In a year when the number of Indian students opting for foreign education is at record levels, those who are already there are finding it difficult to land a job.
The main reason, according to several students and a few education sector consultants, is the global economic slowdown that has severely reduced entry-level employment opportunities for international students. Even STEM (Science, Technology, Engineering, and Mathematics) degree holders – much sought-after in the post-Covid era – are finding it tough to secure a job as technology and new-age companies grapple with layoffs and hiring freezes.
Many students, even the ones who have studied at top-tier colleges, in the US, Singapore, the UK, Ireland, France and other parts of Europe, are either sticking it out in desperation or have started looking out for opportunities in other destinations such as the Gulf countries or even back home.
Jaskirat Panjrath, a fresh graduate of the Parsons School of Design in New York, is yet to land a job that fits his profile. Panjrath has shot off nearly 150 applications over the past six months with only a few circling back with interview opportunities.
“It’s a struggle, every day,” says Panjrath, 22, currently staying with a relative as he is unable to bear the steep boarding expenses of New York City.
“There is a strong preference for local residents to fill up entry-level positions.”In the US, even internships for the next summer are hard to come by, say students who are already studying there.Shreya Tuli, a first-year student of economics, management and information science at Cornell University, says “There are fewer vacancies for the May-August 2024 summer internships.”
“It’s difficult for international students as companies give preference to Americans or residents,” says the 19-year-old from Delhi.
Visas an extra hassle
Other economic factors such as high inflation, escalating cost of living (especially in Europe reeling under high energy prices on account of the Ukraine war) and local unemployment are making it extremely difficult for Indian students to get hired.
Ananya Gupta, a Masters in Management from INSEAD, who started looking for opportunities in Europe and in Singapore in December, was also faced with the tightening job market and the increasing reluctance of global companies to hire an international student where they have to go through the extra hassle of visa processing.
“It is extremely difficult to land a job either in Europe or in Singapore. In Singapore, for example, most companies are looking to hire Singaporeans,” says Gupta. “Europe is also a tough market for freshers. Another additional challenge in Europe is if you do not know the local language, you are left only with the option of the UK,” says Gupta, who last week found a job with a consulting firm in Dubai after nearly six months of search.
According to latest education ministry data, a record number of nearly 770,000 Indian students headed to study abroad in 2022.
“There are very few jobs even for STEM pass-outs from top-rung colleges. For the ones from second-tier institutes, it’s almost next to impossible to land a job,” says Adarsh Khandelwal, CEO of education consultancy Collegify. “This was never the case in the past. Post-Covid, there was no dearth of employment opportunities for those with any kind of STEM degree, but now the situation is desperate, leaving many with loan burdens and some wanting to return.”
Sudhanshu Kaushik, ED of North American Association of Indian Students (NAAIS), a not-for-profit organisation and a community for Indian students in the US that has over 35,000 graduates and undergraduate Indian students as its members, says: “The tech downturn has come as a huge blow to STEM students.”
A couple of years back NAAIS had started a referral service for Indian students that helped them in getting placed at various corporates through their network and contacts. “This year we shut our referral programme because so many people were approaching us and there are so few jobs,” says Kaushik, who is also a student of the University of Chicago Booth School of Business.
“We have people unemployed for 4-5 months – many with a loan burden. There are many students wanting to get out as the future looks tough for them,” he adds.
“There is a sluggishness around hiring, with many companies deferring joining dates; it is definitely more for international students,” said Amitabh Jhingan, partner, education practise, at EY-Parthenon, the global strategy consulting arm of EY. However, many students from top-tier institutes have opportunities in the Middle East as well as in India – albeit with lower salary.
Rahul Seth, a computer engineering graduate from Trinity College Dublin, was one of the lucky ones to get an offer with a leading energy technology company in Ireland. However, “many of my batch mates are not able to find jobs and are returning”.
“It takes at least 6-8 months on an average to find a new job and even then there is a huge preference for local people,” says Seth, who is looking to return to India.
Mohona Datta, pursuing her Masters in Biological Science at University of California San Diego, says “Many of my friends are trying to get a job but it is very difficult with much fewer opportunities.”
