Studying in foreign universities and building a suitable career abroad has long been the dream of the aspiring and ambitious middle class. A degree from a leading university in the US or UK has been seen as a sure shot ticket to a better life. But not so anymore.
It all started after the global financial crisis in 2008. Stories about lay-offs and hiring freezes had replaced news about strong economies and global workplaces. Recent world events such as a vote for Brexit and Donald trump’s election have indicated that many perceive increasing global mobility (of foreigners) as a threat.
Amid economic certainty about the future of UK in a post Brexit world, recruiters have been shying away from hiring people who require work sponsorship. College students reveal that whether one requires a work visa is a qualifying question for nearly all the companies they aspire to work for.
My brother-in-law who is pursuing a Masters’ degree from a prestigious London-based university recently interviewed for a global technology firm. Despite having a great work experience and strong grades, his discussion with the recruiter lasted all of three
minutes and ended abruptly when he mentioned he required visa sponsorship. Closure of post study work route since 2012 aimed at curbing the abuse of student visa category had already made it difficult to find jobs in UK after completing studies and last year’s Brexit vote has made things even more uncertain.
A one year degree from a university in England can cost up to Rs 50 lakh (including living expenses and tuition fees) and undergraduate would cost even more given the longer duration of the course. But for most Indian middle class families, spending on education is seen as an investment for securing a professionally successful life. According to a global survey published by HSBC Retail Banking and Wealth Management in 2015, most Indian parents ranked professional success for their children over being healthy or happy.
After investing substantial sums of money on a coveted higher education degree, hoping to work in the host country is not a totally unreasonable desire to have, but in an increasingly closed world, fulfilling that dream is likely to be more difficult. That said, all is not over.
These countries need skilled workers as much as the workers need jobs. It also helps to think beyond finding a job (difficult if you have a huge loan to repay) view studying abroad as an opportunity for cultural exchange and exposure.
It is also time to re-evaluate one’s choices and look for alternatives. For long we have focused only on building skills in IT to support the booming requirements of overseas firms. Perhaps it’s time to explore other subjects, build different skills and focus on working in India. Becoming an entrepreneur and creating jobs for others might also be the way to go.