Knowledge V Cost management. Review on Studying in India Vs. Studying Abroad

Without any uncertainty the conversation about domestic v/s foreign education is a hot area of interest in the minds of young Indians. My goal is to insight on both the sides of a coin. This is not going to be an article with a yes/no answer.

Interest / Goal

This can be classified into decided and undecided candidates. Decided candidates are those who are very specific about their line of interest / area of specialization. Undecided are those who have decided that they have to study but are not clear about their interest / specialization. I have met a hand few people who have used education as an excuse/tool to go abroad.

This is done primarily with the sole intention of making money in dollars/pounds and be happy converting into rupees. Doing odd jobs when you are studying abroad is not an alien concept. There is no harm as long as you are capable of earning your bread. Also, it makes you understand and respect all classes of people. A minority of people start taking their life/career for granted the moment they step the international aerodrome.

They are able to smell freedom but the question is how effective are you in converting this freedom to improve your quality of life and dependents (if any). It is of very high priority that the goal/objective of increasing your knowledge database is important and the rest (job, money etc..) will follow. It is always a step-by-step process. There is no one size fits all approach concept. Break your goals into tiny bits and prioritise them. Execute your plans as sincerely as you did your planning. Decide your goals and align it with the affordability factor.

Cost v quality

Foreign universities are expensive by miles. At the same candidates have the facility to take education loans and start repaying when they graduate. Also, you can work part time and manage your day-to-day expenses. Indian universities are way less expensive. If you feel that you can manage the cost and generate a high return in future then the whole world is your playground. IIM?s are expensive as any foreign university at the same not all foreign universities provide the quality that IIM provides.

In fact, why always emphasise on IIM there are various excellent institutes that offers a quality education at a average cost. Financial feasibility is a very important factor for most of us when we are in the process of deciding. If you strongly believe that you are going to make worth of the invested money by going to a top class university then make worthy of it. Do not compromise in quality of education for cost. Banks are more than happy to give you education loans. Keep in mind, there is an exception: the concept of ?price illusion? i.e higher the price, better the quality is not always true.

Indian universities are as competitive as universities aborad in some of the fields like Accounting and IT. Yes, I feel the universities abroad are way ahead in areas like bio-medical, philosophy, art, economics, environment etc.. Quality of the universities you enrol is a reflection of your own quality. You should already be good enough to get into a good university.

Also, foreign universities have started to set their branches in India. This gives you the right combination of cost and quality. Kellogg?s business school is a perfect example. To be successful, the quality in you, affordability in you and quality of the university should go hand-in-hand. With the growing importance / awareness, the Indian universities have started to modernize their approach of imparting knowledge. In addition, some of the Indian universities have very up-to date labs and library to give practical hands. The private organizations also assist the candidates by providing internships and giving a high-class training.

Independence and Self-reliance

I very strongly feel that by going abroad you become very independent, organised, self-reliant and confident. You become your own master and an all-rounder when you graduate. You really learn a lot of small things that helps in your daily life. It is not that you can?t be the same in India but just that you don?t have the need. Most of us don?t do it until there is a need. There are exceptions and they are there at both the places.

Career prospect

Do I need to say where you should be if you are into IT? If I?m not mistaken we have almost all the multinationals in India. But having an overseas education will help you prove the employer that you can acclimatize to people and culture quickly. This is required as you always have to interact with people overseas in a good organisation. Your aspects of communicating effectively increases and by the time you graduate you become the best judge to know what is more suitable and convenient for you.

Yeah jo des hain mera, swades hain mera!

We all love our country equally. By educating abroad it doesn?t mean that you have less affection. I get hyper excited when I visit India every year and just kiss everyone in my family like crazy. I miss my family, my friends, the food and list goes on?. The perfect ideology would be either:

?Study in India and plough your knowledge in the country and make good money; or

?Study abroad and find a good job, invest in India (it will help the economy) and don?t forget the roots that is giving you the fruits. NRI?s have proved this in the past when the country required us.

?Be free to explore the world even if it is not for education. It is beautiful.

?Knowledge is an arch to build upon?.