Thursday, 11 September 2014

Again, Australia is the most expensive country for studies abroad



SYDNEY, Sept 11:

Australia is the most expensive place for an international student to attend university, ahead of Singapore and the US, with India the cheapest, a study showed.

The research report by banking giant HSBC, which surveyed 15 countries, said an overseas

student would need US$42,000 (RM123,150) a year to meet university fees and living costs in Australia.

This was nearly US$3,000 more than Singapore, and US$36,000 greater than a student heading to India.

Despite the cost, the US was regarded as offering the highest quality of education, followed by Britain and Germany with Australia only ranked fourth, said the study released late yesterday.

“The key reasons to send children overseas are the acquisition of foreign languages, international experience, and independence,” said HSBC’s head of wealth management Simon Williams.

“But an international education brings an extra dimension of complexity to planning, particularly financial planning.

“The majority of overseas education is privately funded by parents, and while the concept of a college fund is well established in the US, it is still the exception elsewhere.”

The report, The Value of Education, said that of the nearly 5,000 parents questioned, 89% wanted their children to go to university and 74% would consider sending them abroad.

Indonesians were keenest on an overseas education (89%), followed by Malaysia, Turkey and Hong Kong.

More than half of those questioned said that paying for a child’s education was the best investment they could make, with many — led by Malaysia and China — wishing they had started saving sooner.

The study said Singaporeans were the most positive about the quality of their own education system, with three quarters rating it better than anywhere else.

However, just 6% of Brazilian and 9% of French parents believe the quality of education is better at home than abroad.

Most expensive countries for international students: Australia, Singapore, US, Britain, Hong Kong, Canada, France, Malaysia, Indonesia, Brazil, Taiwan, Turkey, China, Mexico, India.



2014 - ANNUAL UNIVERSITY FEE AND AVERAGE COST OF LIVING FOR         INTERNATIONAL UNDERGRADUATE STUDENTS

        (Data provided by HSBC)



2013 - Annual cost of studying abroad for international students in US$ per year
Country
Annual Fees
Annual Cost of living
Annual Total
Australia
$25,375
$13,140
$38,516
United States
$25,226
$10,479
$35,705
United Kingdom
$19,291
$11,034
$30,325
United Arab Emirates
$21,371
$6,004
$27,375
Canada
$18,474
$7,537
$26,011
Singapore
$14,885
$9,363
$24,248
Hong Kong
$13,182
$9,261
$22,443
Japan
$6,522
$12,642
$19,164
Russia
$3,131
$6,310
$9,441
China
$3,983
$4,783
$8,766
Taiwan
$3,270
$4,987
$8,257
Spain
$1,002
$6,004
$7,006
Germany
$635
$5,650
$6,285
 Source - www.hsbc.com.au
Footnotes
1 The research was conducted in thirteen countries and territories around the world. Fees represent the average tuition cost for international students based on the top 10 largest institutions in each relevant country (sourced from individual institution data). Cost of living sourced from HESA Global Education Rankings 2010 where possible and adjusted to account for inflation and from Expatitsan.co.uk and HSBC Studying Abroad Research (Oct 2012) otherwise. Ivy League costs based on total average costs for attending a top ranked US University according to Forbes. Source: http://www.forbes.com/top-colleages/list/ US Dollar conversion exchange rate as at 17th July 2013 - 1.51 USD to GBP.
2 Australian Education International, "International student enrolments data", 2013
3 Institute of International Education, "Open Doors" project, 2011
4 HSBC Global Currency Outlook, July 2013 - the full report is available upon request . The report should be read in full including all disclosures and disclaimers. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient and HSBC accepts no liability for damages arising out of any persons reliance upon the information contained in the report.

Source - news.malaysia.msn.com

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