It is no surprise that education is one of the biggest determining factors of an economy’s success and growth, which is why in fall of 2015, some 20.2 million students were expected to attend an American college or university. Since 2009, there has been an increase of over 4.9 million college attendees. However, education is not nearly as accessible in other parts of the world as it is in the United States, and it is restricting potential growth.
globalEDGE Blog - By Tag: education
The 2014 Annual Report for the International Business Center (IBC) at Michigan State University’s Broad College of Business is now available! In 2014, the International Business Center was reaffirmed as a Center for International Business Education and Research (CIBER), which is a competitive, four-year grant funded by the U.S. Department of Education. The report highlights the International Business Center’s accomplishments in 2014 and provides an overview of the services and resources the IBC has to offer.
Yesterday, our latest blog post examined the business effects of the new tuition reimbursement plan of Starbucks at a macro-level. Today, we will cover the plan in more detail to learn how it could affect workers on an individual level. In attempts to decrease employee turnover, many large companies are seeking new retention strategies. Starbucks is using an education incentive to achieve this goal. Its new “Starbucks College Achievement Plan” will help qualified workers pay their full tuition for online courses taken through Arizona State University. And although the program has impressive benefits, some critics believe that it will not help workers as much as it promises.
This past week marked an announcement that was truly groundbreaking. Howard Schultz, the CEO of Starbucks, informed the nation that all employees of his company would be eligible to attend college on the dime of Starbucks itself. Companies in the past have paid for schooling of certain members of their organizations but this is the first time that a company is willing to send any employee of the company to college.
Post graduation, previous students have to make a decision. Should they continue to educate themselves and receive a higher degree in order to make more money upon entering the workforce? Some select this option; however, in recent years the number of students immediately planning to do the opposite has increased, particularly in China. In regards to Chinese Business School grads alone, 76% plan on beginning their job search promptly after graduating.
As students all over the country depart from the cozy homes of their parents to go back to school a question with a seemingly obvious answer is asked - why? The start of a new semester signals a new beginning that entails learning and growth for another four months. The obvious answer to why so many young people do this every fall and winter is that school provides them with necessary skills in order to make a living in the world—a world that is becoming ever more competitive. However, little research has been done on exactly what return someone may receive for the skills they possess. The OECD published a recent paper taking a stab at this question.
For as long as most people can remember, receiving a Master of Business Administration (MBA) degree has been the first step in becoming an entrepreneur and starting one’s own business. After gaining some significant prior work experience, an MBA degree candidate is expected to dedicate two academic years to taking courses structured around core business concepts. These programs are costly; the 2 year MBA degree at Harvard Business costs upwards of $56,175. And even with 65% of students receiving some form of financial aid, many are beginning to wonder: is the cost of education worth the risk of starting up a business that has a chance of failing?
Are you a recent college graduate with no job prospects or hope for repaying your student loans? If this doesn’t describe yourself, you probably know someone in a similar situation. Maybe packing your bags and heading to China to work with the People’s Liberation Army is the answer to the distressed college graduate’s problems.
There have been recent increasing efforts to recruit highly educated individuals to work for the PLA. Employees not only earn financial compensation, but also the highly coveted hukou, which is a permanent Beijing residence card, after serving their duty with the Army. The new recruiting strategies aim to upgrade the PLA to a higher caliber. However, can China prove that it is all that it’s cracked up to be for aspiring young graduates?
A few weeks ago we briefly wrote about the shortage of talent that businesses need and rising educational costs associated with that. Today, we take an in depth look at student debt around the globe and how countries tackle the growing problems that are associated with student loans
Jobs, a word that stirs up many emotions, and as of late mostly worry. For those of all ages the economy is worrisome. From those who have been loyal employees at the same company for thirty years to those stepping off of campus this month with the ink still wet on their diplomas. All are troubled with what the future holds for them. Every year, at this time, the discussion resurfaces and as graduation inches closer for us here the thought of life after school becomes ever more prominent.
No matter where you are in the world, the sustainability of almost every economy depends on one critical idea. Young and highly educated workers must be able to fill the void created by an aging population leaving the workforce. In the competitive global economic landscape of today, even highly developed countries cannot afford to slide into downward educational trends. One can obtain great foresight into the future outlook of the global economy by simply comparing international education across industrialized economies. This analysis leads to the discovery of many surprising revelations about the future setting of the global economy.
Business schools have continuously taken steps to prepare students for today’s increasingly international business world through study abroad programs, leadership programs, and international enrollment. NAFSA: Association of International Educators was originally founded to help foreign students become familiarized with the United States’ college communities. Now the association assists in opportunities for American students to study abroad, participate in exchange programs, and study foreign areas and languages. NAFSA now has close to 10,000 members who are international educators.
As a current college student, I always find myself interested in the huge investment that many students are making in college. This is especially more interesting to me as many nations are experiencing rising unemployment rates and many college students are returning home to live with mom and dad according to a Pew study. Further, the Federal Reserve of the United States just released new data on the debt levels that college students and graduates have accumulated. While this is a problem that is mostly unique to the United States, the European Union and many Asian countries currently subsidize higher education. Therefore all countries should pay attention to this as the subsidies may run out in the near future.
Doing business in India can be difficult for the new executive sent on assignment to India. As the world’s second largest country based on population, India is expected to become one of the biggest economies by 2050, projected by PriceWaterhouseCoopers. What is strange is that India does not have a truly national language, unlike the other large economies such as China and the United States.
A major trend in international education is the increase in students studying abroad and enrolling in universities outside of their home countries. Each year billions of dollars are invested in educating bright minds and building relationships by sending students abroad for a well-rounded educational experience. Not only does this movement have profound impact on the future landscape of education, but the exchange of students is giving host countries an economic boost. A recent report by the National Association of Foreign Student Advisors found that international students contributed nearly $22 billion to the United States economy in the school year 2011-2012.
In a global economy marked by unemployment, it might be surprising to hear that one industry is actually booming with career opportunities. That industry happens to be Big Data and business analytics. By 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills. According to a McKinsey Global Institute report, the big data industry will also need over 1.5 million people in the next few years capable of analyzing data that enable business decisions. Global companies have begun the search for employees with complex skillsets and the ability to analyze large amounts of data. As you can see, big data is becoming ever so important for international business.
On November 9th at the Business College Complex at Michigan State University, Eli Broad spoke to students of The Eli Broad College of Business about his views on business, philanthropy, and the future of education. Eli Broad funded the The School of Business at Michigan State University, and has continued to support his alma mater throughout his life. Through his many different careers he gained a vast amount of knowledge in many aspects of business, helping to facilitate his long and successful run in the business world.
As globalization affects international business in almost every way possible, it also affects education to great extents. International education is on the rise as the demands of a globalized world bring the need for students to understand broader issues around the world. Students, the future business leaders of tomorrow, have become more mobile than ever in search for global experiences and job opportunities overseas. In past years, many students moved abroad to study in developed economies such as the United States and United Kingdom. However, that trend is starting to shift as many people believe the booming economies in the East offer more job opportunities than the West.
To compete in the global economy, a country’s workforce must be knowledgeable, well-trained, and understand the complexities as well as the benefits created by globalization. It’s true that accomplishing these objectives is easier said than done but in our hands lies a great tool to assist us with these goals—and this great tool is simply education. Just as globalization has changed business around the world, it is also changing education. A common trend in higher education policy is the internationalization of education to help students live, work, and be successful in today’s interconnected global economy.
No. Well, at least not for a while, according to Xu Xiaoping. Xu ranks among China’s most prominent angel investors. He is also CEO of a NYSE-listed education company called New Oriental Group that helps prepare people from China to study overseas. There are many reasons why innovation has been lacking in China. Many of these reasons deal with cultural differences in comparison to other countries, where innovation is encouraged and embraced.
It is a fact that we live in a global world where country economies are closely intertwined. Total world trade is in the trillions, many of China's exports end up on Wal-Mart shelves, and a few months ago when the Japanese earthquake and tsunami struck the Asian country, supply chains were disrupted worldwide. Moreover, technology doesn't take a break and new innovations are presented to the market daily. Yet, the world is still in a financial crisis and the need for more world-class business leaders is growing. This in turn puts more pressure on universities to improve their business programs.
Monday, November 14, 2011 marks the beginning of International Education Week and this year’s theme is International Education: Inspiring Students Locally to Succeed Globally. This is the 12th annual International Education Week, and its general focus is to increase our understanding of the world around us, so we are able to communicate and interact with people of cultures different than our own.
In a recent Wall Street Journal article the idea of more and more students taking off a year before college was raised. These students would instead travel, volunteer internationally, and even study fields they are interested in pursuing. After seeing the increase of those engaging in the "gap year" as they call it, it further begs the question "why"?
There are 33 CIBERs within the United States. These Centers for International Business Education and Research (CIBERs) were created by Congress under the Omnibus Trade and Competitiveness Act of 1988, the purpose being to increase and promote the nation's capacity for international understanding and competitiveness.
Did you know that only 14% of children who live in Latin America receive a private education? As with many parts of the world, education and economic status go hand-in-hand in this region. Recently, large companies have viewed Latin America as a unique test bed to join business with social issues for the benefit of children’s education. Microsoft has come alongside organizations whose goal is to provide one laptop per child throughout Latin America. This is just the tip of the iceberg in growing education, technology and human capital concurrently in a part of the world that is considered an emerging market.
The world is continuously changing with new markets, international trade and political movements as well as educational and cultural fluctuations. The only question is where exactly is all this change occurring? A new study by A.T. Kearney has just come out with the Top Global Cities of 2010.
As a second-year MBA student, I am constantly scanning the internet for articles and opinions about the future hiring prospects of people who earn a graduate degree in business. I recently came across a particularly interesting opinion about veterans of the Israeli army. The article asserted that veterans of the Israeli Defense Forces (IDF) not only have skills for combat, but are equipped to address everyday problems of regular consumers. Many of these veterans are valued for their strong values and ethics in the private sector. So, how is the MBA viewed out there in the international community? Is it worth the time and money?
In a challenging economic environment, young professionals and recent graduates across the globe are forced to think of new ways to enter the workforce.
In the United States, some are taking an entrepreneurial approach. These entrepreneurs recognize that what they are doing on the side can create revenue – running a website out of their home or offering social media marketing consultation – and can be performed anywhere in the world with anyone, at any time. They toss the security of a paycheck and good benefits at a place that is now considered a boring place to work.
In China, the story is different. The economic future looks (arguably) optimistic – China boasts more than 10% growth on average. The problem is that China is providing more than 6 million college graduates a year and the economy is not producing the number of jobs demanded by the graduates. The video below is a great 6 minute documentary on the issue, especially for international students traveling to China to broaden their interests and expand their resume.
China is growing. India is growing. In fact, the whole of Asia is expanding rapidly - in population, economy, and technology. The latest area Asia is looking to improve upon is education. Countries like China and India are in the process of trying to establish themselves as leaders in the world of business education. They’re doing this by offering Western-trained business professors opportunities they wouldn’t be able to get normally.
The Financial Times ranks the top Global MBA schools each year based on a number of factors. These include alumni salaries and career development; the diversity and international reach of the business school and its MBA programme; and the research capabilities of each school. There are interesting subsets such as the percentage of international students and the international mobility rank, which tells you whether alumni are working abroad or not. Check out the top ten below, and the complete listing here!
Brought to you by the U.S. Commercial Service, there are still eleven more webinars from the excellent Basic Guide to Exporting Webinar Series. There is still time to register, but don't delay. In particular there is a webinar on June 15, titled "Improving Your Cultural Intelligence." Cultural Intelligence (CQ) is described as the capability to function effectively in a variety of national, ethnic and organization cultures. You can learn how to do the following:
- Identify the cultural implications of your marketing and negotiating decisions.
- More effectively function in culturally diverse settings.
- Enhance and build your Cultural Intelligence.
You will have your questions answered by David Livermore. Listen and learn from questions asked by companies participating in the Webinar. Dr. Livermore has written many award-winning books on this subject. He will also be speaking at the CIBER Short-Term Study Abroad(STSA) Conference in Kansas City from June 4-5, 2010. Short-term study abroad is one of the fastest-growing formats of study abroad, and it appeals to students and presents unique challenges in curriculum, financing, and program management. Interested? Learn more about the conference and come listen to some great speakers!
Lately, Qatar has been working hard to become a distinct country with a refreshed vision. As a matter of fact, its leadership has begun implementing a plan which will help the country arrive at significant goals and transform by the year 2030. In a conversation between Doug Barry, a U.S.-based International Trade Specialist at the Commercial Service and Dao Le, a Qatar-based U.S. diplomat, some of the opportunities for United States Businesses were outlined.
How are filmmakers from developing countries helping students learn about strife and poverty across the globe? How can a student in India earn a Masters degree in America without ever setting foot on campus? The answer to these questions is the same: Technology. Technological capabilities are improving at a break-neck pace. At the same time, the demand for personal cultural awareness, advanced degrees and lower costs are more prevalent than ever. International education now means much more than studying abroad. In today’s society, new technological capabilities are allowing more people to develop skills at a lower cost.
It isn’t really a secret that knowing the culture and language of a country will help one to have a smoother stay there, whether it’s for business or pleasure. However, while learning a new culture and language can be a short, fun experience for tourists, the necessity of mastering a foreign language and becoming culture-savvy for business purposes is much more important. In honor of International Education Week, it is valuable to highlight the importance of linguistic and cultural education in this ever-globalizing world.
Now-a-days, students have the opportunity to study in numerous countries. Each year, thousands of students travel abroad to enhance their academic and cultural experiences. Open Doors Institute of International Education’s 2009 International Educational Exchange was released on November 16th. It included everything from leading destinations and primary sources of funding to regions and popular fields of study.
In an ever-flattening world, the need for a pronounced international emphasis in education is becoming more apparent every day. Universities and larger colleges have been able to adapt to this need relatively quickly. In a 2002 article, Philip Artbach and Jane Knight wrote that the focus of international activities in universities have expanded greatly over the last twenty years ranging from “traditional study abroad programs allowing students to learn about other cultures to providing access to higher education in countries where local institutions cannot meet the demand”. Much of this drive towards internationalization is motivated by profit (schools marketing internationally or promoting a new internationalized aspect of their programs) and the desire for students to study in English-speaking nations.
International Education Week was started back in 2000, and is now celebrated in over 100 countries worldwide. This annual initiative strives to promote international understanding and build support for international educational exchange. Exchanges are critical to developing mutual understanding and respect, building leadership abroad, and investing in the future relationship between all peoples of the world. Not only is this exchange great for the future leaders of the world, but it is also a vital service industry, and brings in a lot of money to countries around the world.
Next week their are two themes of importance in the global community. We will be highlighting International Education Week, which is an opportunity to celebrate the benefits of international education and exchange worldwide. However, don't forget about Global Entrepreneurship Week, which is an initiative to inspire young people around the world to embrace innovation, imagination and creativity. So please join us next week as we explore the many aspects that make education and the global exchange so great, and don't forget to continue to innovate, imagine, and create!
In response to the growing need for globally-minded business leaders, more business schools are now offering international MBA programs. The easy way to create such a program is to throw in a few international business courses into the school’s core curriculum. Yet many of the top American b-schools wouldn’t exactly be “international” if they basically stuck to the same curriculum while catering primarily to American students on U.S. soil. More and more schools are now courting foreign students, and some are even transplanting faculty and students alike to sister schools abroad. A recent article by Latin Trade encapsulated the trend very well.
American universities are not cutting down on financial aid; instead, they are cutting down on students who need it. This year will be harder on students pursuing higher education if they need financial aid. According to a New York Times article, students who are “maybe-s” when it comes to acceptance are more likely to be denied if they need financial aid. Truly, there is more financial aid available for universities to award; however, there is also an increase in students who need it.
Companies are starting a new trend of offering to their employees custom designed classes right inside their four walls. There is no need for employees to relocate to a university far from their home and work to take classes. This makes higher education convenient for employees who have families and other limitations. Many companies want their executives to gain skills and acquire experience in real world environments, as well as get up to date on corporate standards. At the same time, companies don’t want to disturb executives’ work schedules by sending them to colleges in distant countries.