Is MS in Chemical Engineering Worth It If You Are Already Earning Well in India?

This article is in continuation of our series “Is it Worth Studying Abroad if you are already earning well in India?” We’ve covered three Master’s degrees till now,

• Mechanical Engineering
• Computer Science 
• Material Science

Swing by to the linked blogs if those are the subjects of your choice. If you wish to pick up an MS in Chemical Engineering for Higher Education Abroad, Read Further.

Is it Financially Worth Studying MS in Chemical Engineering Abroad?

Going to the US for higher education is a serious investment. Opting for master’s degrees in Germany, Canada or Australia is no laughing matter either. Therefore, it makes sense to prudently consider if going abroad for further studies will be a fruitful endeavor. One way to find the answer is to use the estimate future earnings tool.

It is using the tool that we answer the question – Is it a sound decision to quit your job (or give up a job offer) in India to study M.S. in Chemical Engineering abroad. The tool gives three values - NPV, IRR, and Profit and each of them helps make the decision.

A detailed explanation of the Estimate Future Earnings Tool, three terms, and the standard assumptions are taken are given in this section of our previous blog. It is highly advised that you read it.

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What are NPV and IRR? A Gist.

The NPV is the discounted difference between cash flowing in and cash flowing out over a given period. A college with a higher NPV (Net Present Value) is a better choice. The same logic applies to Internal Rate of Return as well. The higher it is, the more preferable the university is.

Listed below are the four most popular countries for overseas education – US, Germany, Canada, and Australia. For each target country, we discuss four college rank groups for three salary levels. Scroll to your chosen country, present Indian salary, and the rank range within which your preferred college falls. The corresponding NPV will show whether you should leave your existing job and enroll in M.S. in Chemical Engineering abroad or continue working in India.

Note, if your exact salary is not given, look for the closest option and then extrapolate. Another option is to use the Estimate Future Earnings Tool to get an accurate picture of the benefits of an MS in Chemical Engineering abroad as well as the risks or losses involved.

For the Current Salary of INR 5 Lakhs in India: 

Verdict:  If you’re earning INR 5 Lakhs per year (or below), choosing to study MS in Chemical Engineering in any US college is a sound decision. The NPV of all ranks is exceptionally high. You will be much better off studying in the USA than working in India.
 

For the Current Salary of INR 15 Lakhs in India:

Verdict:  Anyone with an annual salary of INR 15 Lakhs who has the option to study Masters in Chemical Engineering from the US should go. You’ll make a decent profit in ten years.  

For the Salary of INR 25 Lakhs in India: 

Verdict: The NPV for all four college ranks is negative. There is a slight profit in the case of the top 50 colleges, but it is insufficient. For individuals earning INR 25 Lakhs, the better decision would be to continue with their job in India rather than study MS in Chemical Engineering in the US.

Canadian Colleges

For the Current Salary of INR 5 Lakhs in India 

Verdict: Good NPV and a considerable profit for all colleges show that going to Canada for a Masters in Chemical Engineering outmatches the money you will earn by staying in your current INR 5 Lakh job in India.  

For the Current Salary of INR 15 Lakhs in India:

For the Salary of 25 Lakhs in India:

Verdict:  If the current paying job in India falls anywhere between INR 15 and 25 Lakhs, the sounder option is to continue working in India, irrespective of the rank of the university in Canada. None of them will give you a better return. 

German Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict:  If your current (or future) remuneration is INR 5 Lakhs, a better option would be to study MS in Chemical Engineering from Germany from a college of any rank.

For the Current Salary of INR 15 Lakhs in India:

For the Current Salary of INR 25 Lakhs in India: 

Verdict:  For a salary of INR 15 Lakhs, you get a positive value for NPV and Profit if you get admitted into the top 50 colleges in Germany for Master’s in Chemical Engineering. So, one can quit his/her INR 15 Lakh paying job for MS in Chemical Engineering abroad if the chosen college is among the top 50 institutes. For people earning approximately INR 25 Lakhs per year, it is not advisable to go to Germany for MS in Chemical Engineering. The steeply negative NPVs prove it to be an unwise investment. 

Australia Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict:  If you’re earning INR 5 Lakhs yearly, Masters in Chemical Engineering from all the top 500 Australian college makes for a sound choice. The profit earned over the years is considerable.  

For the Current Salary of INR 15 Lakhs in India:

For the Salary of INR 25 Lakhs in India: 

Verdict:  Regardless of the ranking, getting a master’s degree in Chemical Engineering is not the correct decision if you are earning anywhere between INR 15 and INR 25 Lakhs in India. The NPVs are negative in all cases.

Leave Your Job for M.S. in Chemical Engineering Abroad or Continue Working in India?

If your country of choice is the United States, then choose MS in Chemical Engineering over your job as long as the pay is less than or equal to INR 15 lakhs. If you are thinking of studying in Australia or Canada, then pick master’s in science only if your salary is INR 5 lakhs. In the case of Germany, go for MS in chemical Engineering only in the following two instances - a) if you are earning a salary of INR 5 lakhs and getting admission in 1-500 ranking colleges and b) if you are earning INR 15 lakhs and the target college is among the top 50. 

However, the aforementioned trends are only a guide; the final decision should be taken only after a careful assessment of all the factors involved.