It’s a pricey affair

It’s a pricey affair Staff Reporter / 13 August 2013 Students in the UAE continue to opt for engineering and business programmes, new research confirms — though the UAE is the most expensive place to attend university in emerging economies. According to the research by HSBC Bank, business and engineering are the two most popular degrees amongst university students in the UAE. The research was done in eight key markets around the world and it examined the most popular university courses, the cost of studying and comparisons between different social and economic factors driving these choices. It revealed that students in new or emerging markets were much more likely to study vocational subjects at university than their counterparts in developed countries. The UAE, in particular, has among the highest proportions of individuals choosing vocational subjects, with 84 per cent of students in the country’s top ten courses selecting Business, Engineering, Law, Medical & Health Sciences and IT to study. In the UK, USA and Canada, the trend is opposite with more students opting for non-vocational courses, including humanities and social sciences with fewer than 60 per cent choosing vocational courses. Economic activities in each country appeared to affect the choice of programmes opted for. Students in the UAE tend to enroll in courses that lead to specific in-demand jobs in the country, which is seen as an important route to good careers and financial prosperity over the course of a lifetime. With infrastructure and construction spending to reach more than Dh480 billion by 2016, nearly double the amount in 2011, students are looking to be part of the UAE’s ongoing growth, which is driving interest in Business and Engineering courses. One of the key insights highlighted by the research is that while the cost of Higher Education is higher in developed countries, notably 81 per cent of GDP per person in countries such as Canada, there is less emphasis on studying courses that lead to a greater “return on investment” in terms of long-term job prospects. Students in economies such as the UK, USA and Canada are being drawn to courses that support their ageing demographic populations, such as Medicine, Nursing and Social Sciences. In contrast, students in emerging economies such as the UAE, Singapore and Hong Kong are more interested in courses that develop skills to meet the growing needs of boom sectors such as Engineering. In the UAE, the cost of studying is equivalent to 51 per cent of GDP per person and an average of $27,375 per year including university fees and living expenses — the highest amongst the emerging economies. When considering the costs of education in the country, students look to reap the benefits of a degree that provides a greater “return on investment” in terms of graduate employment. HSBC Bank Middle East Limited’s head of retail banking and wealth management in the UAE Rick Crossman said: “As higher education increasingly becomes one of the most important investments people can make in their lifetimes, either for themselves or their children, they have to realise the importance of being financially prepared for this goal. This is particularly pertinent in the UAE where we see a greater focus on vocational degrees, which require significant investment.” – muaz@khaleejtimes.com Taylor Scott International