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International University Degrees in UK

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Over the years one has mostly witnessed the prestigious UK Universities setting up base in various parts of the world. Students studying in their home country based UK education institutes are quite common. But over the years, there has been an upsurge in the international universities opening their education institutions in UK. This country has been dominated by state funded/public universities. These public universities in UK became more powerful in 1988 when Education Reform Act abolished all domestic private universities of UK. All except for one i.e. University of Buckingham located in Buckingham, England. Although the law did allow the legal presence of degree granting authorized international universities in UK.

Initially people used to shy away from the name private education institute and if it is international then more reason to avoid it. It is mainly due to the monopoly of state run universities of UK which award internationally recognized UK University degrees. But now the tide is changing and it can very well be witnessed through various international institutes like worldwide famous Limkokwing University of Creative Technology, Hult, AIU [American Intercontinental University] and now Amity Global Business School which has opened in London in partnership with Anglia Ruskin University in Cambridge.

This new trend of opening an international education institute in partnership with a renowned UK University is also catching up in UK which one can witness in University of Wales granting degrees to London School of Commerce. With much lower fees than universities, one might think that these international private universities in UK might eat up into the business of universities including those in partnership with these private institutes.

The budding partnership between Anglia Ruskin University and Amity Global Business School in London however tells a different story. According to Anglia Ruskin University, there is no chance of their business getting affected at all as they are hoping to tap in the London international student population through Amity. The price difference between the two i.e. £7,800 pa or Amity and £11,000 pa for Anglia Ruskin University too makes a major point in favour of international university degrees in UK.

Another mentionable thing is that due to the recent cap put on the admission of international students in 2008, there is urgent need for various international universities to accommodate the growing demand for UK degrees. The future looks bright for international students with the arrival of international university degrees in UK!

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UK University Degrees- What Can You Earn from Your Degree

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When a student plan to study in UK, the first and foremost question that comes to his mind is it worth it? The expensive tuition fees associated with university studies does ensure a respectable earning in return?

Consolidated here are facts and figures for various such university degrees of UK for various streams. This statistical analysis will successfully give you an idea about the expected earnings and return on investment on your desired degree. In addition, this article also throws light on the financial justification of getting a university degree [a study between earnings of graduates as compared to non graduates].

Average Extra Earnings according to Subjects Studied

It is quite true that one’s earnings vary according to their subject choice. According to sources, an arts graduate average earning is just £35,000 extra over his non graduate counterpart. On the other hand a medicine graduate boasts of £340,000 extra average earning over his non graduate counterpart. Following will give you average earnings according to the subjects studied [in pounds] [from 2005 to 2007]

Subject studied Average extra earnings (compared to non-graduates)
Medicine £340,000
Law £245,000
Engineering £245,000
Maths £240,000
Physics £190,000
Chemistry £185,000
Business £185,000
European languages £165,000
Psychology £100,000
Linguistics and English £95,000
Humanities £50,000
Arts £35,000

Note:

  • Earnings tend to increase at a constant rate in the initial years for every job.
  • Average earnings tend to be misleading due to the several variations in different streams.

Average Graduate Earnings over the Years

Let’s look at the average earnings of graduates over a span of years. Initially, the gap between graduate and non graduate seems to be a narrow one. For example-a 21-22 year old graduate earns £17,472 per annum as compared to a non-graduate with A levels who earns £15,912 per annum. But as they both start climbing ladders of experience over the years, this gap slowly starts widening. Here’s a chart showcasing this gap.

Age in 2008 Degree or equivalent A-level, GCE or equivalent
21-22 £17,472 £15,912
23-24 £20,696 £18,200
25-26 £24,960 £20,436
27-28 £28,912 £22,256
29-30 £32,916 £24,180
31-32 £34,632 £24,336
32-33 £37,960 £27,768
All ages (21 -34) £28,860 £21,268

High Average Extra Earnings for Graduates

On an average basis graduates earn over non graduates

In currency- £1, 60,000 extra throughout lifetime

In Percentage-23% extra throughout lifetime

Per annum- £3,600 extra per year [irrespective of rising number of graduate degrees]

Note: Public sector earnings although low in numbers are high on job security and pension benefits.

Rate of Return According to Subject Degree

According to sources Law sector has emerged as the highest earning sector breaking the public prejudice of Medicine being considered the golden egg laying goose. This is due to the fact, medicine if ensures high return also demands high investment over long span of years. Given here is the annual rate of return on degree

Subject Rate of return
Law 17.2%
Management 16.9%
Engineering 15.5%
Chemistry 15.0%
Physics 14.9%
European languages 14.0%
Medicine (excluding dentistry) 11.6%
Chemical sciences 10.2%
Psychology 10.1%
Linguistics and English 9.7%
History 8.8%

Post Grad-Premium

This premium is offered up by some employers for their graduate employees to earn a post grad degree.

Doctorates- £6,000 extra earning

Masters- £4,000 extra earning

MBA- £12,000 extra earning

Note: - Post grad premium for MBAs is very rarely offered

Some Interesting findings of the research conducted

Is Degree Always Necessarily A Financial Boon?

No, in some subjects like arts- a graduate usually earns bit less than his non graduate counterpart. It is quite possible to earn more than an average graduate given you get an access to excellent work training and job experience with renowned names in the field.

The degree on the other hand is expensive with debts totalling up to £15,700. Now the start up salary for an average graduate is just £22,300. Even if your salary increases by 5% every year, it would still take you 12 years to pay off this debt which is quite huge!

Note

  • 20% students drop out of university
  • University graduates never go unemployed

Is Degree More Beneficial For Women?

Yes, studies clearly show a stark rise in average earnings of women graduates by 63% as compared to men graduates who just experienced a 43% economic rise in their average earnings.

Same is the case for men from poorer or humble backgrounds. They experience quite a phenomenal rise in their earnings as compared to men from well to do families.

Note

  • Huge discrimination prevails between men graduates and female graduates
  • Men graduates earn minimum £14,000 extra in their working lives

In conclusion, we can say that a university degree from UK indeed can turn around your fortune given you choose the right career path!

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