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Germany has overtaken Canada as the premier study abroad destination in 2024, the annual Study Abroad Trends Report 3.0 from edtech unicorn upGrad has revealed.
Recent developments including diplomatic tensions between India and Canada, rising living costs, uncertainty regarding jobs and a drop in study permits issued to Indian students seem to have led to a sharp decline in Canada’s popularity—only 9.3% of respondents picked it as a dream destination—the survey has revealed.
Contrary to expectations, EU countries (48.8%) have been witnessing wider demand followed by the US (27.6%) and the UK (9.5%), found the report, which gathered insights from over 25,000 aspirants across tier-1/metros (42.8%), tier-2 and tier-3 (57.2%) cities.
“From being a metro product to becoming a mass phenomenon, the demand for overseas education is witnessing wider acceptance in India. Fuelled by economic proliferation and unprecedented blended learning models, this is an opportune time for our nation to become the largest talent economy and mobilise a hyper-skilled workforce for the global jobs of tomorrow,” Ankur Nyati, president of Study Abroad, said in a statement.
Demand for the UK has fallen by 11.34% since the previous survey, which could be attributed to the UK's withdrawal of the dependent visa policy. Within the EU, destinations like Germany (32.6%), Ireland (3.9%), France (3.3%) and other European nations (9%) are gaining popularity amongst Indian students in 2024, surpassing Canada.
This shift also highlights a change in the preferences of Indian students, who are now looking at Europe as a hotbed for affordable and high-quality education whilst leveraging on its lucrative industrial prowess.
The majority of study abroad aspirants have an engineering background, followed by commerce degree holders. In terms of work experience, 44% of respondents were fresh graduates, 23% with 0-2 years of experience, 19% with 2-6 years of experience and 14% with more than six years of work experience.
‘Better jobs’ emerged as the top motivator to study abroad followed by ‘quality education’ and ‘permanent residency’. Nearly 45.7% of respondents hold the view that studying abroad enhances their employability, exposes them to global job markets and provides opportunities for professional growth and development.
Management degrees are the most sought-after programmes, picked by 55.6% of respondents as learners aim to bolster their leadership capabilities and aim for the C-suite. 28.7% expressed interest in computer science and IT, reflecting a surge in demand for cutting-edge technology. Traditional engineering and medical science degrees followed.
According to the survey, 41.1% of the aspirants were from middle-class families with an overseas education budget ranging from Rs 16 to 25 lakh. This has also added to the popularity of affordable destinations and blended learning. The second-largest group of 40.4% were those with a budget between Rs 26 lakh and Rs 50 lakh.
The survey found that 66.5% of the respondents preferred to seek education loans to meet the study abroad budget requirements, while the remaining 33.5% said they had access to self-funding.
