According to a recently-released report by Universitas 21 called “U21 Ranking of National Higher Education Systems,” Singapore emerges as the top 11th country worldwide and first in Asia for its provision of quality higher education. The survey, which measures 48 countries based on four indicators i.e. resources, environment, connectivity and output, aims to provide insights into areas for improving living standards and how quality higher education systems contribute to new ideas, bilateral trade relations and business activity.
Singapore company formation specialist Rikvin is confident that U21’s latest report not only reaffirms and reflects Singapore’s standing as a global education hub but indicates the high quality of manpower that Singapore contributes to the global business community.
Analysis by Rikvin shows that U21’s ranking is not the only accolade credited to Singapore’s higher education system. Quacquarelli Symonds has recently ranked Singapore as the top Asian city and 12th worldwide for university education. Prior to that, institutions like the Economist Intelligence Unit, Times of London and Asiaweek have ranked Singapore’s universities favorably.
Singapore is also fast becoming Asia’s top business school (b school) destination. Both of its homegrown business schools – the NUS Business School and Nanyang Business School – have maintained their standing within the top 34 positions in the Economist and Financial Times global MBA list. Additionally, approximately 3,000 candidates from India travel to Singapore annually to benefit from a management education in the Republic.
“As Singapore is strategically placed in the heart of Asia, it has become an esteemed business epicenter that serves as a gateway between Western and Eastern economies. As education contributes to new business ideas and activity, it would then make sense to offer the best tertiary education options that are directly relevant to businesses here,” said Mr. Satish Bakhda, Rikvin’s Head of Operations.
Rikvin has determined four factors as to why Singapore is fast becoming an education hub for students from all over the world.
Singapore offers a relatively safe, low crime environment that facilitates business-related and social activities. Backed by sound corporate governance and political stability, Singapore is also a model for efficiency. This in turn supports education and business activity as well.
WIDE VARIETY OF QUALITY EDUCATIONAL INSTITUTIONS
Singapore offers a wide variety of quality universities ranging from local to international. Apart from the four local universities – the National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU) and Singapore University of Technology and Design (SUTD), nine leading international institutions have established an Asian campus in Singapore.
Singapore universities have also collaborated and offer joint programs with 29 high-calibre international universities such as The Wharton School of the University of Pennsylvania, Massachusetts Institute of Technology (MIT) and New York University School of Law. SMU, the newest and only business-focused local university, has been awarded a first-ever long-term, five-year AACSB & EQUIS accreditation.
COST OF EDUCATION
According to a report by Business Standard, management education in Singapore is more affordable (approximately 20 – 25% cheaper) than those in the USA and United Kingdom.
For example, the total fees for a full-time MBA program in Singapore ranges between S$57,000 and S$60,000. A Masters in Fine Arts at the NYU Tisch Asia on the other hand costs under US$48,000. Thus, regional students need not go far to enjoy high quality education and students from around the world benefit from education that
EDUTRUST QUALITY ASSURANCE
Lastly, to protect students, the Singapore Private Education Act requires all private education institutions (PEIs) to be registered with the Singapore Council for Private Education (CPE). As the validity period of PEIs’ registration status varies and is based on how well a PEI measures up to CPE’s registration criteria, private education institutions will be encouraged to improve their standards to attain a longer validity period of registration.
“In total, these factors sum up why Singapore is fast becoming a global education hub. But most of all, Singapore’s unique East meets West character is a salient offering that cannot be replicated elsewhere. Its education system is imbued with it and equips globally-minded professionals with the knowledge they need to apply in the workplace or if they decide to form a Singapore company“ added Mr. Bakhda.