With graduation looming in a few months, there is the big question of what next? It seems to be everyone’s favourite question to ask and one that most people don’t have an answer for. Some people may consider doing a panic masters, but have you ever considered doing a panic masters abroad…
People choose to pursue a master’s degree for many reasons from loving studying to aiming to improve future career prospects. There are many advantages of doing a masters in the UK; it provides a level of comfort and familiarity as you continue in the same education system and may even continue at the same university you completed undergrad at. If you continue at the same university, you will likely already know people and with being in the UK, you will never be too far from friends and family. Furthermore, you can avoid the issues that come with studying abroad like visa, currency, etc.
However, the cost of completing a masters in the UK is astronomical and not feasible for many students. The cheapest MSc in Economics I could find was from University of Exeter due to their 20% reduction in fees for students that completed undergraduate there. It would usually be £14,900 for a yearlong course and with the Exeter Alumni discount, £11,920. Some of the most expensive masters come from LSE with MSc in Economics costing £41,000. On top of these tuition costs, if you had to move to the city, you would have high living costs. The maximum postgraduate student loan offered if the course starts on or after 1st August 2025 is around £12,850. This student loan wouldn’t even begin to cover both tuition and living expenses for a year, making master’s unaffordable for many. If you have the option to live at home and commute this could be a feasible option, otherwise the cost is likely to great for most.
Doing a master’s abroad has many perks, the main one being it gives you a chance to experience living in a different country. Not only does this allow you to explore the country but also others around it. Some master’s abroad are a lot cheaper than the UK ones. If you have EU citizenship or a golden ticket as I like to call it, you are in luck. You can move within the EU without visa and some countries like Finland and Denmark are free to study in; others have fees but are significantly less. As an international student, the fees are more expensive and many on par with the UK, but some are cheaper such as Vienna University of Economics and Business charge international students around £600 a semester. In some cases, it is cheaper than the UK and gives you an unforgettable experience of living and studying abroad.
Doing a master’s internationally does still have its problems and can be costly. If you pursue a master’s degree abroad, you are not entitled to a postgraduate student loan and would most likely still have to pay for living costs. On top of this, masters are usually 2 years long in most European countries meaning all the expenses would be for two years and there are extra costs associated with moving abroad like visa and insurance. One silver lining is that some student visas allow part-time work alongside studying.
The high costs associate with pursing a master’s degree both domestically and internationally make it unfeasible for most people and highlight the huge unequal access to higher education. Whilst the student loans introduced 2016 have helped making them more accessible, I would argue they aren’t doing enough.