One of the most hotly debated topics in Europe since 2016 has been #Brexit, .i.e. the British exiting the European Union. The United Kingdom decided to have a referendum about their future in the European Union (EU) and they voted decisively to leave the EU. The EU is a union of 28 European countries that are closely bound to each other due to open trade, borders, single visa and the ability to negotiate treaties on behalf of all 28 countries.
Any citizen of the EU can travel to any of the 28 countries without the need to apply for any visa or special documents. This allows them to work and reside in any country of their choice. They will also be eligible for all the subsidies and benefits of the host country. Any business owner need not have to adhere to any special law or treaty to export to any other country of the EU. He can easily send and sell his goods to any country of the EU as if he were doing so in his own country. The EU’s customs union has set the laws for taxation and pricing of all goods and services that are offered in the EU, thus making it easy for everyone to do business in the EU.
An expat needs to get a Schengen visa in order to travel and work to the EU, a visa that is valid for all 28 countries. This had made doing business in the EU very very easy. However, with Brexit, there is a lot of uncertainty now. UK has the most important finance hub of the World, London. People want to know how Brexit will impact it. A lot of businesses would choose to park their funds in London due to multiple benefits that are available for business owners and also because they can easily run their businesses all across Europe from here.
However, now the usual way of doing business has been shaken up as UK’s exit will usher in new rules that govern working in the UK, doing business with the UK and most importantly trading with the UK as imports and exports are a very important sources of jobs for any country.
For students planning to go and study abroad, this has become a very tough situation as now they are not sure if they are still welcome in the UK & the EU. We cannot be sure about the UK, but students are welcome in the EU. The EU is not as big as the UK in terms of being a financial hub. It depends heavily on UK. Without UK, it now has to build its own financial hubs all over the continent in order to support every industry that conducts business.
It is for this reason that the EU is welcoming students who can support its growing financial industry, its banking sectors and its Fintech startups. Completing an MBA or a Masters in Finance in a EU country is the best way to secure a job with a fat pay package. A 2 year Masters in Finance which is jointly offered by BSE Institute Ltd & the Frankfurt School of Finance & Management gets students a 2 years work search visa after they complete the course. The course has an average starting salary of Euro 50,000. That is approximately Rs 38 lakhs. Extremely rewarding if you ask me!
Most students are afraid of shifting to any country due to the fluid nature of global politics, but any government which takes any steps has to first announce its intention to make changes at least a year in advance in order to make changes to the visa and immigration policies.
Most students who visit the EU for studies are able to settle easily and now with the onset of Brexit, it will be easier as the EU is desperately in need of skilled talent to build its financial services sector. Brexit is a once in a lifetime opportunity for us and most opportunities knock on the door, but only once!