- With average annual tuition topping
$33K, US is also the most expensive destination
- Quality of education and a prospering
job market make the US a preferred choice
- The number of international university
students could hit 8 million by 2025
Nearly one in two parents (48%) rated the United States as the
top destination for their child’s international college education.
HSBC’s The Value of Education Foundations for the future report
reveals the United States is the most popular choice from a list of
50 countries. The UK and Australia ranked as the second and third
choices for an education abroad.
Quality of education and job prospects in the US make it a
favored destination
The majority of parents (59%), when asked to select the one
reason to best explain why the United States is their top choice,
say it is because of the better quality of education, while 29% say
it is for the job prospects. Parents from China (12%), the UAE
(12%) and India (10%) made up the largest proportion of individuals
who prefer the US.
US is the most expensive education destination
Despite its popularity, the US is also the most expensive
destination, with average annual tuition fees at $33,215 per year.
More than two in five (42%) parents cite higher tuition costs as
the most significant barrier to sending a child to college in the
United States.
Parents’ ambitions
Over a third (35%) of parents around the world would consider an
international university education for their child. Ambitions for
an international education are the highest among parents in
Indonesia (60%), the UAE (58%), Hong Kong (54%), India (47%) and
China (44%). Countries where parents are the least likely to
consider sending their child to college abroad are Egypt (10%),
Australia and France (both 16%). American parents interested in
sending their children abroad for a college education fall below
the global average (29%).
Allan Goodman, President and CEO of the Institute of
International Education, comments, “Students and parents consider a
university education in the USA as a good investment because they
have access to the largest choice of excellent colleges and
universities and to the English-language skills that are so
critical in today’s job market. The USA is home to the largest
group of higher education students from around the world– about 1
million in academic year 2014/2015 – who have contributed about
USD30.8 billion to the USA economy over the same period from
tuition and living expenses.”
“Today, there are 4.5 million students enrolled in universities
outside of their home countries, and it is estimated that the
global population of international students could double in the
near future, achieving approximately 8 million by 2025,” said
Goodman.
Germany received highest overall ratings as a destination for
international students
Parents also rated their preferred country destinations on their
quality of university education, job prospects, and quality of
life. The combination of scores reveals that Germany, Singapore,
Canada and Japan stand out as the top four countries across these
factors, achieving overall scores of 13.3, 12.95, 12.9 and 12.9
respectively from a maximum of 15. These countries outscored
parents’ most popular choice, the United States with a rating of
12.77.
Commenting on these findings, Charlie Nunn, Global Head of
Wealth Management at HSBC said, “An international university
education for their child is a highly desirable ambition for many
parents. However, it comes at higher costs, with living expenses
and air fares on top of tuition fees. Early planning and regular
saving can help parents overcome these financial barriers and
unlock the extra opportunities they wish for their child.”
Notes to editors:
About The Value of Education research
The Value of Education is an independent consumer research study
into global education trends, commissioned by HSBC. Foundations for
the future, the third report in the series, was published in June
2016 and represents the views of 6,241 parents in 15 countries and
territories around the world: Australia, Canada, China, Egypt,
France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore,
Taiwan, United Arab Emirates, United Kingdom and United States. The
findings are based on a survey of parents from a nationally
representative sample in each country who have at least one
child aged 23 or younger currently (or soon to be) in education.
Over 350 parents (including 150 with a child at university or
college) were surveyed in all countries. The research was conducted
online by Ipsos MORI in February and March 2016, with interviews in
Egypt conducted face-to-face.
Country league table research methodology
Source: The Value of Education Foundations
for the future survey
The country ranking is based on the popularity (frequency of
mentions) of countries that parents would be most likely to
consider as a destination for their child’s international
university education. Parents selected their first, second or third
choice destinations from a list of 50 countries and territories,
including the 15 countries in the survey.
Parents’ rating (out of 15) for each country is the sum of their
individual ratings for its quality of education, quality of life
and job prospects (each out of 5).
The average annual undergraduate tuition fee for international
students is based on the four most popular subject areas that
parents would most like their child to study at university
(Medicine, Engineering, Business, management and finance, and
Computer and information sciences).
Source: Desk research
The average annual tuition fee across these four subjects is
derived from the 10 largest universities by enrollment (number of
students enrolled) in each country. Both public and private
universities are included.
Tuition fees are for international undergraduate students
studying at these universities and exclude any additional
fees/costs such as administration, examination, books,
accommodation, and travel.
Tuition fee data is sourced either from the university website,
by phone from their Admissions Departments or from other credible
websites. Where course fees were provided in a local currency, it
was converted into USD.
The Value of Education Foundations for the future report was
published in June 2016 and is available on
http://www.about.us.hsbc.com/news-and-media
More detailed methodology is available on request.
About the Institute of International Education
The Institute of International Education (IIE) is the world
leader in designing strategies and implementing programs that
advance scholarship, promote access and build economies. An
independent, not-for-profit organization founded in 1919, IIE has a
network of 19 offices worldwide and over 1,200 member institutions.
IIE manages programs of study and training for students, educators,
young professionals and trainees from all sectors with funding from
government agencies, foundations, and corporations around the
world. These programs include the flagship Fulbright Program and
Gilman Scholarships administered for the U.S. Department of State.
IIE also conducts policy research, provides resources on
international exchange opportunities and offers support to scholars
in danger.
Allan Goodman is President and CEO of the IIE and a well-known
expert into international education trends and students
mobility.
HSBC is partnering with the IIE to provide expert insights to
support the data from the Value of Education Foundations for the
future research, and help understand how parents’ views and
attitudes reported by the research translate into student mobility
trends around the world.
About HSBC Bank USA, N.A.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with
total assets of US$198.8 bn as of 31 March 2016 (US GAAP), serves
2.4 million customers through retail banking and wealth management,
commercial banking, private banking, asset management, and global
banking and markets segments. It operates more than 229 bank
branches throughout the United States. There are over 145 in New
York as well as branches in: California; Connecticut; Delaware;
Washington, D.C.; Florida; Maryland; New Jersey; Pennsylvania;
Virginia; and Washington. HSBC Bank USA, N.A. is the principal
subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary
of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member
of the FDIC.
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Media enquiries:HSBC Bank USAOlivia Weiss,
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