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 Would you spend 400k on your tertiary education, and be heavily indebted after that?

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Topace111
post May 23 2010, 09:16 PM

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QUOTE(ccm123 @ May 23 2010, 05:22 PM)
Generally speaking, I'm more inclined towards the education in UK, and I'll base this on the following reasons;

1) UK's wage rate are much higher. If I were to study there, chances are rather high that I will work there, or rather I should say, I must work there. The weekly wage rate would be around 600GBP and above (so i've heard) which I believe is more than enough to cover the installment of the debts I owe, in terms of ringgit. I understand that if I were to come back and work here instead, I'll probably be buried alive by the debts I have incurred, so it would be a dumb idea if I chose to return.

2) Of course you may want to mention that competition are tough, especially when one is an international student who will be competing with the locals (UK citizens). But the uni I'll be attending - UCL in this case actually have a report which tabulated a 95% of their candidates were able to secured a job successfully after graduation (some even before graduation) I believe there is a certain amount of credentials from that report, judging that it's one of the highly ranked universities.

3) The experience - yes, something that I've been wanting for a change! I'm so accustomed to Malaysian's lifestyle and I really want a change be it in environment or the people around me, to learn things and explore things and the world on my own, where I believe it'll leave a great impact on me, and in everything! Plus the fact that I'm enrolled in the uni which is ranked the 4th of in the world (according to Times Higher Education) is what intrigued me to study there even more! 

However, my concerns are as follows;

1) How difficult is it to secure an employment opportunity in the UK? My friend told me that the new prime minister is a conservative, and conservative do not favor migrants. Is it really that difficult for a foreigner to secure a job there, even if I graduated from their local college/uni? Especially when I'm in the field of economics?

2) Is it worth to spend 15-20 years to repay ur debts for only 3 years of education? But then again, since interest rates are fixed and if the UK currency appreciates or there's mild inflation by the time I'm working there, I repay less in real term (in terms of pounds to ringgit), so may I argue that it could be a positive investment in the long run?

3) The risk involved. Yes, economy changes very fast, and like I mentioned earlier the JPA oversea loan would only be available on my 2nd year onwards, and because they have a rather closed policy in working at things, I am afraid that such schemes might not be available by the time I reached my second year, though they are actually recommending people to opt for that schemes when a student are unable to secure an overseas scholarship. 

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Since you have obviously done some decent research and planning b4 coming up to this post. I may highlight some WCGW (what could go wrong),food for thought :
1) Wage rate : Yeah it may be higher but I am sure you are aware of tax right ? UK tax rate is exceptionally high compared to other countries. And if I am not mistaken, its even higher for foreign residents. So your net pay will not be much. And living cost there is not cheap either although inflation is lower.

2) 95% secured what job ? You have low, medium, high ranked jobs not to mention is permanent or temporary taken into account ? How about the remaining 5%, do you think you "may" be one of them ? And not to mention, like MYS, if you are son of an Earl, Sir, Lord, Duke,.... your employment chances are higher too. So inequality bound to persist as very country does have some domestic biasness.

3) Culture huh ? Its good to learn other culture but getting acknowledged or recognised is different issue. Will you be able to blend in immediately ? Well judging from some Uk college/ uni students comments, british generally think highly of themselves especially compared to students from commonwealth. And our education method geared and favours "quantity", number of A's. Theirs more to quality based, which hardwork < analytical thinking. More all rounded. So not easy to adapt quickly.

Your concern :
1) And UK are crazy with their post graduate programme especially anything to do with charter body, so without one it is quite less appealing there :
http://en.wikipedia.org/wiki/Professional_..._United_Kingdom

2) Will your future job be able to pay off your debts ? Have you checked what type of job that you can do ? Which and what type of company you can enter ?

3) This is rather risky as bond or scholarship will bound to have many terms and regulations. One may never know what they may incorporate inside. How about coming back straight after finish studying ?

Anyway, hope you will choose wisely. biggrin.gif Your future beckons.

This post has been edited by Topace111: May 23 2010, 09:18 PM
Topace111
post May 24 2010, 09:49 PM

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If you want top qualification, then can consider these :
CFA in US
ICAEW in UK/Europe.

Both are the top qualifications recognised in those zones. CFA is the golden passport for investment banking and corporate finance in any country. ICAEW churns 5 times more CEOs & CFOs in europe than all qualifications, degree, master or phd combined. And they dont even cost RM75,000 but minimum qualification is a degree (any field).


Topace111
post May 26 2010, 10:59 PM

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What really intrigues me is that why economics ?
I understand of choosing the best school for your dream subject cos its perfectly normal, but what drives you to this subject in the first place ?

I was given a similar scenario in my youth, a scholarship to UK. Yeah was happy and all that but does not provide other stuffs like living and accomodation, food ,..... and that does not come cheap. I got 2 cousins study at UK under govt scholarship for medic have to survive with maggi mee everyday.

So I just choose a cheaper and riskier alternative by opting to skip degree entirely by going straight for prof qualification namely acca. This comes straight after I was honored as state scholar student. Everybody ask why to take such risky move and highly unorthodox maneuver. I told them I choose and live my own life and I will be responsible for the failure / success.

But like i said, life is not easy. Even after you finished your education you will start from scratch when start working. Thats where you will suffer for few years before gets recognized. Happens to all profession like doctors, engineers, lawyers, architects, accountants,....... you name it. Unless your parent is rich lo.

My opinion is, if you are very sure of what you want just go for it. Ignore the others. But you gotta LIVE with your own decision. All successful people are risk takers by nature. But are you ready for it ?

 

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