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No job in hand, students in U.S.,
U.K.
return to India
Thursday, May 21, 2009,
Siliconindia News Bureau
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New Delhi:
The students who left India for a
better career in the U.S. and U.K. are now returning to their
homeland as they could not find a job after completing their courses
there. What precipitated the situation is that those who had got
offer letters from some of their dream employers later found the
letters being withdrawn by the organizations.
Last November, Abhimanyu Gupta, an MBA
student in New York University's Stern School of Business had landed
a job offer from Bank of America's investment banking division. This
February, the bank withdrew the offer and Gupta's world tumbled down
just like the global markets. Now, the 27-year-old chartered
accountant, who left his home Mumbai in 2007 to become an investment
banker in the world's financial capital, plans to return home if he
doesn't get an offer by June when his course ends. Gupta concedes
that his chances of finding similar job in the U.S., which is
battling the worst downturn in decades, are bleak, reports The
Economic Times.
Universities like the Harvards, Whartons, NYU Sterns, Kelloggs, MIT
Sloans, Michigans and Dukes - the dream destinations of students
till the other day - no longer guarantee top-dollar jobs. One year
of downturn has turned the students' world upside down.
A recent study by the University of California, Berkeley, says that
almost 84 percent of Indian students and 76 percent of Chinese
students in the U.S. think it will be difficult to find a job in
their field in the country. Even lenders are tightening the noose on
international students. First-year MBA students, who were relying on
loans from U.S. banks to fund their second-year expenses, are in
trouble because the banks have stopped lending to international
students without co-signers.
Now, most Indian students in the West are betting on their home
country. "Not getting an offer there, they are looking homewards.
Given the economic health of the U.S., India seems a better option
right now," says Brijtendu Sarkar, Chief Restructuring Officer at
Birla VXL, who did his MBA in general management for senior
professionals from London Business School (LBS) last year.
The U.S. economy shrank 6.1 percent year-on-year in the first
quarter of 2009, following a 6.3 percent decline in the last quarter
of 2008. A recovery is unlikely before the end of the year even in a
best-case scenario.
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