Should you study abroad in 2024? Is it worth it for Indian students?

Apna College

3 Mar 202418:45

Summary

TLDRThe video script discusses the decision-making process for Indian students considering pursuing their undergraduate or postgraduate degrees abroad by 2024. It highlights the importance of evaluating job market scenarios, global economic conditions, and the potential challenges of finding employment post-graduation, especially in countries like the US, Canada, Australia, and the UK. The speaker emphasizes the significance of choosing reputed colleges, understanding the tier system, and considering personal financial situations and interests before making the decision to study overseas.

Takeaways

📚 In 2023, approximately 1.3 million students from India went abroad for their education, mainly for master's and bachelor's degrees.
🌍 The majority of Indian students go to the US, Canada, Australia, and the UK for higher education.
🔍 Considering studying abroad in 2024 requires evaluating job market scenarios and global economic conditions, such as the recent recession in some countries.
💼 The discussion emphasizes the importance of career prospects as the primary goal for students pursuing education abroad.
📉 Recession impacts the economy, leading to fewer job opportunities and increased unemployment in affected countries.
🇨🇦 Canada has touched upon recession-like conditions in 2023, affecting the job market and living costs for students.
🇦🇺 Australia has seen border reopenings but has not officially entered a recession, although internal reports suggest increased migration and population growth.
🇺🇸 The US has avoided recession in 2023, but interest rates have increased, affecting the dollar's strength and potentially leading to hiring freezes or decreases.
🇮🇳 India's demographic dividend and increasing working-age population present both challenges and opportunities in the job market.
🏫 The tier system in India's colleges affects students' perceptions and opportunities, with a preference for reputed institutions.
🎓 The script advises students to consider their interests, financial situation, and the reputation of the target colleges when deciding to study abroad.

Q & A

What is the main topic of discussion in the provided script?
-The main topic of discussion is whether students should pursue their undergraduate or postgraduate education abroad by 2024, and what factors to consider if they decide to go for higher education outside India.
How many students went abroad for education from India in 2023 according to the script?
-According to the script, a total of 13 lakh students went abroad for education from India in 2023.
What are the major countries where Indian students prefer to go for higher studies?
-The major countries where Indian students prefer to go for higher studies are the USA, Canada, Australia, and the UK.
What economic term is frequently mentioned in the script that is affecting the global job market?
-The economic term frequently mentioned in the script is 'recession,' which is affecting the global job market.
What does the script suggest about the job market in the UK and Japan?
-The script suggests that the UK and Japan have officially entered a recession, which typically leads to a slow economy, fewer jobs, and higher unemployment rates.
What challenges are Indian students facing in finding jobs after their post-graduation or graduation in countries like Canada?
-Indian students in Canada are facing difficulties in finding jobs due to recession-like conditions, high living costs, and increased competition.
What is the situation with the Australian economy as mentioned in the script?
-The script mentions that Australia has touched the border of recession but has not officially entered it yet. However, there are concerns about high immigration and population increase affecting the job market.
How have interest rates and the strong dollar affected the job market in the USA according to the script?
-The script states that increased interest rates in the USA have led companies to tighten their budgets and reduce hiring, which affects the job market.
What demographic dividend does India have that could impact the job market?
-India has a growing young working population, which increases the workforce but also creates challenges for job availability and economic growth.
What is the script's advice for students considering studying in a reputed foreign college?
-The script advises students to focus on getting into reputed colleges, as it increases their chances of getting interviews and jobs due to better recognition and alumni networks.
What is the script's stance on students going abroad for education without a genuine interest in the field of study?
-The script discourages students from going abroad for education without a genuine interest in their field of study, as it could lead to difficulties in finding a job and financial stress.
What factors should students consider before deciding to study abroad according to the script?
-Students should consider factors such as the reputation of the college, their genuine interest in the field of study, financial situation, and the potential for job opportunities after graduation.

Outlines

00:00

🌐 Global Education Decisions and Economic Conditions

The script discusses whether Indian students should pursue their undergraduate or master's degrees abroad by 2024. It highlights the importance of considering global economic conditions, such as recession impacts on job markets and living costs. The speaker mentions the number of Indian students who went abroad for education in 2023, with a focus on the US, Canada, Australia, and the UK as popular destinations. The summary also touches on the challenges students face in finding jobs post-graduation, especially in countries with high living costs and the potential difficulty of adjusting to the tier system in India upon return.

05:02

📚 The Tier System and Selecting Reputable Institutions

This paragraph delves into the tier system of colleges in India and abroad, emphasizing the recognition and reputation of various institutions. It discusses the challenges students face when applying to foreign colleges, the role of agencies in admissions, and the importance of choosing colleges based on personal research and fit. The summary points out that while a degree from a reputed foreign college can increase interview opportunities, it is not a guarantee for job success without skills. It also advises students to focus on reputed colleges for better career prospects and long-term benefits.

10:04

📈 Analyzing Risk Appetite and Career Opportunities

The speaker explores the concept of risk appetite in the context of studying abroad, urging students to consider their financial situation, dependency status, and the availability of scholarships. The paragraph outlines different scenarios based on risk tolerance, from those who can afford to study abroad without loans to those who may face financial strain. The summary advises that if the financial situation is not strong, it may be better to prioritize a degree that offers good career opportunities in India rather than taking the risk of studying in a less recognized foreign college without genuine interest in the field of study.

15:04

🎓 Making Informed Decisions for Education and Career Growth

The final paragraph wraps up the discussion by advising students on how to make informed decisions about studying abroad. It emphasizes the importance of considering personal circumstances, financial situations, and genuine interest in the field of study. The summary suggests that if students can afford it and have a strong interest in their field, they can consider studying at a less reputed college abroad for the experience. However, if the financial situation is weak and there is no strong interest in the field, it may be a gamble to study abroad. The speaker encourages students to weigh their options carefully and make decisions that align with their long-term career goals.

Mindmap

Keywords

💡Education Abroad

Education Abroad refers to the pursuit of academic degrees in a country other than one's own. In the video, the discussion revolves around whether students should consider studying for their bachelors or masters degrees outside of India by 2024. It is a central theme as it impacts job market scenarios and global conditions.

💡Job Market Scenarios

Job Market Scenarios denote the conditions and trends within employment sectors. The script discusses how global economic conditions, such as recessions, can lead to a slowdown in the economy, affecting job availability and market opportunities for students considering studying abroad.

💡Recession

A Recession is a period of temporary economic decline during which trade and industrial activity are reduced. The script mentions recession as a significant global economic condition that can impact students' decisions to study abroad, as well as the job market post-graduation.

💡Global Economic Conditions

Global Economic Conditions refer to the state of economies worldwide, which can influence individual countries' economic health. The video script talks about how these conditions, such as recessions in countries like the UK and Japan, can affect the decision to study abroad and subsequent job prospects.

💡Living Cost

Living Cost represents the expenses associated with maintaining a certain standard of living in a particular area. The transcript discusses how high living costs, especially in countries like Canada, can pose challenges for students seeking employment and establishing themselves after graduation.

💡Interest Rates

Interest Rates are the percentage at which interest is paid by borrowers and earned by lenders. The script mentions the increase in interest rates in the US, which can affect the strength of the currency and, in turn, have implications for students studying there and their job prospects post-graduation.

💡STEM Degrees

STEM stands for Science, Technology, Engineering, and Mathematics. The video script points out that many students who study abroad pursue degrees in STEM fields, which are often in high demand in the job market, both in India and globally.

💡Reputation of Colleges

The Reputation of Colleges refers to the standing and esteem of educational institutions based on factors like quality of education, alumni network, and job placement rates. The transcript emphasizes the importance of choosing reputed colleges for better career opportunities and recognition in the job market.

💡Admission Criteria

Admission Criteria are the requirements and standards that a student must meet to gain entry into a college or university. The script discusses various exams and criteria that different colleges may have, which students need to consider when planning to study abroad.

💡Risk Appetite

Risk Appetite is an individual's willingness to take risks in the face of uncertainty. The video script talks about assessing one's risk appetite when deciding to study abroad, considering factors like financial ability, loan dependence, and the potential for career growth.

💡Career Opportunities

Career Opportunities refer to the potential for professional advancement and employment. The transcript discusses how studying abroad can offer better career opportunities and prospects, especially for students with a genuine interest in their field of study and a strong educational background from reputable institutions.

Highlights

In 2023, approximately 1.3 million students from India went abroad for education, with the majority pursuing master's degrees.

Most Indian students go to the US, Canada, Australia, and the UK for higher education.

Economic recession is a significant concern for students planning to study abroad, as it can affect job opportunities and the overall economy.

The UK and Japan have officially entered a recession, impacting the job market and living costs for international students.

Canada has avoided an official recession but faces difficulties in job finding for graduates due to high living costs.

Australia's economy has been affected by high immigration and population growth, leading to potential job market saturation.

The US has avoided recession in 2023, but increased interest rates have led to a stronger dollar and potential hiring freezes in companies.

India's demographic dividend is a double-edged sword, with a growing young population that can contribute to the economy but also faces employment challenges.

STEM degrees are popular among Indian students going abroad, with the majority opting for degrees within the STEM field.

The Indian IT sector is a significant revenue generator, with the majority of its revenue coming from export services to other countries.

Students face a limited time to find a job after completing their degree abroad, with varying durations depending on the country.

The tier system in India's colleges affects students' perceptions and opportunities, with a preference for Tier 1 colleges.

Globally, there is a trend of categorizing colleges based on reputation, with significant differences in job market recognition.

Having a degree from a reputed foreign college can increase interview opportunities but does not guarantee job success without skills.

Students often face challenges when applying for admission abroad, with some agencies prioritizing commission over college reputation.

The decision to study abroad should be based on the reputation of the targeted colleges, personal interest in the field, and risk appetite.

Financial situation and the ability to afford education without loans are crucial factors for students considering studying abroad.

Scholarship opportunities can reduce the financial burden and risk associated with studying abroad.

Personal interest in the field of study is essential for success and should be carefully considered before making a decision to study abroad.

The decision-making process for studying abroad involves evaluating college reputation, personal interest, and financial capability.

The transcript provides a comprehensive guide for students considering higher education abroad, covering various factors and considerations.