By Rozy Efzal
The study abroad landscape is changing. With Canada issuing limited visas and Saudi Arabia emerging as the fifth most populous destination for Indian students, interesting trends are shaping how students are approaching their journeys abroad. Nearly half of the student population at least considers overseas courses, and that itself presents enormous opportunities for students, universities, and the edtech sector.
So, what’s driving the change and which way the wind is blowing? Let’s delve deeper to understand.
Evolving job market: A growing number of companies now seek global exposure and specialised courses in emerging technologies. Top universities abroad offer a chance to gain expertise and adapt to a multi-cultural world.
Better life standards: Many countries offer a high standard of living, which can be an attractive proposition for students seeking a well-rounded experience.
Early Education Planning: Students and parents are better aware about future, and start planning for higher education as early as class 9. They are mapping the entire education journey and preparing for it.
Technology: Edtech platforms not only streamline the application process, making it easier to research, compare, and navigate procedures. They also leverage technology to provide accurate insights about the countries, financial needs, and prospects. This helps student make better decisions and avail more opportunities.
Beyond the overall increase in applications for overseas graduation and postgraduation courses, we are seeing several fascinating trends about Indian student mobility. Each of these factors will positively impact the study abroad journey in the near future.
Destination Diversification: While the US and UK remain on top, students are exploring options in Germany, the Netherlands, Saudi Arabia, UAE, and Singapore. As per the Ministry of External Affairs, 1,64,000 students went to UAE and 65,800 chose Saudi Arabia, helping these countries rank third and fifth respectively in terms of Indian student enrollment.
Finance and Loan Trends: With rising costs, education loans are becoming increasingly accessible. According to Reserve Bank of India, the education loans grew 17 per cent at Rs 96,847 crore in the year 2022-23 as against Rs 82,723 crore in the previous year. This number is only going to go up. Simultaneously, more parents are adopting early financial planning and saving for higher education through mutual funds, FDs and other dedicated investments.
Closing the Gender Gap: The number of female students applying for overseas programs is steadily increasing. Data shows nearly half of the students applying for foreign application are women which represents a 50% increase in just two years.
Focus on Work Opportunities: Indian students are increasingly choosing countries that offer Post-Graduation Work Permits (PGWP) to gain work experience and potentially secure permanent residency. This trend clearly supports the Indian aspiration to search for better living standards and secure high-paying jobs.
Indian students are also very particular when choosing courses for higher education. Not all disciplines are preferred equally. The most popular courses and the factors driving their appeal come naturally from the ability to secure a prospering career in the future.
STEM reigns supreme in every Indian’s list of favourite courses, and within this broad field some courses are like more than the others such as Data Science and Analytics, AI and ML, and Computer Science and Engineering.
MBA, especially in finance, is among the most preferred courses as well. The upcoming courses that are growing in popularity are advanced courses in Visual Effects, Design Thinking, and Humanities.
Indians are shaping the 21st century, and overseas education is shaping the new generation of Indians. It is a golden opportunity to learn from the best the world has to offer and rise above the normal. The trends we see in education are about accessing the best education possible, regardless of location. Edtech sector has a key role to play in supporting the aspirations of the rising number of Indians with the resources and guidance. It is a global classroom where tremendous opportunities lie for the students, educational institutions as well as edtech companies to thrive on the international scale.
(Author is Co-Founder & Director, Invest4Edu)
