Delay Dreams of Education

COMPELLING FACTORS LIKE THE CREDIT CRUNCH, AND THE WIDENING GAP BETWEEN THE DOLLAR AND THE RUPEE, ARE FORCING STUDENTS TO RECONSIDER OR POSTPONE THEIR DREAMS OF INTERNATIONAL EDUCATION.

An overseas education demands time, effort and money, but the rewards are proportionate as well. It is because of this that thousands of students venture abroad every year. However, the recent recession, global credit crunch, and a dollar value that’s hitting the roof, has left many questioning whether the rewards of an overseas qualification outweigh the costs.

IN DEEP

The issue is one of grave concern, especially to those who are either graduating or have graduated from overseas educational institutes this year. Samyuktha Dega, a business management graduate from the Singapore Institute of Management, needed two to three months to secure a job in Singapore, despite doing well in her course. It was an apprehensive phase for her. She explains, “I required a job to stay back in Singapore, but the economy had taken a downturn, and companies weren’t hiring as easily. Besides, employers prefer hiring locals and permanent residents because they need to spend money, when securing a work permit for foreign nationals.” 

Samyuktha finally managed to acquire a job involving administration work at an insurance agency. While she admits the job ‘pays decently’, it doesn’t involve what she studied in her course. She now wants to look for another job, but cannot do so under the present circumstances, and is contemplating returning to India some time next year. “It’s a bad, bad time,” she says, adding, “Most companies have frozen hiring and are cutting jobs. Some of my acquaintances have been on the job hunt for almost half a year and some are returning after graduating.” 

This rings true for many students. Arvind Rajendran, who begins his final semester at the Singapore Management University in January next year, agrees that ‘anxiety is running high’. However, he is thankful about his personal fortunes in this time of turmoil. He discloses, “I spent the last couple of semesters interning at Tata Motors, Barclays Bank and Standard Chartered, and agreed to an offer at Barclays just recently. At the moment, I’m assured of a job upon graduating.” Though Rajendran is one of the lucky few, he is concerned about the volatile banking sector.

DREAMS ON HOLD

Even back home, students are reassessing their overseas study plans. Abbas Rupawala, who graduated with an MBBS from Seth GS Medical College this February, is having second thoughts about pursuing a medical postgraduate degree in the US. He admits, “The recession is an important factor plaguing my mind. Though I was certain I wanted to pursue my postgraduate degree in the US, I’m now open to possibilities in India.”Abbas has already appeared for two exams necessary for pursuing his postgraduation in the US, and is waiting for the third, which shall take place next year. However, the ever-rising dollar value and the many hurdles that he needs to cross before securing a place in the postgraduate programme, have left Rupawala in a predicament. “The US Medical Licensing Exam has three parts. I’ve already appeared for the first two parts in India and have spent $840 on each, and another $1200 for the third. I also need a letter of recommendation from a doctor in the US.” To get this letter, he needs to spend time under a doctor in the US and observe how medical care is administered there. In the absence of any relatives living there however, he must fend for himself in that period, because an Observership programme, as it is called, doesn’t pay a penny. 

“Despite all this I am not guaranteed admission. It’s a competitive exam and there are only that many seats. It’s a gamble, unlike the Indian CET, where all you need is to work very hard for the exam and get a rank, which places you wherever you deserve to go.” 

Although the Indian exam is also extremely competitive and the quota system makes matters worse, Rupawala feels that it is much more secure. He has thus filled in his CET application form and plans to appear for the exam next year. 

Suyog Powle, who recently graduated in commerce from K J Somaiya, has also postponed his plans to pursue an MBA in Australia for two years. He laments, “One of the major hurdles recession has created overseas is unemployment, and this has become a problem for students, because they need to work in order to pay back overseas study loans. Economies everywhere are suffering a liquidity crunch. The only economies that are relatively stable are India and China.” He then goes on to add, “I think it’s best under the circumstances to wait for two or two-and-ahalf years for the economy overseas to stabilise, and then head abroad.” 

Anjana Agarwal, a fourth-year student, from the National Law School, Bangalore, shares her concerns on how international internships and jobs are also growing increasingly scarce. “Many overseas law firms recruit students in their fourth and fifth years for job stints. Last year, Clifford Chance, a London-based firm recruited eight or nine students of the ten shortlisted candidates from the fourth year. We were hoping for the same this year,” she explains, adding, “However, they only short listed six. I was one of them. All of us (the shortlisted candidates) were hoping to get in considering that last year most of the interviewees made it. But this time, they selected only two of the six shortlisted candidates, owing to recession.”

EXPERT SPEAK

While all students have their fears, education counseller, Viral Doshi lays concerns to rest. “The education and healthcare fields are fairly recession-proof. Parents will never compromise on their child’s education, and pursuing undergraduate courses abroad is as popular as before. Even postgraduate courses, especially MBAs, remain popular, as people who have been laid off and students completing their graduation, go back to education.” 

He adds, “Rising affluence, freely available foreign exchange, an increasing number of IB schools, the quota system in Indian universities, and the Internet, providing a pool of information have all contributed to more students seeking overseas options.”
   
Lean loan pickings    

However, Doshi acknowledges that recession has impacted students seeking loans and bursaries to study overseas, as these have become harder to secure with governments giving first preference to local students. Also, more and more
students are looking at alternative options, such as other, less expensive education destinations like Canada and Singapore.
   
Location wise    

It is also important to note thought, that value-for-money is the new buzzword. Doshi reveals that people are less keen on attending second- and thirdtier universities abroad, which may not provide as many opportunities as the bigger names. With several new and competent private colleges mushrooming across India, this has become a viable consideration for many. 

 Whether you plan to study in India, or go abroad, the final consideration should be your goals, and your subject of study. Your passion for a longcherished dream can outlive all other obstacles.