While most would imagine that employees with a higher education earn more than those less educated, there is now measurable data to support it. A new report conducted by Vancouver Island University (VIU) highlights a number benefits of higher education as well as the benefits of international students to the Vancouver Island region.
Higher education for a stronger economy
In providing higher education, VIU brings economic growth to the region by producing skilled workers who earn higher salaries, and, in turn, spend their earnings back into the provincial economy.
The research shows that workers with a Bachelors degree or higher will earn an estimated $211,300 more over a 40-year career than those with less education. Last year, 825 VIU students completed an undergraduate or higher degree—if even half of those graduates find and maintain a career in BC, they will contribute an additional $91,492,900 over 40 years in the workforce.
These are only the tangible benefits, the report says. While elements like “knowledge creation and transmission” that stem from motivation and academic ability are less measureable, workers with a university degree demonstrate an enhanced attachment to the labour market.
The proven benefit of international students in BC
The report indicates that economic growth increases the demand for skilled workers across British Columbia. For this reason, jobs requiring a university education are multiplying at a faster rate than any others. International students not only fill these labour gaps, but greatly contribute to the provincial economy.
While studying in the province, an international student will spend over $25,000 per year on tuition and fees, books, housing costs, and other living expenses. With an estimated 1,690 international students studying at VIU in 2012-2013, the economy is stimulated by an additional $42,455,350, plus $7 million in taxes from those who stay in the region.
VIU understands the importance that international students have on our province. Their expenditures generate 480 jobs here in British Columbia, and in attracting some of the brightest and motivated students, Canada remains strong in the global marketplace.
How VIU is internationalizing its institution
So what is VIU—along with other colleges and universities across Canada—doing to internationalize its institution? First, it is adapting its curriculum to include international perspectives and outlooks to create appealing, and more comprehensive, coursework.
Along with other institutions, VIU is engaging in international partnerships, programs and research collaborations to bridge ideas across borders. VIU also encourages its Canadian students to study and gain relevant experience abroad.
The number of international students at VIU is growing at 6.2% per year. In providing a fulfilling education with connections to the labour market, these students will hopefully choose to stay in the region in pursuit of a lucrative career. Read VIU’s full report.
Contact us today to learn how Canada Citizenship Lawyer has partnered with Vancouver Island University Student Union to provide a immigration advice to its students and for all of your immigration needs on Vancouver Island and Region!
Note: information in Canada Citizenship Lawyer blogs is based upon current immigration policies and will only be relevant so long as the policies don’t change.