipline, the institution, and (where it applies) the level of honours. In another variation, a 'rule of subsumption' often shortens the list and may obscure the chronology evident from a full listing. Thus 'MSc BA' means that the degrees conferred were - in chronological order - BSc, BA, MSc. The subsumption rule reflects the principle that a person of a given high status does not separately belong to the lower status. For member institutions of the Association of Commonwealth Universities, there is a standard list of abbreviations, but in practise many variations are used. Most notable is the use of the Latin abbreviations 'Oxon.' and 'Cantab.' for the Universities of Oxford and Cambridge, in spite of these having been superseded by English 'Oxf.' and 'Camb.' (Other Latin abbreviations include Exon. for the University of Exeter, Dunelm. for the University of Durham, Ebor. for the University of York and Cantuar. for the University of Kent at Canterbury.) Confusion results from the widespread use of 'SA' for the University of South Australia (instead of S.Aust.) because 'SA' was officially assigned to the University of South Africa; and the use of 'York' instead of 'YorkU' by graduates of York University in Canada.
The doubling of letters in LL.B., LL.M., LL.D. is because these degrees are in laws, not law. The doubled letter indicates the Latin plural legum as opposed to the singular legis. Abbreviations for the degrees in surgery Ch.B. and Ch.M. are from Latin chiruguriae and often indicate a university system patterned after Scottish models. The combination of M.B. with Ch.B. arose from a need to graduate the students at the time of year allocated to graduation rituals, but the legal inability to confer the M.B. before they had been properly approved by professional regulatory bodies. Thus the Ch.B. was conferred first, and the M.B. was conferred later, after registration, and without ceremony. In recent times the two have come to be conferred together and are widely (mis)understood to constitute a single degree.

Australia
In some countries, such as Australia, a diploma is a specific academic award that is sometimes not considered to be an academic degree. It is usually signified by a sash rather than an academic hood, the latter being used only for those of graduate status.
Australia has several different kinds of diplomas: Diplomas, Advanced Diplomas, Graduate Diplomas and Postgraduate Diplomas. The system is not without anomalies, due largely to the different traditions of individual institutions and partly to anomalies in the Australian Qualifications Framework. A Diploma is usually equivalent to the first year of a Bachelor's degree, although a few have been similar to Bachelor of Arts degrees and permit direct admission to graduate programs.
An Australian Advanced Diploma is usually considered lower than a Bachelor degree, but may qualify its holder for higher advanced placement in a Bachelor program, direct admission to a Graduate Diploma course or direct admission to a Masters program.
Graduate Diplomas are always higher than a Bachelor degree, and usually require one year of full-time study. They are often an additional course taken after a standard Bachelor degree to introduce a specialisation in a particular field or a new discipline. For example, Australian school teachers often study for a bachelor's degree in Arts or Science, then in an additional year complete requirements for a Graduate Diploma of Education, which qualifies them as school teachers. Some Graduate Diplomas are simply the first two semesters of a three- or four-semester Master's program. (In the past, the Graduate Diploma of Education was called the Diploma of Education.)
Some universities have issued Post-graduate Diplomas, which are always in the same discipline as the undergraduate degree, and generally no different from a Bachelor with Honours degree, which requires one year after a regular Bachelor degree.

Ireland
In Ireland a National Diploma is below the standard of the honours bachelor degree, whilst the Higher Diploma is taken after the bachelor degree. The new National Framework of Qualifications, adopted in 2003, replaced the National Dipoma with the Ordinary Bachelors degree. The framework also clarifies that although the Higher Diploma is taken after the bachelor degree the learning outcomes are at the same level as for the Honours Bachelors Degree.
More technically, a diploma is a document attesting that its bearer has satisfied certain study requirements, as opposed to a degree being a status level in the academic community. For this reason, diplomas are 'awarded to' the recipient while degrees are 'conferred upon' the graduand who then becomes a graduate, or the graduand is "admitted to" a degree. Similarly a person 'has' a diploma, but a graduate 'is in' a status. It is also for this reason that study for diplomas can be at undergraduate or advanced level.

Commonwealth countries
In the British Commonwealth universities, bachelors' and masters' degrees conferred in 'Philosophy' usually indicate a shift of discipline. For example, a Bachelor of Arts in English may pursue studies for the Master of Arts degree in English but may be prevented from enrolling to study for the M.A. degree in French through not satisfying the formal prequisites. However, the M.Phil. degree course can be customised to allow the same intellectual endpoint as the MA in French. The B.Phil. degree can indicate studies equivalent to satisfying an extra major for the BA, or can indicate higher studies comparable to the masters' level.
Bachelors' and masters' degrees can be conferred "with honours" in various classes and divisions, or "with distinction". This is indicated by the abbreviation "(Hons)" and is often a prerequisite for progression to a higher level of study.

Germany and Austria
In Germany there are several academic degrees. Traditionally, the lowest degree has been the Magister. Over the next years the German Diplom will gradually be replaced by Bachelor and Master degrees (see also: Bologna process). A Diplom (University), Magister or Master student can proceed to a doctorate. Sometimes incorrectly regarded as an academic degree, the Habilitation (Professur) is the highest academic title in Germany.
The situation in Austria is similar to the situation in Germany: students get a Diploma, but they graduate either with a Magister degree or with a Diploma. This depends on the faculty: arts, sciences, and fine arts earn a Magister degree, while technical sciences get a Diploma in engineering. So the degree that, for example, an Information Technology student earns is "Diplom-Ingenieur".

Fake degrees
A large number of companies (degree mills), most of them internet based, offer degrees which require little or no study, just the payment of a fee. These are either non-accredited, or accredited by some other body or bodies that are not generally recognised as having any credibility themselves.

Footnotes
^ a b Note: Despite their names, the Bachelor of Civil Law (BCL) and the Bachelor of Philosophy (B.Phil.) offered at the University of Oxford are both advanced master's degrees (in law and philosophy respectively).
^ In the U.S., holders of the EdD (Doctor of Education) are considered "doctorally prepared" only within the field of education (see, for example, AACSB rules for accreditation [1].)
^ Note: In the U.S. the PharmD is more equivalent to a bachelor's or master's degree since it is only a six year program which does not require a bachelor's or master's degree to be earned prior to granting the degree.
^ Note: In the U.S., there are those who do not consider the J.D. to be a doctoral level degree and do not believe holders of the degree should use the title "doctor". This is true even though the ABA, which accredits law schools, has stated that holders of the J.D. can use the title "doctor". See the Comparison with other degrees section of the Juris Doctor entry.

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