Five Ways To Decide On A Degree And University Abroad With The Highest Return On Investment For You
Earning a degree abroad can be a personal and professional gamechanger. Not only does it offer an intellectual challenge and the promise of a unique knowledge base, but it can also transform a student into a global citizen – comfortable operating in a cross-cultural social and professional environment.
Tertiary education also comes with its costs. First, there’s the opportunity cost. Studying abroad takes a student away from the comforts of family, friends, and home, as well as a few years out of the workforce. Then, if a student isn’t fortunate to be one of the very few who have full academic scholarships – there’s the direct financial cost. The tuition and living expenses of an overseas education can be significant.
Nevertheless, tackling these costs head-on can pay dividends. According to the Brookings Institution, “the average wage premium in the EU and the U.S. for those with tertiary education is approximately 60 to 75 per cent more than they could earn without a degree, while it is around 150 per cent in some middle-income countries like Brazil and Chile.” 150 per cent! Talk about some dividends.
How to choose the right school and course for you
Not all degrees are made equal, and there are a handful of factors to consider when deciding on which degree will complement your career aspirations and provide the greatest return on investment.
International students tend to enrol in Science, Technology, Engineering, and Mathematics (STEM), business, and law programs. According to the OECD, “…the central role played by science, engineering, and business management in innovation processes and value creation, and the wage premium and better career opportunities associated with graduating in these disciplines are probably of greater importance.”
When choosing a degree, ask yourself what kind of impact it will make in the advancement of your career, earning potential, and prolonged professional competitiveness. There is also not one, standard answer for all students in terms of which degrees and schools are the best fit for them.
So, consider asking these five questions about yourself:
- What is the ranking of the school and degree program?
Rankings aren’t everything, but they can be a good indicator of the quality of an academic program, what resources a school has, and the professional network it can provide. However, it’s important to factor these rankings in without being blinded by them – keep reading to see what else you need to weigh rankings against.
- What is the student body like at the school that you want to attend?
If you’re going abroad for school, you’ll want a cross-cultural experience that still makes you feel at home while building broadening your social comforts. How many other international students are at this school? What kind of services is available to them? Do you want to be a part of a large student body or a small one? How large are your classes going to be? Does that even matter to you?
- What are the career and professional development opportunities this school offers?
Does the school provide specific resources for helping international students find employment? Are there opportunities to intern or work while you’re in school (This is when to factor in where the school is located)? Which companies recruit at the school? What are the immigration restrictions for your degree program post-graduation?
- What are the costs associated with the degree?
Are there schools offering you a scholarship? Does the cost of attendance vary greatly between schools that you are choosing between? Why is that? Are there long-term costs of choosing a school that is providing you with financial resources but has a lower ranking?
- Does the school offer the courses you want to take? Does the school have professors you admire and want to work with? Is the technical coursework outdated? Is there a focus on working with diverse student teams?
The knowledge and skills you want to build will have more to do with social and technological flexibility. Artificial intelligence (AI) is allowing for rapid automation in industries ranging from healthcare to energy to finance to basically anything you can think of. What coursework and challenges are going to keep you competitive in an environment that prides itself on innovation?
According to McKinsey, the key is to build up both your emotional intelligence as well as your technical skill set. So even if you’re an engineer or accountant, make sure to hone your leadership, negotiation, and other soft skills. When determining whether your choice academic institution has the course selection that you need to be successful, you may find it helpful to complete a handful of free, high-quality, online courses first. Many universities offer free courses and certificate programs in fields from leadership to artificial intelligence.
With solidified knowledge to reference, you’ll know what questions to ask to identify which coursework will provide you with the most value.
According to Cturtle, international students make school selections by looking at location, ranking, internet research, and educational agencies. But, “of all sources of information, international students found alumni the most trusted and accurate source.” Reach out to current and former students with similar career aspirations and profiles as you. Your prospective school can likely put you in touch with some if you ask, and you can also find more on LinkedIn. Former and current students will likely give you a perspective that you may not be able to find online or through agencies.
Choosing a course, school, and defining your career can be daunting, but it takes strategic boldness and bravery to reap the highest rewards. In a rapidly evolving world, no one will ever tell you that investing in yourself is a bad idea.
The writer is Yasmin Lalani Senior Analyst Strategic Communication (Views Are personal)
