Would Brexit be good for international students? (and other discussions)
I hope I'm not triggering EU nationals working in London; I genuinely apologize if I am. It's a bit of a read, but an interesting real-life case study for anyone with a bit of time to spare.
So I've been having the classic debate with myself: NYC or London. I'm fortunate to have the opportunity of being able to obtain a green card in a less complicated way than most people, this will allow me to skip the H1B process and work for any firm I have an offer from. That being said, I'll have to move to the US and that's a bit of a hassle but a sacrifice I'm willing to make.
London on the other hand, I can stay where I am right now and life is pretty good here. University costs in the UK are a third of what I'll be paying in the US, in fact, it costs less then what's being currently paid for my education. However, I'll need to get a work visa in this case. Coming back to the topic, wouldn't Brexit be a positive thing for me? If I study in the UK currently, EU citizens can live and work in the UK with little to no restrictions. This leads to an increase in competitiveness as the number of people applying are significantly higher and you have students who are fluent in another language. With Brexit, wouldn't my chances be higher as EU nationals will shift their focus towards other offices around Europe? Zurich, Frankfurt, etc? Student's applying outside the UK will go through many more steps towards employment which will put off potential employers.
Thought I forgot about compensation? I didn't. How does compensation differ between NYC and London for Private Equity? I know a bit about lower level comp but not too much about senior level. How does carry differ between NYC and London?
Thanks a lot in advance for any help, I truly appreciate you taking your time to respond.
Realistically not much will change. For non-EU students nothing will change as fees and VISA requirements will most likely stay the same. I don't think EU students will see an increase in fees otherwise they may flock elsewhere and this will be bad for the government/economy to some extent as you have quite a large portion of students in the UK that are EU. This will also spill over into jobs; the UK isn't as big as the US as a single economy so there is some incentive to keep foreigners with language skills in allowing the UK finance sector to work with other European economies with ease too. I honestly think there may be a marginal increase in restrictions for some or some areas but nothing people couldn't handle.
Also remember that a lot of EU students study in the UK to learn/improve the language. Without the UK what are your options? Ireland and the US? Australia? Too far (US and Australia) and too small (Ireland) for most students meaning many will still stay. As posted on another thread, London will still remain a global powerhouse for many industries and will continue to attract talent meaning the negative effect Brexit will have on the job market is most likely small.
Thanks a lot for your reply. I'm assuming that you live somewhere in the UK, correct me if I'm mistaken. By 1 July 2021, EU citizens will either have to hold a settled status or pre-settled status to continue to access public funds and services (healthcare, education, etc). The government has decided to subsidize the fees for EU students for the coming academic year (2019-20). After this point, it's going to be the same fee as international students.
Adding to that, I've heard that a lot of students from other universities around Europe (France, Germany, Spain, etc) also apply for UK jobs. I'm guessing that EU students will prefer to go to their local universities, such as HEC Paris as the fees would be 50% lower. If this is the case, wouldn't international students who study in the UK have an advantage? Since visa requirements are easier than employing an EU national who studied overseas.
Wouldn't this also be a bit of an advantage to UK citizens? They're getting the best of both worlds, no visa requirements and less competition from EU students. I'm probably going to learn German and continue to practice it to have an extra skill under my sleeves. I know I'm not going to be as good as a native German, but something's better than nothing right?
Yes, the settled or pre-settle status should be the permanent residence right? The kind of citizenship you get after 5 years of living in the UK? This will be a requirement but after the deadline I think UK visas will be easier to get than for other nations such as the US. As for the fees, is this something that has been confirmed and announced? Where did you hear this? I'm not calling you a liar, I just find it very hard to believe that the UK government would make such as bonehead move.
The point about local unis will depend based on the subject of study I think - business schools in the UK are still very good but perhaps those studying medicine or engineering may stay home (or at least a larger %). International students may have an advantage but I personally don't know what type of visa they get for studying in the UK and if they need another to work.
This may be a bit of an advantage to UK students but as previously mentioned, companies based in the UK with international operations would want an international crowd as it'll be better for business and easier as a cost - If a bank wants someone to cover the South American market do you think it's easier/quicker to get a talented Spanish student in or wait until a Brit (or anyone for that matter, not discouraging Brits) learns business proficient Spanish?
As a current European living in London, I genuinely thunk that close to nothing will change except that we will have a paper showing that we are FT resident in the UK. If you live FT in the UK you will have the exact same access to education and healthcare as lon gas you pay your taxes in the UK.
If the UK were to change fees for EU students, their universities would attract a lower number of international students (as too expensive for the quality of teaching) hence see a big drop in rankings. UK unis would be UK/Chinese/Indian students only pretty much.
London will and should remain a big financial centre where most opportunities are for people interested in Finance, so anyway most people would want to start in London. I think Brexit would actually hinder your chances as you would see a reduction of finance jobs in London. I have heard some French/German/Italian PE funds based in London are moving back to mainland Europe. And as the Pharma guy said, the will always need people speaking European languages fluently (I'm sorry but brits/internationals are not known to be good at non English EU languages). UK banks have no interest in hiring people not from the local country/people not speaking languages needed for business, as the non locals would in some cases not fit in the culture (ie fratty in the US, laddy in the UK).
Learn German if you think you can be fluent in German, otherwise there is no point, the will hire someone from Germany, IB/Consulting/PE is a client facing business, hence you need to be fully fluent to fit.
And just to touch on your situation, unis are less expensive however salaries are lower, so it kinda balances out.
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