CAREER EDUCATION CORPORATION

FIRST QUARTER 2014

INVESTOR CONFERENCE CALL

MAY 8, 2014

Scott Steffey

President & Chief Executive Officer

Colleen O’Sullivan

Senior Vice President & Chief Financial Officer

Exhibit 99.2

This

presentation

contains

“forward-looking

statements,”

as

defined

in

Section

21E

of

the Securities Exchange Act of 1934, as amended, that reflect our current expectations

regarding our future growth, results of operations, cash flows, performance and business

prospects and opportunities, as well as assumptions made by, and

information currently

available to, our management. We have tried to identify forward-looking statements by

using words such as “estimated,”

“on track to,”

“anticipate,”

“project,”

“will,”

“potential”

and similar expressions, but these words are not the exclusive means of

identifying forward-looking statements. These statements are based on information

currently available to us and are subject to various risks, uncertainties, and other

factors,

including,

but

not

limited

to,

those

discussed

in

Item

1A,“Risk

Factors”

of

our

Annual Report on Form 10-K

for the year ended December 31, 2013 that could cause

our actual growth, results of operations, financial condition, cash flows, performance

and business prospects and opportunities to differ materially from those expressed in, or

implied by, these statements. Except as expressly required by the federal securities laws,

we

undertake

no

obligation

to

update

such

factors

or

to

publicly

announce

the

results

of

any of the forward-looking statements contained herein to reflect future events,

developments, or changed circumstances or for any other reason.

Cautionary Statements & Disclosures

2

University

New

Student

Enrollments

–

1Q

2014

vs.

1Q

2013

3

2014

2013

(1)

% Change

AIU

5,900

5,510

7%

CTU

4,820

4,900

-2%

University

10,720

10,410

3%

(1) In the first quarter of 2014, we implemented a new student orientation process which

replaced our previously provided student readiness programs. This change impacts how

we calculate a new student enrollment. Accordingly, 2013 new student enrollments for

CTU and AIU have been recast to reflect this change in methodology. The adjustments

necessary to recast historical new student enrollment data require the exercise of

management’s judgment.

4

Q1 ‘13                 Q2 ‘13               Q3 ‘13              Q4 ’13                Q1 ‘14     

(14,300)

(12,500)

(9,800)

(5,100)

(4,400)

(5,400)

(5,000)

(4,400)

(3,400)

(3,100)

(8,900)

(7,500)

(5,400)

(1,700)

(1,300)

(16,000)

(14,000)

(12,000)

(10,000)

(8,000)

(6,000)

(4,000)

(2,000)

-

University

Career Schools

Sequential Improvement in Decline of Total Student Enrollments

Generate Modest University Total Student Enrollment Growth.

Improvement in rate of decline of total student enrollments.

Anticipate

total

enrollment

growth

at

University

in

the

2

nd

half

of

2014.

Stabilize Career School Enrollments.

Consolidated three brands into one and plans being developed to expand

course offerings at Sanford-Brown.

Further improvement in rate of enrollment declines.

Reduce Organizational Cost Structure.

$19

million

of

lower

operating

expenses

this

quarter

versus

last

year.

Estimate at least $75 million of lower operating expenses in 2014 vs. 2013.

Successfully Complete the Teach Out of Transitional Schools Group.

Completed teach out at 9 locations in the first quarter of 2014.

Remain on track to complete teach out of 20 campuses in 2014.

5

Key Objectives to Turnaround Strategy

6

Total Student Enrollments -

University

37,000

32,100

32,500

32,400

33,900

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

CTU

AIU

7

Balanced & Strong Portfolio of Sanford Brown Schools

Sanford-Brown College

Atlanta, GA

Mendota Heights, MN

Brooklyn Center, MN

Chicago, IL

Orlando, FL

Tampa, FL

Dallas, TX

San Antonio, TX

Houston, TX

Seattle, WA

Las Vegas, NV

Online

Sanford-Brown Institute

Fort Lauderdale, FL

Jacksonville, FL

Garden City, NY

New York City, NY

Iselin, NJ

SBI Campus

Melville, NY

8

Continued Progress in Lowering Operating Expenses

Operating Expenses (in millions)

First Quarter

$310

$291

$277

$271

$33

$20

$0

$50

$100

$150

$200

$250

$300

$350

1Q 2013

1Q 2014

Ongoing

Transitional

Estimated Phasing of 2014 Transitional

Schools Closures (20 Schools)

1Q 2014

9 Campuses

Successfully

Taught-Out

9

2Q 2014

7 Campuses

Complete

Teach-Out

3Q 2014

3 Campuses

Complete

Teach-Out

4Q 2014

1 Campus

Completes

Teach-Out

At the end of 2014, we estimate that 10 campuses will remain in our Transitional Schools segment.

10

Stabilization of Ongoing Revenue

Revenue (in millions)

$235

$235

$262

$247

$275

$297

$269

$330

$0

$50

$100

$150

$200

$250

$300

$350

1Q '12

2Q '12

3Q '12

4Q '12

1Q 13

2Q '13

3Q '13

4Q '13

1Q '14

University

Career Schools

$235

11

End of Presentation