study abroad consultants Archives

Why Indian Students Are Choosing Study Abroad: Trends and Insights 2024

Posted on September 27, 2024September 27, 2024 by Rao Consultants

For many years, Indian students have migrated abroad in search of better education and employment prospects. In 2024, the trend of Indian students pursuing education overseas is expected to grow stronger than ever. With increased chances for excellent education, attractive employment prospects, and the added benefit of global exposure, Indian students are increasingly seeking beyond boundaries for their higher education.

Whether it be the post-pandemic world, recent technological advancements, and the evolving immigration policies of different countries, there are many factors that have contributed to further influencing this decision.

This blog delves into Indian Overseas Education Trends that shapes the choices of Indian Students to study abroad in 2024 and provides valuable information for those contemplating their journey into global education.

The Rise in Numbers: A Statistical Overview

The number of Indian students studying abroad has increased dramatically during the last ten years. In 2023, there were more than 1.2 million Indian students studying overseas; by 2024, it is anticipated that this number would have climbed by 10% to 15%. The most popular nations are still the United States, the United Kingdom, Canada, and Australia, but Germany, Dubai, France, and Singapore are gaining ground as well.

This quick development can be attributed to a number of factors, including more accessible financial aid, more affordable living and tuition options in some countries, and an increase in the number of courses being offered in cutting-edge fields like artificial intelligence, data science, and social entrepreneurship. This trend has also been fuelled by the expansion of online and hybrid learning programs, which make it simpler for students to research study abroad opportunities without having to travel there.

Why Indian Students are Looking Abroad: Key Motivators

There are several factors that influence a student’s decision to seek higher education overseas. It could have to do with the high standard of education, the abundance of job options, or the desire to lead a better life. Let’s examine it even further.

1. Enhanced Career Prospects

The possibility of better professional opportunities is one of the main reasons Indian students decide to study abroad. Particularly in industries like engineering, technology, management, and healthcare, a degree from a reputable foreign university frequently has more value on the worldwide job market.

Post-study work visas are provided by nations like the United States and Canada, enabling overseas students to obtain real-world experience following the completion of their degrees. For example, students may remain and work in Canada for up to three years under the terms of the Post-Graduation Work Permit (PGWP) program, which is offered by the Canadian government. In a similar vein, the United Kingdom and Australia have developed appealing post-study employment opportunities that draw Indian students to these countries.

2. Cultural Exposure and Global Experience

One Study Abroad Trend that is often overlooked by many is that studying abroad gives students the opportunity to experience other cultures, languages, and social settings outside of the classroom.

Their perspectives are widened by this experience, which also aids in the development of important soft skills like communication, adaptation, and cross-cultural cooperation.

Countries like as Singapore and Germany are becoming more and more popular because they provide excellent educational opportunities, reasonably priced living expenses, and the chance to be a part of lively student communities with rich cultural backgrounds.

The Top Destinations for Indian Students in 2024

The top destinations for Indian students in 2024 will still remain the USA, Canada, the UK, and Australia. But there’s been a growing movement to go to other nations, such as the UAE, Germany, Ireland, and the Netherlands. These new locations are become increasingly alluring because of their welcoming immigration rules, reasonably priced living expenses, and post-study employment prospects.

1. United States

For Indian students, the United States continues to be a top choice, particularly for those wishing to major in STEM (science, technology, engineering, and mathematics). U.S. institutions continue to draw Indian students in spite of growing competition because of their excellent academic offerings, state-of-the-art research facilities, and wide range of employment options.

2. Canada

One of the most inviting countries in the world for Indian students is now Canada. It’s a desirable alternative because to its excellent educational system and reasonably priced housing. Furthermore, students find it simpler to become permanent residents of Canada thanks to immigration laws which makes Student Visa is a great Pathway to get Canada PR. For additional information about studying in Canada, see the official Government of Canada immigration webpage here.

3. Australia

Indian Students Go Abroad for Studies to get admission in top-notch colleges, with varied student body, and get plentiful post-study work visa opportunities, and Australia remains a popular choice that ticks all these boxes. Financial aid is made available to international students through initiatives like the Australia Awards Scholarships, which increases accessibility for individuals who choose to pursue an education overseas.

4. Emerging Destinations: Germany, Ireland, and Singapore

While the United States and the United Kingdom remain popular travel destinations, newcomers such as Germany, Ireland, and Singapore are gaining popularity as well. Particularly for postgraduate studies, Germany provides excellent education at public universities with minimal to no tuition costs. Students looking for job prospects in technology, finance, and management find Singapore and Ireland interesting due to their strategic locations as global corporate hubs and their burgeoning digital industries.

Popular Courses and Emerging Fields

With rapid advancements in technology, Indian students are increasingly choosing fields like Artificial Intelligence, Data Science, and Cybersecurity. These courses are not only in high demand but also offer lucrative job opportunities in industries such as IT, finance, healthcare, and beyond.

Furthermore, courses in sustainability, environmental science, and social entrepreneurship are becoming popular as students seek to contribute to global challenges like climate change and social inequality. Many international universities are offering specialized programs in these areas, making it easier for students to pursue careers in impactful fields.

Financial Planning and Scholarships

For many Indian Students Studying Abroad is a rewarding experience, but comes with a financial burden also. However, an increasing number of scholarships, educational loans, and flexible payment plans are making international education more accessible. Universities are offering merit-based and need-based scholarships to attract a diverse range of students from India.

Key Scholarships for Indian Students:

Commonwealth Scholarship: This scholarship pays for tuition, living expenses, and travel expenses for students studying in the UK.

Erasmus+: Provides financial help to students studying in Europe by means of collaborations with different European universities.

Government of India Scholarships: The Indian government also provides funding for students who wish to pursue higher education abroad through a variety of initiatives.

Visa Policies and Post-Study Work Opportunities

Regulations regarding visas are a major factor in the study locations that Indian students select. Nations like Canada, Australia, and Germany that provide liberal employment rights after studying and residence paths are especially appealing.

Recent Policy Shifts:

UK: After receiving their degree, overseas students can work in the UK for up to two years by applying for the Graduate Route visa.

Canada: Through Canada’s Post-Graduation job Permit Program (PGWPP), graduates can obtain useful job experience in the country.

Germany: Due to Germany’s visa regulations, foreign graduates are permitted to remain and look for work for a maximum of 18 months after graduation.

Such policies give students the chance to gain international work experience, making them more competitive in the global job market.

Conclusion

Studying abroad can be a life-changing experience, opening doors to global career opportunities and personal growth. The year 2024 has seen a significant growth in the Study Abroad Trend with new and exciting opportunities for Indian students looking to explore the world of international education. From the U.S. and Canada to emerging destinations like Germany and Singapore, the options are endless.

If you also want to explore your study abroad option, then the timing could not be better. If you feel lost in the maze of visas and immigrations, then we’re here to guide you through every step of the process. Whether you’re looking for help with applications, visas, or financial planning, we have the expertise to ensure that your study abroad journey is as smooth as possible. Don’t miss out on the opportunity to pursue your dreams—start planning your study abroad adventure today!

Measuring ROI on your Study Abroad Investment

Posted on August 8, 2024August 9, 2024 by Rao Consultants

As per the Bureau of Immigration (BoI) statistics, 7.65 Lakh Indian student went abroad to study in 2023. This number is said to increase in the coming years.

Undoubtedly, there is no denying that students’ preference for studying abroad has grown. Many students now choose to study abroad because of its increased job prospects, global appeal, enhanced education, and foreign experience.

However, it is important to assess the return on investment (ROI) for studying abroad prior to taking this adventure. Studying overseas is a costly endeavor that demands a significant financial investment, there are different types of Procedure and Living Costs involved. Therefore, being aware of ROI aids potential students in determining whether studying abroad will be a worthwhile investment in both money and time.

This article aims to guide students in measuring the ROI of their study abroad investment by examining both tangible and intangible factors.

Understanding ROI in Education

Return on Investment (ROI) is a static used in finance to assess an investment’s profitability by weighing the benefits gained over the expenses made. If explained in simpler terms, it quantifies the return on investment for each dollar invested. Although ROI is frequently used in relation to corporate endeavors, it is also applicable to expenditures made in education.

If education is considered as Investment, then ROI goes beyond only financial gains. It includes both tangible as well as intangible advantages. Increased earning potential, work advancements, or the acquisition of certain abilities that open up new career options are examples of tangible advantages. Conversely, intangible advantages like improved problem-solving skills, a broader perspective, more knowledge, and personal development can all be just as beneficial.

Hence, while calculating ROI for foreign education or local education, both tangible and intangible aspects are to be taken into consideration to get a comprehensive understanding of your educational investment.

Initial Investment Costs

When going for international studies the initial investment is not just limited to academics, to tends to go beyond that, as there are lifestyle costs also. This covers the opportunity cost of forgoing income in addition to living expenditures, other fees, and direct educational costs. Let’s understand these costs in detail:

Tuition and other educational expenses

One of the biggest expenses that an international student bares is the tuition fee and other academical expenses. Depending on the institution and area, tuition costs might differ significantly.

International students often pay higher tuition fees than do students attending public universities. In the US or the UK, for example, prestigious universities may charge yearly tuition of $10,000 to $70,000, whereas in other countries, such as Germany, tuition for international students may be significantly lower. This cost is many of the times slightly reduced or eliminated when a student is eligible for scholarship. This we will discuss further in the blog.

Additional expenses related to education include lab fees, course materials, and registration fees. These academical costs need to be taken into account when calculating the total investment.

Living Expenses

Apart from educational expenses the other major expense that international students have to bear is Living Expenses. The living cost heavily depends on the country and city students choose to live in. For example, compared to smaller towns or cities in Canada or Portugal, living expenditures are significantly greater in New York City or London.

Living cost usually consists of Housing or Accommodation, food expenses, transportation, and other everyday expenses. Depending on their region and way of life, students may spend an average of $10,000 to $20,000 on living expenditures annually.

Miscellaneous Costs

Along with academies and living expenses, there comes other miscellaneous expenditure, also necessary to account. Expenses like books, supplies, airfare, insurance, and visa fees generally come under miscellaneous expense. These expenses should be factored into the total investment computation since they can total several thousand dollars a year.

Opportunity Cost

Opportunity cost is the amount of money lost when studying rather than earning. Just as we categorize returns under two heads tangible and intangible rewards, expense can also be categorized in the same way. Opportunity cost is one such intangible cost which is frequently ignored.

Delaying joining the job market and earning a living while studying may affect students’ financial calculations. Future pay projections and the potential cost of schooling must be carefully considered. For a complete ROI study, you must compare this to the possible future benefits from your schooling. The inclusion of this cost varies from student to student, hence its neglection while calculating Return on Investment.

Potential Returns

Although the initial cost of studying abroad must be carefully considered, it’s also important to examine the possible rewards. Your future income, professional prospects, and personal development can all be greatly impacted by a solid educational foundation.

Increased Earning Potential

This study abroad benefit plays a major role in attracting students to pursue international education. An increase in the earning potential could be considered as one of the most tangible returns on education.

Graduates from different fields and nations frequently earn different levels of salaries. You may evaluate the potential financial boost from your chosen subject of study by doing a comparative analysis of average beginning earnings and career growth. Recall that although there may be initial compensation disparities, long-term job advancement and pay rises are equally important things to consider.

Enhanced Career Opportunities

Studying abroad provides access to global job markets and high-demand industries. Graduates benefit from the relationships and networking opportunities they made while pursuing their school, which might significantly increase their prospects of finding employment. Many international institutions provide internships and career guidance to aid in making these connections.

Skill Development

Studying overseas enhances both one’s abilities and aptitudes. Technical expertise and specialized knowledge are examples of hard skills; problem-solving, communication, adaptability, and cultural competency are examples of soft skills. These days, these skills are highly valued in the worldwide job market.

Factors Affecting ROI

With no fixed or accurate figures both in expenses as well as return, the calculation of ROI is often affected by multiple factors, here discussed a few.

Choice of Country and Institution

ROI is heavily influenced by the job market and economic conditions of the host country. For example, attending school in a country with a strong economy and job market may lead to greater opportunities for work and higher salaries. The prestige and status of the university also have a big influence on how much the degree is worth.

Field of Study

ROI varies based on the study topic as well. High-demand sectors like technology, engineering, and healthcare often generate more profits than low-demand sectors. Students may choose a career path with a higher return on investment by investigating trends in the labor market and projections for the future.

Financial Aid and Scholarships

Scholarships, grants, and financial help can reduce the total cost of studying abroad while boosting return on investment. By utilizing the financial aid programs provided by several institutions and organizations, international students can significantly lessen their financial burden.

Post-Graduation Plans

Students should consider their alternatives after graduation, including living abroad or returning to their home country. Immigration regulations and the availability of work visas may affect ROI since, in some cases, living abroad may offer better professional opportunities.

Measuring ROI: Practical Steps

Measuring ROI is not a complex task as it seems, here are some practical steps that you can follow in order to calculate your study aboard Returns on Investment.

Initial Investment

Add up the cost of living, tuition, fees, and opportunity costs to get the total initial investment. To calculate the net cost, deduct any financial help or scholarships that were obtained.

Projected Earnings Post-Graduation

Examine the average starting salaries for graduates in various fields and countries. Consider your potential for future career growth and financial success. An international degree often increases employability and earning prospects, but it’s important to balance these benefits against the costs.

Intangible Benefits

Consider opportunities for personal growth, cultural encounters, and networking. Despite being harder to quantify, these factors significantly increase the total value of studying abroad.

Strategies to Maximize ROI

Try putting these tactics into practice to maximize the return on your educational investment:

Scholarships and Financial Aid

Getting funding support may have a big influence on your total return on investment. Examine the several kinds of scholarships that are available, including those that are merit-based, need-based, and field-specific. Applying for scholarships should be done strategically. Emphasize your special qualities, and make sure your applications support your academic and professional objectives. Budgeting and financial planning are critical to managing your money sensibly and preventing wasteful spending.

Internships and Work Experience

Getting real-world experience through internships and employment may improve your skill set, widen your network of professional contacts, and make you more marketable. These possibilities can help you determine your professional path and offer insightful information about your chosen field. Careful time management and prioritizing are necessary while juggling employment and study in order to guarantee academic achievement and obtain real-world experience.

Networking and Professional Development

During your education, you might potentially open doors to future prospects by developing a strong professional network. Join groups for professionals, go to industry events, and make connections with peers, teachers, and alumni. To improve your job search and career growth, make use of the facilities offered by your university, such as alumni networks and career services.

Challenges in Measuring ROI

Although ROI is a useful metric for assessing educational spending, it must be understood to have limits.

Limitations and Considerations

The calculation of an accurate ROI, there is a need of accurate figures, whereas in the case of education the absence of the said figures creates difficulties. The calculation may be challenging due to the long-term nature of educational benefits and the impact of other outside variables which cannot be predetermined.

Impact of Economic Fluctuations and Job Market Changes

The state of the economy and employment patterns have a big influence on education’s return on investment. A recession, for instance, can cause new graduates to start earning less money, momentarily lowering the ROI. On the other hand, a thriving industry in a certain sector might significantly raise income potential.

Potential Difficulties in Quantifying Intangible Benefits

The hardest part of calculating educational return on investment is putting a number on intangible advantages. Although things like knowledge expansion, critical thinking development, and personal growth are priceless, putting a monetary value on them is difficult and arbitrary.

Conclusion

Measuring Return on Investment (ROI) in your study abroad decision includes both the financial investment as well as the benefits gained. Calculation of ROI is a critical part of making the study abroad decision, it helps to provide you with a rough picture of returns that you will be getting for the investment that you are making.

Potential students can make well-informed decisions about their investment in an international education by considering factors such as upfront costs, potential returns, and intangible benefits.

Understanding these elements can help students choose if studying abroad is in line with their personal and professional aspirations, even though ROI estimates can be complicated. To get a comprehensive understanding of your study abroad decision, you have the option to seek expert guidance, from the likes of Rao consultants, with their 22 years of foreign education experience they can help you get clarity on your decision and make an informed choice.