
Should I consider the UK to pursue a master’s (in finance) as they have introduced a new post-study work visa of 2 years despite Brexit?
UK Finance Master’s: Is PSW Worth It After Brexit?
Whether you should consider the UK for pursuing a master's in finance, especially given the introduction of the 2-year post-study work visa (Graduate Route) post-Brexit, depends on several factors related to your career goals, personal preferences, and the financial implications. Here are some points to help guide your decision:
Advantages of Studying in the UK (Post-Brexit Context)
1. Graduate Route (Post-Study Work Visa):
o The UK’s introduction of a 2-year post-study work visa is a major advantage for international students. After completing your master's in finance, you can stay in the UK for 2 years to search for a job or work at any skill level during this time.
o If you find a skilled job (in finance or another field), you can switch to a Skilled Worker Visa (formerly Tier 2), which would allow you to stay longer in the UK and even pursue permanent residency options later.
o It’s a great opportunity to gain work experience in a major global financial hub, particularly if you are aiming to enter the finance sector.
2. Global Financial Hub:
o The UK, especially London, remains one of the largest global financial centers, with significant opportunities in banking, investment management, fintech, and other financial services.
o Many financial institutions are headquartered or have large offices in the UK, so it’s an excellent place to build a career in finance.
3. Networking and Reputation:
o UK universities, particularly those offering finance and business programs, are often well-ranked globally, which can open doors for you in the finance industry.
o Studying in the UK can provide excellent networking opportunities with professionals, peers, and alumni who are influential in the finance industry.
4. Work Opportunities After the Graduate Route:
o Once you complete the Graduate Route and transition to a work visa, the UK offers a wide range of job opportunities in finance. The job market remains strong in sectors like banking, asset management, consulting, and more.
o The UK also has a flexible job market with opportunities to switch between industries, which could benefit you in the long term.
Challenges and Considerations Post-Brexit
1. Visa and Immigration Process:
o Brexit means that EU citizens no longer have automatic rights to live, work, or study in the UK, so if you're from the EU, you'll need to go through the same visa process as non-EU students.
o While the Graduate Route visa is beneficial, the UK has stricter immigration controls than before Brexit, which means additional paperwork, potential costs, and considerations when transitioning to a work visa.
2. Cost of Education and Living:
o The UK is known for having high tuition fees, especially for international students. You should weigh the cost of studying (tuition fees, living expenses) against the potential return on investment in terms of job opportunities and salary in the finance sector.
o Living expenses, particularly in cities like London, can be high, so you need to ensure you can manage the costs, possibly with financial aid, scholarships, or part-time work.
3. Competition:
o The UK is home to a large number of international students, so competition for jobs, particularly in fields like finance, can be tough. The Graduate Route offers flexibility, but securing a skilled worker visa after the two years depends on finding a job that meets the required criteria.
o You may need to be proactive in job hunting, internships, and networking during your time on the Graduate Route to maximize your chances.
4. Brexit Impact on Financial Sector:
o While London remains a global financial center, Brexit has led to some changes in the financial landscape. Some financial institutions have moved operations to the EU to retain access to European markets, and there might be some shifts in certain sectors within finance. However, London still offers a wide array of opportunities.
Comparing to Other Options:
1. Other Countries' Post-Study Work Visas:
o Countries like Ireland, Canada, and Australia also offer strong post-study work options and thriving finance sectors.
Ireland offers a 1-year (or 2-year for postgraduate) post-study work visa and is a growing financial hub with many global firms. The post-study visa does not apply across the EU, though, which limits your options for relocating within Europe.
Canada has a Post-Graduation Work Permit (PGWP) that allows graduates to work for up to 3 years, making it a great option for gaining work experience. Canada is also a stable and growing market for finance professionals.
Australia offers a Temporary Graduate Visa (subclass 485), allowing you to stay and work for 2 to 4 years after completing a master’s, depending on the qualification level and location.
2. EU vs UK:
o The UK is no longer part of the EU, which means the freedom of movement across EU countries is no longer available. If working across Europe is a priority, you may want to consider EU countries with strong finance programs like Germany, France, or Netherlands. These countries also offer post-study work opportunities, but they tend to be more restrictive than the UK's Graduate Route.
Conclusion:
Studying in the UK for a master’s in finance, especially after the introduction of the 2-year post-study work visa, can be a solid option for those wanting to gain experience in one of the world’s largest financial centers. However, consider factors such as cost, competition, and long-term career plans. If you are specifically interested in pursuing finance in the UK and want the flexibility to gain work experience, it could be a very beneficial move. But if you're looking to have the option to move freely across the EU or if costs are a major concern, exploring options in other EU countries or Canada may also be worth considering.
Sharing is caring, show love and share the thread with your friends.
Please Login to reply this topic. If you do not have account, please Register.