Is MS in Material Science Abroad Worth it if you are Already Earning Well in India?

Studying overseas, be it Australia, the United States, Germany, or Canada, is an expensive affair. Money is, in fact, the biggest factor to consider while choosing to study abroad. At GyanDhan, we have created the estimate future earnings tool which helps you find out if an investment in higher education abroad will generate a net profit ten years down the line or not.
Using the tool, in a recent blog, we answered the question - Is studying MS in Mechanical Engineering a good option if you’re already earning well in India. Continuing the pattern, today we analyze ‘if it’s worth leaving your current or potential job in India and study MS in Material Science abroad?’

Is it Financially Worth to Study MS in Material Science Abroad?

To help you decide whether to leave your present job and enroll in M.S. in Materials Science abroad or continue working in India, we consider three values - NPV, IRR, and Profit.
NPV, which is the Net Present Value, is the difference between cash flowing in and cash flowing out over a given period for an investment. If a college has a high NPV, then it makes for a solid choice for you. IRR is the Internal Rate of Return. When comparing study destinations, the one with the higher IRR is preferable. 

For a Deeper Understanding of the Tool, Terms, and the Standard Assumptions we took, We Highly Recommend Reading this Post.

Below, we have listed down four target countries - the US, Germany, Canada, and Australia. For each target country, we will discuss four college rank groups each 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 illustrate if the decision to quit your job (or not accept one) in India to study Master’s in Material Science abroad is sound or foolhardy. If you currently or expected salary is not covered here, you can interpolate for an approximation or use our Estimate Future Earnings tool to get a more accurate picture.

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US Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict: For all the four college rankings, the NPV is exceptionally high. Therefore, if you’re earning INR 5 lakhs annually currently, the option to study MS in Materials Science in the US will be an exceedingly profitable one.  

For the Current Salary of INR 15 Lakhs in India:

Verdict: If your annual income is INR 15 Lakhs, and if you are considering studying masters in material science in the US, you should go. The NPV for all college rankings is decent enough. 

For the Salary of INR 25 Lakhs in India:

Verdict:  The numbers clearly show that an individual earning INR 25 lakhs a year would be better off continuing their job in India rather than studying MS in material science in a US college, irrespective of rankings. 
 

Canada Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict:  For all individuals with a current salary of  INR 5 Lakhs, the option to study MS in Material Science in Canada is a reliable investment. The NPV and profit are exceedingly high for all rank groups.

For the Current Salary of INR 15 Lakhs in India:

For the Current Salary of INR 25 Lakhs in India:

Verdict: It is not advisable to leave your present job for Master’s in Materials Science in Canada if your remuneration falls between INR 15 lakhs and 25 lakhs per year. The severely negative NPV in these cases proves you would save more by working in India than pursuing higher education in Canada.

Germany Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict:  The NPV for all university rank ranges is exceptionally positive. It means if you are earning around INR 5 lakhs right now, choosing to study MS in Material Science in Germany would be an excellent opportunity.

For the Current Salary of INR 15 Lakhs in India:

Verdict: Leaving your present job with an INR 15 lakh salary to study Master’s in Material Science in Germany doesn’t make much sense. Yes, the top 50 colleges do show profit, but the amount isn’t substantial. Though the schools in the rank range 51 to 100 show a slight profit, the NPV is still negative which makes studying MS in such colleges an unwise investment.

For the Current Salary of INR 25 Lakhs in India:

Verdict: A person earning INR 25 lakhs should definitely not leave their employment for MS in Material Science in Germany, regardless of the college ranks.

Australia Colleges

For the Current Salary of INR 5 Lakhs in India:

Verdict:  You should jump on the opportunity to study MS in Material Science from an Australian college if your present earnings approximate INR 5 Lakhs.

For the Current Salary of INR 15 Lakhs in India:

For the Current Salary of INR 25 Lakhs in India:

Verdict: If your remuneration falls anywhere between INR 15 and 25 Lakhs, you’ll be better off continuing in your present professional position. No college in Australia offers a positive NPV for the MS in Material Science degree in these cases.

Encapsulating the Choice: MS in Material Science Abroad or Job in India

For Canada, Germany, and Australia, selecting MS in Material Science over a current job in India is a prudent decision if the salary is five lakhs or less. For the US, the decision to study abroad will be a sensible one up to a salary of INR 15 lakhs. If you currently or expected salary is not covered here, you can interpolate for an approximation or use our Estimate Future Earnings tool to get a more accurate picture.