CAREER EDUCATION CORPORATION

SECOND QUARTER 2014

INVESTOR CONFERENCE CALL

AUGUST 7, 2014

Reid Simpson

Senior Vice President & Chief Financial Officer

Scott Steffey

President & Chief Executive 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 “believe,”

“forecast,”

“will,”

“expect,”

“estimate,”

“remain on track”

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.

Certain financial information is presented on a non-GAAP basis.

The Company believes it is useful to present

non-GAAP financial measures which exclude certain significant items as a means to understand the performance

of its core business.

As a general matter, the Company uses non-GAAP financial measures in conjunction with

results presented in accordance with GAAP to help analyze the performance of its core business, assist with

preparing

the

annual

operating

plan,

and

measure

performance

for

some

forms

of

compensation.

In

addition,

the

Company

believes

that

non-GAAP

financial

information

is

used

by

analysts

and

others

in

the

investment

community to analyze the Company's historical results and to provide estimates of future performance and that

failure to report non-GAAP measures could result in a misplaced perception that the Company's results have

underperformed

or exceeded expectations.

The most directly comparable GAAP information and a reconciliation

between the non-GAAP and GAAP figures are provided at the end of this presentation, and this presentation

(including the reconciliation) has been posted to our website.

Cautionary Statements & Disclosures

2

3

Total Student Enrollments -

University

32,000

32,500

32,400

33,900

30,600

(1) AIU had two start dates in 2Q 2014 and three start dates in 1Q 2014 which explains why there is a

spike in total enrollments in 1Q 2014 and a corresponding decrease in 2Q 2014.  2Q, 3Q and 4Q 2013

each had two AIU start dates.

10,800

(1)

Sequential Improvement in Decline of Total Student

Enrollments -

University

4

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

(4,900)

(4,200)

(3,300)

(3,000)

(1,400)

5

Total Student Enrollments –

Career Schools

18,500

20,300

18,900

20,200

17,500

Sequential Improvement in Decline of Total Student

Enrollments –

Career Schools

6

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

(7,500)

(5,400)

(1,700)

(1,300)

(1,000)

7

New Student Enrollments –

Career Schools

4,070

7,290

3,670

5,300

3,540

8

Phase Down of Transitional School Campuses

9

Adjusted EBITDA

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

In (000’s)

Numbers exclude significant items (including International segment) as disclosed in the Non-GAAP reconciliation at the

end of these slides.

10

Strong Cash Position

(1)

Balances presented above are quarter end balances and include both Continuing and Discontinued Operations.

In (000’s)

(2)

The

increase

in

4Q

2013

is

attributed

to

proceeds

from

the

sale

of

the

Company’s

International

segment.

$363,099

(2)

11

Reconciliation of GAAP to Non-GAAP Items

Adjusted EBITDA

Q2 2014

Q1 2014

Q4 2013

Q3 2013

Q2 2013

Pre-tax loss from continuing operations

(33,746)

$        

(41,350)

$        

(45,319)

$        

(56,411)

$        

(49,300)

$        

Transitional Schools operating loss

(2)

8,841

7,308

11,227

9,004

9,716

Interest (income) expense, net

(177)

(25)

65

16

(548)

Loss (gain) on sale of business

-

-

(68)

39

222

Depreciation and amortization

(3)

12,799

13,305

14,062

14,399

14,749

Stock based compensation

(3)

1,020

1,341

1,580

1,713

1,631

Legal settlements

(3) (4)

1,600

5,850

17,000

300

8,300

7,403

74

4,516

11,513

3,966

(879)

(606)

(2,924)

1,184

(612)

(3,139)

$          

(14,103)

$        

139

$               

(18,243)

$        

(11,876)

$        

Adjusted EBITDA per diluted share

(0.05)

$            

(0.21)

$            

0.00

$              

(0.27)

$            

(0.18)

$            

Pre-tax loss from discontinued operations

(10,964)

$        

(16,573)

$        

119,133

$       

(20,290)

$        

(16,287)

$        

Transitional Schools operating loss

(2)

(8,841)

(7,308)

(11,227)

(9,004)

(9,716)

Loss (gain) on sale of business

311

-

(130,109)

-

-

International Schools operating (income) loss

(7)

-

-

(11,434)

7,608

3,659

Interest (income) expense, net

-

-

(51)

(22)

(14)

Depreciation and amortization

(8)

1,595

2,126

2,364

2,552

2,818

Legal settlements

(8)

-

-

-

-

1,700

51

(7)

2,467

72

-

1,436

3,099

5,766

(3,092)

(2,611)

(16,412)

$        

(18,663)

$        

(23,091)

$        

(22,176)

$        

(20,451)

$        

Adjusted EBITDA per diluted share

(0.24)

$            

(0.28)

$            

(0.35)

$            

(0.33)

$            

(0.31)

$            

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

(In thousands, except per share amounts)

Asset impairments

(3) (5)

Unused space charges

(3) (6)

Asset impairments

(8)

Unused space charges

(6) (8)

Adjusted EBITDA–Ongoing Operations

Adjusted EBITDA–Transitional and Discontinued Operations

(2)

(2)

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS

(1)

12

Reconciliation of GAAP to Non-GAAP Items –

con’t

Q2 2014

Q1 2014

Q4 2013

Q3 2013

Q2 2013

CTU

-

$                

(900)

$              

1,300

$           

-

$                

-

$                

Career Colleges

-

-

200

300

8,300

Culinary Arts

2,000

3,000

15,500

-

-

Corporate & Other

(400)

3,750

-

-

-

Total

1,600

$           

5,850

$           

17,000

$         

300

$               

8,300

$           

(1) 

The Company believes it is useful to present non-GAAP financial measures which exclude certain significant items as a means to understand the performance of its core business. As a general matter, the Company uses

non-GAAP financial measures in conjunction with results presented in

accordance with GAAP to help analyze the performance of its core business, assist with preparing the annual operating plan, and

measure

performance

for

some

forms

of

compensation.

In

addition,

the

Company

believes

that

non-GAAP

financial

information

is

used

by

analysts

and

others

in

the

investment

community

to

analyze

the

Company's

historical

results and to provide estimates of future performance and that failure to report non-GAAP measures could result in a misplaced perception that the Company's results have underperformed or exceeded expectations.

We

believe

Adjusted

EBITDA

allows

us

to

compare

our

current

operating

results

with

corresponding

historical

periods

and

with

the

operational

performance

of

other

companies

in

our

industry

because

it

does

not

give effect to potential

differences caused by items we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a

measure of performance. In evaluating Adjusted EBITDA, investors

should be aware that in the future we may incur expenses similar to the adjustments presented above. Our presentation of Adjusted EBITDA should not be construed as an

inference that our future results will be unaffected by expenses

that are unusual, non-routine or non-recurring. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for net

income (loss), operating income (loss), or any other performance

measure derived in accordance and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of our liquidity.

Non-GAAP

financial

measures

when

viewed

in

a

reconciliation

to

corresponding

GAAP

financial

measures,

provides

an

additional

way

of

viewing

the

Company's

results

of

operations

and

the

factors

and

trends

affecting

the

Company's

business.

Non-GAAP

financial

measures

should

be

considered

as

a

supplement

to,

and

not

as

a

substitute

for,

or

superior

to,

the

corresponding

financial

results

presented

in

accordance

with

GAAP.

(2)

Management assesses results of operations for ongoing operations, which excludes Transitional Schools, separately from Transitional Schools. As schools within the Transitional Schools segment are fully taught-out,

these

schools

will

be

recast

as

components

of

Discontinued

Operations.

As

a

result,

management

views

adjusted

EBITDA

from

ongoing

operations

separately

from

Transitional

Schools

and

Discontinued

Operations

to

assess

results

and

make

decisions.

Accordingly,

Transitional

Schools

operating

loss

is

added

back

to

pre-tax

loss

from

continuing

operations

and

subtracted

from

pre-tax

loss

from

discontinued

operations.

(3)

Quarterly amounts relate to ongoing operations, which excludes Transitional Schools.

(4)

Legal

settlement

amounts

are

net

of

insurance

recoveries

and

are

recorded

within

the

following

segments:

(5)

Asset

impairments

primarily

relate

to

trade

name

impairment

charges

within

Culinary

Arts

of

$7.4

million,

$10.7

million

and

$2.3

million

which

were

recorded

during

the

second

quarter

of

2014,

third

quarter

of

2013

and

the

second

quarter

of

2013,

respectively,

and

within

Career

Colleges

of

$1.7

million

during

the

second

quarter

of

2013.

(6)

Unused

space

charges

represent

the

net

present

value

of

remaining

lease

obligations

less

an

estimated

amount

for

sublease

income

as

well

as

the

subsequent

accretion

of

these

charges.

(7)

The

International

Schools

segment

was

sold

during

the

fourth

quarter

of

2013.

As

such,

management

excludes

operations

from

the

International

Schools

when

assessing

results

and

trends

of

Transitional

Schools

and

Discontinued

Operations.

(8)

Quarterly

amounts

relate

to

Transitional

Schools

and

Discontinued

Operations,

excluding

International.

13

End of Presentation