In recent years, UK universities have been able to rely upon a generously funded recruitment well – students backed by government-funded scholarships in oil producing countries, underwritten by 100 dollar a barrel revenues. But the oil price collapse to 60 dollars a barrel may mean this is a stream that is set to run dry. HEFCE data published this week shows that in 2013, Iraq rose to become the third largest contributing country for postgraduate research students in the UK, with 610 entrants, almost double the 2012 intake. Libya rose by 37 per cent to 245 entrants. Increases in government sponsorships account for most of the growth. Deutsche Bank and IMF figures quoted by the BBC show Libya requiring an oil price of 184 dollars a barrel to balance their national budget. Iraq requires 101 dollars a barrel. An oil price recovery to 100 dollar a barrel levels is unlikely inside 5 years, say analysts, with US shale oil producers pumping 4 million barrels a day into the market, and Saudi Arabia unwilling to support cuts in Middle East production. Many consequences are emerging from the oil price drop. It is possible that some of the effects could extend to UK HE. — UK NARIC will be presenting data and analysis on new and alternative prospective markets for student recruitment at our Emerging International Markets seminar event in London on March 13.
Reprinted from an article written by Malik Sarwar Global Head of Wealth Development, HSBC; 14/08/2013
With businesses operating across borders as never before, there are many benefits to studying abroad, with the experience a selling point to potential employers – whether in a student’s home country or elsewhere in the world.
As the flow of students across the globe is increasing, the patterns of who studies where are also changing.
Over the past three decades, a significant number of students have chosen to study in Western countries. The US and the UK are the most popular destinations, welcoming 30 per cent of the world’s international students. More than 100,000 Chinese students currently study in the UK.
Other countries are keen to challenge the US and UK. Australia, for example, estimates that the inflow of international students was worth AUD16 billion to its economy in 2011, supporting some 100,000 jobs. The government is increasing its efforts to attract foreign students – signing cooperation agreements with countries such as India and China, reforming its Student Visa Programme, and encouraging every Australian university to establish an exchange arrangement with Asian partners.
But it is not just developed economies competing to attract students from rising powers. HSBC research suggests that emerging economies will account for the largest share of global growth over the coming decades, and many Western economies now encourage people to make connections at an early age by studying in Asia, Latin America and the Middle East.
The British Council, for example, aims to radically increase the number of British students travelling to China from around 3,500 in 2011 to 15,000. Individual institutions, such as the Erasmus University Rotterdam in the Netherlands, have established dedicated centres to strengthen relations with China. Philanthropists are also encouraging the flow of students from West to East. The Schwarzman Scholars programme aims to help 160 international students from the US and other countries study in Beijing.
If universities in emerging nations invest and grow, they will increasingly be able to compete for the brightest students from every country. This will challenge the universities of the West, spurring them to innovate and focus on the needs of students.
Would-be international students and their families need to plan financially with tuition fees, living costs, trips home and exchange rates to take into account. But for those who plan ahead, there are more choices and opportunities than ever before.
International Qualifications and Skills – how ECCTIS helps recognising international expertise