The University of Sydney made academic history today, announcing that from next year its prestigious ‘Arts Degree’ will instead be known as an ‘Arts Receipt’.

Numerous students, especially those studying for a Receipt in the Arts expressed outrage, although luckily for University administrators most had skipped class, and thus were in Manning Bar during the announcement.

A spokesperson for the University explained that this is part of the University’s move towards a more candid view of education, “allowing for the student to have a clear view of what they are actually achieving”.

“The Receipt can be purchased for as little as $35,000, takes three years to complete and is non-refundable. The University guarantees the course will get your parents off your back. Most importantly in this economic climate, it gives students much-needed experience in acquiring debt.”

Once attained, the Receipt can be used to enter over half of University of Sydney’s degrees, although the receipt won’t be accepted at any other University. “This way we keep all possible dividend and assets within the University… by assets I’m, of course, referring to students”.

On the back of this innovative move, Monash University has announced a similar scheme. Its three-year Arts Voucher can be cashed in for a low level marketing job or a PhD at Monash.