For the management class I am currently enrolled in, I was asked to write an essay on the benefits and disadvantages of globalization in respect to today’s college grads. It was pretty interesting to learn about the globalization of prominent universities so I decided I would share a portion of my essay below:
Globalization is not only creating career risks, but also opening opportunities for many of today’s college graduates. The risks of globalization include the price tag and the competition that comes with it. However, the opportunities presented by globalization include the connections and experiences it provides.
A major risk that comes globalization is its price. Not all colleges and universities are considering globalization for the right reasons. Some schools want to increase their profits and they view globalization as another stream of revenue. In Australia and Great Britain there are universities who bring in overseas students because they are financially attractive for the specific university. This is a risk because of the massive debt that students will potentially have upon graduating. The other risk is the competition that comes with globalization. When a school opens its doors in other countries, they are subsequently increasing their enrollment, opportunity cost and the number of applications they receive. This makes it increasingly difficult to get accepted into the university in the first place.
The first opportunity presented is the connection to careers brought in by globalization. Several U.S. corporations and multinational corporations reach out to the students of highly rated global universities. An example of this occurs in a Forbes article I read on the subject. The journalist went to a career service office at the Indian Institute of Technology in India and witnessed companies like Google and McKinsey offering scholarships to graduate students for the King Abdullah University of Science and Technology in Saudi Arabia. The second opportunity is the experience that comes with studying in another country. This includes learning the local customs and mannerisms, seeing historically significant sites and making acquaintances from all over the world. This provides the opportunity for students to meet a future business partner or employer.
Right now, it is hard to tell if globalization is a positive or negative step for our society. I believe that globalization has the potential to become a necessity in our world as we come closer to unifying ourselves, but only time will tell.