College can be expensive but it’s important to consider what you get from your education. Nowadays, a college education is key to high paying jobs and a better life. The cost of attending college is getting more expensive day by day. Findings show that salary has increased in the last 20 years but has not kept pace with the rising tuition cost. It is precise because of this reason that Return on investment (ROI) has decreased. It is not possible to predict the Return on investment (ROI) for education but it is important to have awareness about an expected return when making a decision about studies e.g. whether to study in India or abroad. The actual Return on investment (ROI) is equivalent to the job or position that one gets after finishing studies.
When one has a clear picture of the income that one would receive than one is in a better position to make a reasoned decision about how much money to spend on education (e.g. student loans and interest to be paid on those loans). In order to calculate accurately, you should measure the Return on investment (ROI) of your course. You would need to pin down total study costs, the cost of living during your student life, and other miscellaneous expenses. Then you also have to decide, if you would look for jobs abroad or in India and calculate the difference in salary between both the situations.
Return on investment (ROI) on Foreign Education
Studying abroad is an exciting opportunity as it allows one to travel and experience another culture. The cost of studying abroad can add up as one has to consider tuition fees, accommodation, food, transportation, and other living expenses. Even though studying abroad is a huge investment, higher studies abroad never seems to lose its associated charm, but the question is whether the decision is worth the trouble?
Before you make the decision to study abroad, it is important to know whether your decision will give as much output as it apparently appears. In financial terms, does studying abroad promise a good Return on investment (ROI)? your answer should a big yes! In today’s competitive world, it is important to stand out from the crowd, and time spent studying abroad can give graduates that competitive edge which will improve their chances of landing their dream jobs.
Return on investment (ROI) on Indian education
Students studying in IITs, IIMs, and several other well-known Indian institutions get paid very well when they are hired. However, there is a lot of difference when it comes to hiring graduates. Many companies do not prefer hiring freshers from the lower-ranked institute. That is why many graduates studying from low ranked colleges or universities are not hired! Yes, you read this right. As such, it is important to reconsider taking study loans when one has to use the loan amount to study at a low ranking institution. In other words, the Return on investment (ROI) associated with Indian education and training depends a lot upon the rank of the college or university.
As we have seen, the tuition cost plays an important role as far as the decision of the student is concerned. We can assume that the Return on investment (ROI) should be only measured in financial terms and accordingly, students can decide to remain in India or go overseas. According to a recent study, 27% of Indian students say that Return on investment (ROI) is securing a well-paid job after graduation, 20% indicated that they believed the Return on investment (ROI) is best returned by becoming an expert in their chosen field of study while 15% defined it as getting recognized by the global employers for earned qualifications.
Indian pay packages offered by companies are not that high as compared to the companies overseas. So, transitioning from a salary here to a starter package abroad will be advantageous in many respects. The amount you spend on education has a lifelong impact on your financial future. It is important to conduct thorough research on your income potential and run the Return on investment (ROI) calculations first before applying for an educational loan. For employer interviews, having a degree from abroad has a greater value than from India. Financial success is impacted by the choice a person makes and for most that starts with how much you pay for education. You have to invest in yourself wisely so that you can get the highest return on your chosen career path to be successful. Whatever you choose, make sure to consider all the variables and pick the best fit.
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