On 23rd June 2016, the British public voted to leave the European Union, which it had been a part of since 1973. With such a monumental decision made, academics in top business schools in the UK began to worry. How is Brexit going to affect business schools in the UK?
The truth is that no one can know for certain until Brexit can actually happen – the deadline for which is 31st January 2020. While students around the nation are busy writing their essays, academics are trying to weigh the positives and negatives that Brexit will bring for business schools in the UK.
If you’re wondering about the effects of Brexit on top business schools in the UK, we’ve analyzed them for you!
How Brexit May Negatively Influence UK Business Schools
1. Lesser Student Intake
As a part of the European Union, the UK offered European students discounted tuition fees. However, after Brexit, UK business schools will have to charge European students the international fees, which is approximately double the previous fees charged. This means many European students may not be willing to apply to schools in the UK anymore.
2. Loss Of International Faculty
After Brexit, it’ll be much harder for Europeans to work in the UK, due to visa constraints. The laws applicable are also bound to change. While previously European citizens had lax working laws, it’s likely that now they’ll be subject to laws pertaining to foreigners working in the UK. A recent survey found that 19% of business schools in the UK have already faced a decline in retention of European faculty.
3. Loss Of European Research Funding
Due to the fact that many European nationals studied and worked in business schools in the UK, many European governments and organizations gave them research funding. However, since the announcement of Brexit, this funding has been reduced drastically. This could have disastrous effects on the future of these schools.
4. Visa Problems
Even if British business schools are able to recruit students and faculty from Europe, it may not make a difference. One implication of Brexit will be that Europeans will now need to get a visa to study or work in the UK. This makes the whole process of coming to the UK much more difficult for Europeans. It’s no wonder that a poll by the Graduate Management Admission Council (GMAC) showed that 51% of non-British Europeans were reluctant to study in the UK after Brexit.
Positive Effects of Brexit on UK Business Schools
While top business schools in the UK worried greatly about the negative effects of Brexit, the truth is that their concerns may have been unfounded. The reality is that Brexit may not harm business schools as much as we think!
The number of European students applying to business schools in the UK hasn’t decreased since the results of the referendum, contradicting what many people thought would happen. In fact, these numbers have actually increased!
Partially this is because the Pound sterling declined in value following Brexit, making UK tuition fees more affordable for European students. The fall in the pound also means that many other British services will be cheaper for European students, such as a British essay writing service that can give you essay help in the UK. Thus, students can afford more due to the depreciation of the pound sterling.
UK MBA programs are also very reputable among the European Union. They rank highly, have excellent teaching faculty, and provide great value for money. The promising opportunity for a job with a UK MBA degree means that the pool of applications for business schools in the UK won’t be declining any time soon!
Do keep in mind though that British MBA programs are challenging to do well in and require you to write a lengthy dissertation or final essay. The standards to excel are also tough, and all your work must be free of plagiarism. Luckily, the end reward is worth all the effort!
Part of the sustained popularity of top business schools in the UK has to so with decreased interest in the United States. The American government’s anti-immigration policies have made the US an unpopular choice for many students, who are choosing to apply to the UK instead.
Until it actually happens, we can only guess how Brexit will affect UK business schools. The reality up to now has shown both positive and negative effects, and there’s no telling which one outweighs the other.
Regardless, if you’re a European student wanting to study in the UK, don’t let Brexit deter you! If you’re willing to work hard and write a stellar final essay that’s free of plagiarism, then a British MBA is for you.