Tough visa rules, lack of internship opportunities leading to employment are among the factors leading to a decline in non-European Business graduates choosing to stay on and work in the UK even after acquiring their degrees from top business schools in London and elsewhere in the country.
According to data collected by Financial Times, in 2011, about 24% of graduates from outside the European Economic Area (EEA) had stayed on in the UK three years after graduation, the figure dipped to just 12% in 2016.
The EEA comprises the 28 European Union member states as well as Iceland, Liechtenstein and Norway.
Meanwhile, continental Europe managed to retain almost four times more graduates than the UK at 43% in 2016, only a marginal fall from 48% in 2011.
According to data collected by Financial Times, in 2011, about 24% of graduates from outside the European Economic Area (EEA) had stayed on in the UK three years after graduation, the figure dipped to just 12% in 2016.
Interestingly, UK business schools attract mainly international students. Their presence could be as high as 92% in pre-experience Finance and Management programs. Of these students, 82% were from outside the European Union (EU), mostly from Asia, China in particular.
Their age at the time of graduation would be around 25, which means they would be able to contribute a great deal to the economy by staying on and working in the UK.
So what are the factors that seem to be making UK less of a destination to make a career even for those who had studied in any of the top ranking business schools like London Business School (LBS), Imperial College Tanaka Business School, Warwick Business School or Said Business School of Oxford University?
UK seems to be lacking in internship opportunities. Unlike the situation in countries like France and Belgium where almost all students manage to get internships as part of the programs, the figure for UK is just 9%.
The advantage with internship is that it opens many a door to pursuing a career in a company that translates into staying on and working in the country after graduation. Almost 45% of all graduates who completed an internship did it in their country of study and two thirds of them got a job offer, FT said.
Meanwhile, in the US which has, like the UK, a very low percentage of students doing internship, about 40% of non-EEA and non-US graduates stay on for making a career, despite a tough visa regime.
The UK too may very well be seeing the fallout of a stringent student visa regulation introduced by the government in 2012. It made it necessary for non-EEA students to find an employer willing to sponsor them.
Not many employers are willing to go through the process, especially smaller companies, according to Sue Thorn, Director, Career Services, Warwick Business School.
The Tier 2 visa that allows the applicant to work in the UK for 5 years has numerous conditions and is not easy to get.
Then, there are those who just want to join one of the reputed business schools and return home after acquiring a degree.
(Data Courtesy : FT Research, Image Courtesy : www.flickr.com)
