University students’ readiness for the knowledge-based economy: Rethinking the strategic role of higher education

Type of the article: Research ArticleThe knowledge-based economy refers to an economic model in which knowledge, human capital, innovation, digital capabilities, and the transformation of information into productive value become central drivers of competitiveness, employability, and sustainable development. This study investigates university students’ preparedness for the knowledge-based economy by empirically validating theoretical constructs and their association with perceived professional readiness. A quantitative, non-experimental, descriptive, and explanatory approach was adopted. The survey was conducted between June and August 2025 at the Faculty of Accounting and Auditing of the Technical University of Ambato, Ecuador, a public university with strong academic relevance in the country’s central region, located in a city whose business sector is undergoing economic and knowledge-based changes. Data were collected through a Google Forms questionnaire administered to 406 undergraduate students in Economics and Accounting, selected through purposive sampling. The instrument included 27 Likert-scale items based on previously validated dimensions and adapted to the Ecuadorian higher education context. The analysis included Cronbach’s alpha, EFA, CFA, and multiple linear regression in RStudio. EFA results suggested a two-factor empirical structure comprising economic knowledge and applied skills. CFA results provided partial support for this structure, with acceptable CFI, TLI, and SRMR values, although the RMSEA value indicated limitations in global model fit. The regression model showed a high R2 value; however, this result was interpreted with caution because the predictors and the dependent variable came from the same self-reported questionnaire. This study concludes that preparedness depends on theoretical knowledge, technological, and innovation-oriented competencies developed within the university environment.