Tan Kin Lian's Blog: Going overseas for further studies

Monday, June 15, 2009

Going overseas for further studies

Hi Mr Tan,
I am 20 years old and looking to enrol at a local university. However, I couldn't get into the course I prefer. I am now looking to study in Australia.

1) Based on my calculation, I will probably accumulate a personal debt of A$60,000at the age of 24. Assuming that I can get a job and pay S$1,400 toward clearing the debt, I'll be 28 yrs old by that time.

2) If I stay in Singapore to study the course (Maths and Economics) that I am not too keen on. I'll be about 26 yrs old, debt-free.

Which is better?

REPLY
I usually discourage students from incurring a large debt for overseas studies. I know of many students who are not able to get a good paying job after they get an overseas degree. It will take a long time for them to repay the loan.

If you have a place in a local university, the cost is lower, but you have to like the course that you are taking. I find Mathmatics and Economics to be a good course, but perhaps it appeals to some students and not to others. You may be able to find another course that you like from a local university?

I believe that a hard working, well educated student with a good attitude can do well in the job market without an university degree. I suggest that you consider working as well.

11 comments:

Anonymous said...: To prevent from incurring a large debt, would you consider taking up a job to save enough money first before going overseas to study the course you like?
But one of the consequences of the above would be, you may continue working (till you retire) instead of going back to study.

starlight; June 15, 2009 8:55 AM
Anonymous said...: Unless you plan to join the Singapore Civil Service, it is somewhat unlikely that your starting pay will allow you to reply $1400 every month. Most private sector companies tend to pay very low for fresh grads and only pay a premium when you have the necessary experience.

For the Singapore Civil Service, they generally do not recognise overseas degrees unless it is from a very famous university. The bulk of civil service recruits come from NUS/NTU. If you can obtain a 2nd upper or better in your studies, you can then be assured of quite a rapid promotion to a mid level position earning close to $100k a year.; June 15, 2009 9:29 AM
Khiat Han Hwee Adrian said...: My mentality in the past was to get a basic degree and start working as soon as possible. I always believe that work experience is more important than to get that basic degree.

NUS do not allow me any exemption from my Polytechnic Diploma at that time and I chose to go Australia for another course which recognizes my Diploma. As a result, I completed my degree 1.5years earlier but spent a lot more money from my parents.

On graduation, I found that it was difficult for me to land a job in the Civil Services and MNCs. I'm not sure if its my degree or my interviewing skills that I had lost out to others.

Till today, I feel that many companies do not really like graduates with Australian University degrees compared to Local Degrees. If anyone is to seek my opinion, I will recommend him or her for a local studies unless he is on a scholarship.; June 15, 2009 11:21 AM
Anonymous said...: Singapore instituitions of higher learning are among the best in the world. It is not wise to incur debt to get a degree unless you have no choice.

If you want to experience the life in Austrlia, take up a job in Austrlia after you have graduated.; June 15, 2009 12:30 PM
Anonymous said...: Owing about S$100k is a lot of money. Don't forget compound interest..etc How long do you intend to pay it off?

After you start work, there will be other financial pressures like parents pocket money, getting married, income tax, owning a car..etc.

Assuming Fresh Grad pay of S$2,000. After less income tax, employee CPF, transport, food, living expenses..etc there is hardly anything left to service your debt.

I have disagreement with Mr Tan on NOT having a degree. Unless you are a entrepreneur, the working world still requires you having a degree if you are working for people.; June 15, 2009 2:30 PM
Anonymous said...: Whatever it is, stay away with those unrecognised degrees. Whether these degrees can be bought in Singapore or overseas. How to know whether a degree is recognised? Just ask whether the big MNCs recognise these degrees and you will get a good picture.; June 15, 2009 3:49 PM
Anonymous said...: Aurvandil, 9.29 am

You described it very well and accurately.

Some have exceeded $100K pa salary well before their 30th birthday!

The starting salary can be as high as $4K pm (fresh Hons grad) as prison officer. Maybe to attract the "best" into this area of the civil service!; June 15, 2009 5:15 PM
James said...: Unless you are interested in going to the finance sector or become a teacher, a degree in Maths and Economics might seriously restrict your career path.if you can go overseas and try to get some scholarship or help from the university itself, an overseas experience is still highly beneficial especially if you can work a few years there; June 15, 2009 9:31 PM
Anonymous said...: Those who got their degree from overseas tend to be a "quitter" and those who got their degree from local Uni tend to be a "stayer"?

I'm a quitter from the very day when I got back from my overseas studies.

I'm staying put here due to my ageing parents whom do not want to migrate to "greener pasture".

I'll go one day for my retirement and for my children education.

S'pore is an "opportunist" land for the FTs and PRs which I feel like a stranger now though I'm a citizen here whom faithfully served my 2.5yrs of NS and 10yrs of ICT.; June 16, 2009 3:09 PM
Anonymous said...: You are only 20 years old. You should consider working and savings towards your "future" paper.

In doing so, you will learn three things:

1. It better to save early for a long term goal than to start scrambling around to get a loan when the time comes ;

2. Nothing is free, everything comes with a price and sacrifice.

3. You will appreciate your overseas degree better because you worked hard for it but you will be deeply disappointed if there is little application for it.; June 16, 2009 11:59 PM
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