Get a Business Degree Before Moving Overseas
by Brooke Faulkner
Retraining into a different career or opening a small business isn’t easy under the best of circumstances. When you’ve decided to start over completely in a new country, the circumstances are rarely ideal. The pressure is on for so many reasons — moving is expensive, and you may only have one chance to make it. There may not be family and friends close by to pick you up if you fall. You’re likely being inundated with new experiences and culture shock, and maybe learning new skills is the last thing on your mind.
If you’re looking to take a new step in your career, however, or at starting a business in a new place, spending extra time on acquiring a business degree could be well worth it. Let’s go over the pros and cons.
As so many other people have proven, it’s very possible to thrive in a new country, and all that pressure might just be the motivation you need to start on a path that truly makes you happy.
The big questions are:
Should You Retrain With a Degree?
The short answer to this question is: it depends. In countries like America, where student debt is skyrocketing, it can be a difficult question and dependent on the resources available. In other countries like Germany, where tuition fees are subsidized, it’s a much easier proposition.
It’s impossible to say “yes, absolutely” or “no, definitely not,” because the world is full of different types of success. Some college dropouts go on to become extremely successful, while many jobs with high salaries won’t consider candidates without relevant degrees. Especially in the business world, roles and job titles are becoming more specialized, and companies hiring for management, finance, and other demanding roles like to see a strong background like a business degree.
As someone new to the country, you won’t have a local job history, and so a degree can provide the proof that you’re knowledgeable and skilled enough for the job.
Does the Type of Degree and Location Matter?
In a word, yes. One of the big questions to ask is where to get a degree to support a career transition. If you’re moving to somewhere where education is cheaper, you may want to wait. If you’re moving to somewhere that education is more expensive, it might be better to plan ahead and work on evening classes or online courses before you move.
Another angle to consider is how the country you’re moving to views the schools in the country you’re moving from. Some degrees are transferable from country to country, but many are not. If that’s the case, you might be wasting your time investing in higher education before you move, only to find out it’s not usable! Different countries will have different professional standards, and different demands in the job market. It may very well be that the country you’re moving from has more prestigious institutions. If the country you’re moving to doesn’t offer courses in a language you’re familiar with, that’s another reason to seek higher education before you move.
Online courses are a potential solution to this problem. You may be able to start studying abroad before you move. Or it might be in your best interests just to wait and plan on deciding what kind of new skills and education you need after you move.
Financing Options
Financial aid differs from country to country. The availability and amount of financial aid, and whether you qualify, should have a large impact on your decision. The amount of financial aid from government programs might be better in your home country, or the country you’re moving to might have specific grants and loans for immigrants or international students. Going to a country on a student visa first can often be a stepping stone toward future residence. Germany, for example, has abolished all tuition fees — even for international students.
Starting a Business in Another Country?
Some countries, such as Canada give preference to immigrants who are looking to start a business. Merit-based visa applications can be helped along greatly if you can prove that you’re going to create jobs. Do you need a business degree for that? Not necessarily! Canada, for example, just requires that you acquire support from designated Canadian investors. But you might need a degree to convince investors in your capabilities.
Bill Gates famously dropped out of school. He went on to build one of the biggest companies in the world. Steve Jobs dropped out too. In fact, there are plenty of stories of dropouts who made it big. As inspiring as it is, though, don’t let the hype cloud your judgement. For every famous dropout, there are so many more dropouts who don’t make it. Since we see the famous ones talked about a lot, it’s easy to buy into the dropout myth — that higher education is not necessary.
While it’s absolutely possible to succeed as a business owner without a business degree, getting the right degree can help reduce the risk of failure immensely — and in the business world, the risk of failure is very high. According to Investopedia: “The SBA states that only 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. The SBA goes on to state that only 25% make it to 15 years or more.”
Getting the right education gives you the knowledge to start up successfully and future-proof your business against mistakes made early on, that become disastrous later. You’ll learn a lot of the details about running a small business that you might otherwise not know or learn without training and mentorship. You’ll learn lessons the easy way, in a safe environment, instead of learning them during business failure.
So, is a business degree worth it? Honestly, that’s up to you. Like everything in life, a degree’s worth is in how it’s used. The wrong degree could be a waste or a hindrance, but the right one could set you up for success in a way nothing else can.
In many cases what you’ll want is good information. That could come in the form of a career or academic advisor based in the country you’re interested in moving to.
Need further guidance?
Check out Angie Weinberger’s Global Career Workbook or sign up to our website as a Reader of the Global People Club Sandwich.
Brooke Faulkner is a writer in the Pacific Northwest who has conducted business all over the world. You can find more of her writing on Twitter via @faulknercreek
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