Studying Abroad as a Business Student
Many students study abroad during their four years of college. In the US, “10.9 percent of all undergraduates (including community college students), and 16 percent of all students enrolled in baccalaureate programs, study abroad at some point during their degree program.” (Redden, 2019) This is a huge increase from previous years. Still, some people are unsure if it is worth its price. By the end of this article, you’ll understand that studying abroad is worth it, and you’ll walk away with resources to make it more affordable.
Why Study Abroad?
If you’re considering a career in business, the skills you’ll gain from studying abroad are invaluable. The first and most obvious reason is that having travel experience under your belt makes you more marketable. Graduate schools and employers like to see applicants with study abroad experience because it means you have a well-rounded worldview, good communication skills, and adaptability. “A full immersion in another culture heightens one’s cultural sensitivities and opens our minds to the complexity of the world,” Chancellor Woddon of NC State University says. Being knowledgeable about different cultures translates well into the workplace, especially for a career in business, which is dependent on building and maintaining relationships. When you study abroad, you have to find ways to effectively communicate with people you may have language or cultural barriers with. Overcoming this challenge shows employers that you are adaptable and a quick learner. Both of these traits are necessary for the quick thinking environment of many business-related jobs. In addition to helping you land a job or get into graduate school, studying abroad allows you to expand your network by making friends in different countries.
What are the Best Locations?
Although it’s possible to gain the skills mentioned above from any place you visit there are a few destinations that are ideal for business students due to their unique opportunities. London is ranked second, just behind New York, on the list of global financial centers, making it an ideal place for students studying business to visit. American business students who travel here have the benefit of learning the ins and outs of finance in a foreign country without having to work around language barriers. It is also home to The London School of Economics, a highly regarded institution that business students studying abroad should look into. Second, on the list is Shanghai. Shanghai provides study abroad students with the opportunity to experience a completely different culture. Since China has the largest population out of every country and one of the highest GDPs, there are many opportunities for students to immerse themselves into the work-life of the country. For students interested in pursuing finance, the Industrial and Commerical Bank of China (ICBC) might be of interest. ICBC is a multinational bank based in Shanghai with assets amounting to over $4 trillion. São Paulo is the final opportunity-rich location for business students on this list. Not only do students studying there get the benefits of warm weather and sandy beaches, but they also are in Latin America’s heart of business.
Making it Affordable
All of that sounds great, but you’re probably wondering about the price of these trips. The average cost for study abroad per semester is $14,295 (Goabroad, 2019). That’s $14,295 more than most people can afford to spend. Luckily there are many scholarships, grants, and financial aid opportunities for people who want to travel during college. Many people don’t realize that FAFSA can cover the cost of studying abroad for people with financial needs. There can also be hundreds of scholarships available depending on what region you want to travel to. If this sounds interesting to you, you can use a searchable database. Diversity Abroad Scholarships and Grants is a free database that provides scholarships that target minority, low-income, and first-generation students. IIE Passport Study Abroad Funding is another searchable database that provides study abroad scholarships, fellowships, and grants.
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