Studying abroad will give students a life-changing experience. The advantages of your education and career are essential, from expanding your global network to discovering a new culture.
Despite this, it is no wonder that over the last 25 years, the number of students obtaining a degree outside their home country has tripled. Compared to the previous decade, 100,000 more American students are studying abroad, along with more than one million foreign college students studying in the United States.
Studying an MBA abroad is now more relevant than ever in an increasingly globalized world. If you’re thinking about studying abroad, here are a few ways you can be benefitted:
Advantages of Studying Abroad
- The global number of students studying abroad continues to rise with a 10 percent increase annually. Quick 5 million international students were present in 2014. The OECD- an Organization for Economic Co-operation and Development has estimated the global student population will likely reach 8 million by 2025 with the demographic changes.
- Australia, France, Germany, the United Kingdom, and the United States, are the most common countries for international students to pursue the degree. Half of all these international students study in the above five countries.
- North America and Western Europe (57 percent of total mobile students), East Asia and the Pacific (19 percent), and Eastern Europe (10 percent) were the regions with the highest number of mobile students in 2013.
- China and India are the countries with the most students studying outside of the country. 712,157 Chinese students were studying outside the state in 2013, according to UNESCO. Many small countries have more students studying abroad than at home, including Caicos Islands, Seychelles, Montserrat, Gibraltar, Liechtenstein, Bermuda, Anguilla, and Andorra.
- Forty percent of international students are studying science, technology, engineering, or mathematics (STEM) in the United States.
- The most significant numbers of international students are the University of Illinois (10,690), Columbia University (10,810), Northeastern University (11,381), the University of Southern California (13,080), and New York University (13,851)
- In March 2016, there were more than 10,000 international students enrolled at each school.
- In the United States, 77 percent of all international students come from Asia.
- As per the recent quarterly report on international student trends released by the Student and Exchange Visitor Program (SEVP), there were nearly 1.2 million international students with F (academic) or M (vocational) status in the United States. According to data from a SEVIS report published in March 2016, the number of international students at U.S. schools increased by 6.2 percent compared with March 2015.
- Many conventional source countries work hard to make international students more attractive. China hosted approximately 380,000 international students in 2014 but has a target of attracting 500,000 students by 2020; Japan is targeting 300,000 international students by 2020, and Malaysia is planning to attract 250,000 international students by 2025.
- In recent years, new players have emerged in the international education market, such as MS in Canada (5 percent international students), Japan (4 percent), Russia (4 percent), and Spain (2 percent), among others.
- Similarly, the market share of the most common countries is declining: from 23 percent to 17 percent between 2000 and 2011, the proportion of international students in the United States decreased.
- International students studying social sciences, business and law go mainly to study in Foreign Universities (more than 30 percent of the total). Together, Australia, the United Kingdom, and the United States host 36 percent of all international students around the world.
- Mexico, Brazil, Taiwan, Japan, Vietnam, Canada, Saudi Arabia, South Korea, India, and China are among the top 10 countries from which international students come.
- NAFSA’s new analysis shows that over the 2014-2015 academic year, the 974,926 international students enrolled at U.S. colleges and universities added $30 billion to the U.S. economy and funded more than 373,000 jobs.
- In the 2013-2014 academic year, the number of U.S. students studying abroad for credit increased from around 289,408 students to 304,467 students by 5.2 percent.
- Australia (8,369), Ireland (8,823), Germany (10,377), China (13,763), France (17,597), Spain (26,949), Italy (31,166), and United Kingdom (38,250 U.S. students), were the most popular destinations for students studying abroad in the 2014-2015 academic year.
- Europe is the area most famous for students studying in the US. The 2014-2015 academic year saw 162,282 American students pursuing study in UK. Latin America and the Caribbean have hosted 49,312 US students, while Asia hosted 36,290 US students.
- In the 2013–2014 academic year, 68,798 American students studied science, technology, engineering, or mathematics (STEM) in various countries around the world. Another 59,687 American students studied business, and 57,067 studied foreign languages and studies abroad.
- More than 100 Chinese companies have been included on the Fortune Global 500 list for 2016, which ranks as the largest revenue-based company in the world. Indeed, China is taking 3 of the top five places on the list.
- McKinsey Global Institute research shows that by 2025, 45 percent of the world’s largest companies are likely to be based in emerging markets.
- The recent survey has found that nearly 40 percent of U.S. firms missed international business opportunities due to a shortage of internationally skilled personnel.
- Ninety-five percent of customers live outside the USA.
- In the United States, international trade generates and encourages employment. International trade ties more than one in five American jobs (38 million jobs in 2013).
- Seventy percent of UK businesses value their employees ‘ foreign language skills, and 38 percent of companies consider language skills particularly helpful in building relationships with customers and suppliers.
- Language barriers make it more difficult and more expensive to do business in the international market. According to a University of Wales report, due to language and cultural deficiencies, 25 percent of the export companies in England and in Wales have lost their businesses.
- In the United States, international trade creates and promotes jobs. International trade ties more than one in five American jobs (38 million jobs in 2013).
- According to research conducted for the Department of Business, Innovation and Skills (BIS) by Professor James Foreman-Peck, deficient language skills, as well as the assumption that “everyone speaks English” cost the UK economy about 3.5 percent of its GDP.
- A survey conducted by the British Chamber of Commerce (2013) shows that 62 percent of non-exporting British companies perceived languages as an obstacle to pursuing international opportunities, and 70 percent of exporters did not have foreign language skills in countries where they worked.
- Young people studying abroad are half as likely to face long-term unemployment as those studying outside the country. Five years after graduation, Erasmus students ‘ unemployment rate is 23 percent less.
- More than 1 in the 3 Erasmus students who completed a job placement abroad were employed by their host company or offered a job.
- Nearly 1 in 10 former mobile students who have completed a job placement abroad have started a business.
- Sixty-four percent of employers surveyed said that graduates with an international background are more often given more professional responsibility.
- Sixty-four percent of employers agree that recruiting is an essential international activity.
- About 85 percent of Erasmus students study in Foreign Universities to boost their abroad employability.
- More than 90% of mobile students pursuing an MBA in UK reported developing their soft skills, including knowledge of other countries, the ability to interact and work with people from different cultures, adaptability, ability to speak foreign languages, and communication skills.
We hope that these statistics from abroad can reflect modern realities that have helped people in getting a clear picture of this unique life-changing experience and also understand the benefits of studying abroad. Studying abroad is, of course, a severe undertaking. On a personal level, this will test you. It will affect your college career. It is even the investment for your future, both academically and professionally, since the experience of studying abroad is more valuable now than ever.