<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-027574
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20020716
<EFFECTIVENESS-DATE>20020716
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CAREER EDUCATION CORP
<CIK>0001046568
<ASSIGNED-SIC>8200
<IRS-NUMBER>363932190
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-96539
<FILM-NUMBER>02704097
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2895 GREENSPOINT
<STREET2>SUITE 600
<CITY>HOFFMAN ESTATES
<STATE>IL
<ZIP>60195
<PHONE>8477813600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2800 WEST HIGGINS ROAD
<STREET2>SUITE 790
<CITY>HOFFMAN ESTATES
<STATE>IL
<ZIP>60195
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>a2084337zs-8.htm
<DESCRIPTION>S-8
<TEXT>
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<FONT SIZE=3 ><A HREF="#02CHI3576_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on July&nbsp;16, 2002  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>CAREER EDUCATION CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Exact Name of Registrant as Specified in Its Charter) </FONT></P>

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<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2><B>36-3932190</B></FONT></TD>
</TR>
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<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2>(State or Other Jurisdiction<BR>
of Incorporation or Organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2>(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="54%" ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>2895 Greenspoint Parkway, Suite&nbsp;600, Hoffman Estates, IL</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><BR>
60195</B></FONT></TD>
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<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2>(Zip Code)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Career Education Corporation 1998 Employee Incentive Compensation Plan<BR>  </B></FONT><FONT SIZE=2>(Full Title of the Plan) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>John M. Larson<BR>
Chairman, President and Chief Executive Officer<BR>
Career Education Corporation<BR>
2895 Greenspoint Parkway, Suite&nbsp;600, Hoffman Estates, IL 60195<BR>  </B></FONT><FONT SIZE=2>(Name and Address of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(847) 781-3600<BR>  </B></FONT><FONT SIZE=2>(Telephone Number, including area code, of agent for service) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>With a copy to:<BR>
Lawrence D. Levin, Esq.<BR>
Katten Muchin Zavis Rosenman<BR>
525 West Monroe Street, Suite&nbsp;1600<BR>
Chicago, Illinois 60661<BR>
(312) 902-5200  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TD WIDTH="34%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Title of securities<BR>
to be registered</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount to be<BR>
registered(1)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed maximum<BR>
offering price<BR>
per share(2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate offering<BR>
price(2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount of<BR>
registration fee</B></FONT></TD>
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<TD COLSPAN=9 VALIGN="BOTTOM"><HR NOSHADE></TD>
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<TD WIDTH="34%"><FONT SIZE=2>Common Stock, par value $0.01 per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=2>1,000,000 shares</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>$37.53</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>$37,530,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>$3,453</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Includes
an indeterminate number of shares of Career Education Corporation Common Stock ("Common Stock") that may be issuable by reason of stock splits, stock dividends or similar
transactions in accordance with Rule&nbsp;416 under the Securities Act of 1933 ("Act").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Estimated
solely for purposes of calculating the registration fee pursuant to Rule&nbsp;457(h)&nbsp;of the Act on the basis of the high and low sales prices of the Common Stock as
reported on the Nasdaq National Market on July&nbsp;15, 2002. </FONT></DD></DL>
<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>EXPLANATORY NOTE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form&nbsp;S-8 registers additional securities of the same class as other securities for which registration statements on
Form&nbsp;S-8 relating to the Career Education Corporation 1998 Employee Incentive Compensation Plan are effective. Accordingly, pursuant to General Instruction&nbsp;E to Form&nbsp;S-8, the
Registration Statements on Form&nbsp;S-8 (File Nos.&nbsp;333-60335, 333-84403 and 333-37848) filed by the Registrant with the Securities and Exchange Commission (the "Commission") on
July&nbsp;31, 1998, August&nbsp;3, 1999 and May&nbsp;25, 2000 are hereby incorporated by reference. </FONT></P>

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NAME="page_ja3576_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja3576_part_ii_information_req__ja302479"> </A>
<A NAME="toc_ja3576_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II    <BR>    <BR>    INFORMATION REQUIRED IN THE REGISTRATION STATEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2><A
NAME="ja3576_item_3._incorporation_o__ja302184"> </A>
<A NAME="toc_ja3576_2"> </A>
<BR></FONT><FONT SIZE=2><B>Item 3. Incorporation of Certain Documents by Reference    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby incorporates by reference in this Registration Statement the following documents: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
Company's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2001;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>the
Company' Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended March&nbsp;31, 2002;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
Company's Current Report on Form&nbsp;8-K dated March&nbsp;25, 2002; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>the
description of the Company's Common Stock contained in its Registration Statement on Form&nbsp;8-A filed with the Commission on October&nbsp;21, 1997 and any amendment or
report filed for the purpose of updating such description. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Securities and Exchange Act of 1934, as amended, prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by
reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained herein or in a document, all or a portion of which is incorporated
or deemed to be incorporated by reference herein, shall be deemed to be modified or superceded for purposes of this Registration Statement to the extent that a statement contained herein or in any
subsequently filed document which also is or is deemed to
be incorporated by reference herein modifies or supercedes such statement. Any such statement so modified or superceded shall not be deemed, except as so modified or amended, to constitute a part of
this Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements included in the Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2001, incorporated herein by reference, were audited by Arthur
Andersen LLP ("Andersen"). After reasonable efforts, the Company has not been able to obtain the consent of Andersen to the incorporation by reference of its audit report dated January&nbsp;29, 2002
into this registration statement. Accordingly, the Company has dispensed with the requirement to file the consent of Andersen in reliance upon rule&nbsp;437(a)&nbsp;of the Securities Act of 1933,
as amended ("Securities Act"). Accordingly, in connection with any acquisition of common stock of the Company registered by this registration statement on Form&nbsp;S-8, Andersen may not have any
liability under Section&nbsp;11 of the Securities Act for false and misleading statements and omissions contained in such financial statements audited by Andersen, and any claims against Andersen
related to such false and misleading statements and omissions may be limited. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

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<P><FONT SIZE=2><A
NAME="ja3576_item_8._exhibits"> </A>
<A NAME="toc_ja3576_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item 8. Exhibits    <BR>  </B></FONT></P>

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<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="92%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2>Amended and Restated Certificate of Incorporation of the Company, incorporated herein by reference to Exhibit&nbsp;3.1 to our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1997 (the "1997
10-K").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, incorporated herein by reference to Exhibit&nbsp;3.3 to our Quarterly Report on Form&nbsp;10-Q for the period ended September&nbsp;30, 2001.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Amended and Restated By-laws of the Company, incorporated herein by reference to Exhibit&nbsp;3.2 to the 1997 10-K.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Career Education Corporation 1998 Employee Incentive Compensation Plan, incorporated herein by reference to our Registration Statement on Form&nbsp;S-8 filed on August&nbsp;3, 1999.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
First Amendment to the Career Education Corporation 1998 Employee Incentive Compensation Plan dated July&nbsp;29, 1998, incorporated herein by reference to our Registration Statement on Form&nbsp;S-8 filed on August&nbsp;3, 1999.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Second Amendment to the Career Education Corporation 1998 Employee Incentive Compensation Plan dated February&nbsp;17, 1999, incorporated herein by reference to our Registration Statement on Form&nbsp;S-8 filed on August&nbsp;3, 1999.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Third Amendment to the Career Education Corporation 1998 Employee Incentive Compensation Plan dated July&nbsp;29, 1998, incorporated herein by reference to our Registration Statement on Form&nbsp;S-8 filed on May&nbsp;25, 2000.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Fourth Amendment to the Career Education Corporation 1998 Employee Incentive Compensation Plan dated April&nbsp;5, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Specimen stock certificate representing Common Stock, incorporated herein by reference to Exhibit 4.1 to our Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-37601).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Opinion of Katten Muchin Zavis Rosenman as to the legality of the shares of Common Stock being offered under the Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Consent of Arthur Andersen LLP, independent public accountants (omitted pursuant to Rule&nbsp;437(a)&nbsp;of the Securities Act of 1933, as amended).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Consent of Katten Muchin Zavis Rosenman (contained in their opinion filed as Exhibit&nbsp;5).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=2><BR>
Power of Attorney (included on the signature page&nbsp;of this Registration Statement).</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc3576_signatures"> </A>
<A NAME="toc_jc3576_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hoffman Estates, State of
Illinois, on July&nbsp;15, 2002. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>Career Education Corporation</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN M. LARSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John M. Larson<BR></FONT> <FONT SIZE=2><I>Chairman, President and Chief Executive Officer</I></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>POWER OF ATTORNEY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints John&nbsp;M. Larson and Patrick&nbsp;K. Pesch and, each of them, his true and lawful
attorneys-in-fact and agents, with full power of substitution and revocation, to sign on his behalf, individually and in each capacity stated below, all amendments and post-effective amendments to
this Registration Statement on Form&nbsp;S-8 and to file the same, with all exhibits thereto and any other documents in connection therewith, with the Securities and Exchange Commission under the
Securities Act of 1933, granting unto each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming each act that said attorney-in-fact and agent may lawfully do or cause to be
done by virtue thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on July&nbsp;15, 2002. </FONT></P>

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<TH WIDTH="47%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN M. LARSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John M. Larson</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>Chairman, President, Chief Executive Officer (Principal Executive Officer) and Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PATRICK K. PESCH</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Patrick K. Pesch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice President, Chief Financial Officer, Treasurer, Secretary and a Director (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT E. DOWDELL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert E. Dowdell</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS B. LALLY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Thomas B. Lally</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WALLACE O. LAUB</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Wallace O. Laub</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KEITH K. OGATA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Keith K. Ogata</FONT></TD>
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Director</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_ka3576_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Fourth Amendment to the Career Education Corporation 1998 Employee Incentive Compensation Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Opinion of Katten Muchin Zavis Rosenman as to the legality of the shares of Common Stock being offered under the Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Arthur Andersen&nbsp;LLP, independent public accountants (omitted pursuant to Rule&nbsp;437(a)&nbsp;of the Securities Act of 1933, as amended).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Katten Muchin Zavis Rosenman (contained in their opinion filed as Exhibit&nbsp;5).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Power of Attorney (included on the signature page of this Registration Statement).</FONT></TD>
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<BR>
<P><br><A NAME="02CHI3576_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bc3576_1">EXPLANATORY NOTE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ja3576_1">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_ja3576_2">Item 3. Incorporation of Certain Documents by Reference</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja3576_3">Item 8. Exhibits</A></FONT><BR>
</UL>
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<FONT SIZE=2><A HREF="#toc_jc3576_1">SIGNATURES</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ka3576_1">EXHIBIT INDEX</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>3
<FILENAME>a2084337zex-4_8.htm
<DESCRIPTION>FOURTH AMENDMENT TO COMPENSATION PLAN
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ke3576_exhibit_4.8"> </A>
<A NAME="toc_ke3576_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT 4.8    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke3576_fourth_amendment_to_the_career__fou03653"> </A>
<A NAME="toc_ke3576_2"> </A>
<BR></FONT><FONT SIZE=2><B>FOURTH AMENDMENT TO THE<BR>  CAREER EDUCATION CORPORATION<BR>  1998 EMPLOYEE INCENTIVE COMPENSATION PLAN    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> Career Education Corporation (the "Corporation") has established and maintains the Career Education Corporation 1998 Employee
Incentive Compensation Plan (the "Plan"), effective as of April&nbsp;1, 1998, as amended on July&nbsp;29, 1998, February&nbsp;17, 1999 and January&nbsp;24, 2000; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> the Corporation desires to further amend the Plan to increase the total number of shares of Common Stock (unless otherwise stated
in this Amendment, defined terms used herein shall have the meanings ascribed to them in the Plan) reserved and available for distribution pursuant to Awards under the Plan; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE, BE IT RESOLVED</B></FONT><FONT SIZE=2> that, pursuant to the power and authority reserved to the Corporation by Section 13.1 of the Plan, and
pursuant to the authority delegated to the Committee, the Plan be and hereby is amended, effective April&nbsp;5, 2002, in the following manner: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.1 is amended by deleting its first sentence and replacing it with the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"4.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Number of Shares</I></FONT><FONT SIZE=2>. Subject to the adjustment under Section 4.6, the total number of shares of Common Stock reserved and
available for distribution pursuant to Awards under the Plan shall be 9,400,000 shares of Common Stock authorized for issuance as of the Effective Date." </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided herein, the Plan shall remain in full force and effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF,</B></FONT><FONT SIZE=2> the Corporation has caused this amendment to be executed effective as of the 5th day of April, 2002. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>CAREER EDUCATION CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN M. LARSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John M. Larson<BR>
President and Chief Executive Officer</FONT></TD>
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<UL>
<FONT SIZE=2><A HREF="#toc_ke3576_1">EXHIBIT 4.8</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ke3576_2">FOURTH AMENDMENT TO THE CAREER EDUCATION CORPORATION 1998 EMPLOYEE INCENTIVE COMPENSATION PLAN</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>4
<FILENAME>a2084337zex-5.htm
<DESCRIPTION>OPINION OF KMZR
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="kg3576_exhibit_5"> </A>
<A NAME="toc_kg3576_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT 5    <BR>  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>(312)
902-5200 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>[KMZR LETTERHEAD]  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>July&nbsp;15, 2002 </FONT></P>

<P><FONT SIZE=2>Career
Education Corporation<BR>
2895 Greenspoint Parkway<BR>
Hoffman Estates, IL 60195 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel for Career Education Corporation, a Delaware corporation (the "Company"), in connection with the preparation and filing of a Registration Statement on Form S-8
(the "Registration Statement") for the registration for sale under the Securities Act of 1933, as amended (the "Act"), of 1,000,000 additional shares of the Company's common stock, $.01 par value per
share (the "Common Stock"), which may be issued pursuant to the Career Education Corporation 1998 Employee Incentive Compensation Plan, as amended (the "Plan"). This opinion is being furnished in
accordance with the requirements of Item 605(b)(5)&nbsp;of Regulation S-K under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
Registration Statement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
Amended and Restated Certificate of Incorporation of the Company, as amended;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
Amended and Restated By-Laws of the Company;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Records
of proceedings and actions of the Board of Directors and the stockholders of the Company relating to the amendments to the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>The
Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Certificates
of public officials, officers, representatives and agents of the Company (having assumed that all of the representations contained therein are accurate and complete); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Such
other instruments, documents, statements and records of the Company and others as we have deemed relevant and necessary to examine and rely upon for the purpose of this opinion. </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>Career
Education Corporation<BR>
July&nbsp;15, 2002<BR>
Page&nbsp;2 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have assumed the legal capacity of all natural persons, accuracy and completeness of all documents and records that we have reviewed, the genuineness
of all signatures, the authenticity of the documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or
reproduced copies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, we are of the opinion that the additional 1,000,000 shares of Common Stock issuable under the Plan, when issued and delivered by the Company in
accordance with the terms of the Plan, will be validly issued, fully paid and nonassessable securities of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion expressed above is limited to the General Corporation Law of the State of Delaware, the applicable provisions of the Delaware Constitution and the reported judicial decisions
interpreting such
laws, and we do not express any opinion herein concerning any other laws. This opinion is given as of the date hereof and we assume no obligation to advise you of changes that may hereafter be brought
to our attention. In connection therewith, we hereby consent to the use of this opinion for filing as Exhibit 5 to the Registration Statement. </FONT></P>

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<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KATTEN MUCHIN ZAVIS ROSENMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> KATTEN MUCHIN ZAVIS ROSENMAN<BR></FONT>
</TD>
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<UL>
<FONT SIZE=2><A HREF="#toc_kg3576_1">EXHIBIT 5</A></FONT><BR>
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