The-Real-Price-of-Knowledge:-A-Global-Data-Analysis-on-the-True-Cost-of-Studying-Abroad

This analysis explores the Cost of International Education Dataset, which compiles detailed financial information from universities around the world.

Overview

A global data analysis exploring the true cost of studying abroad — from tuition to rent, living costs, visa, and insurance. The project highlights affordability trends and financial insights across 900+ international universities.

• 📊 Tools Used: Excel (Dashboards, Charts, Pivot Tables)
• 📁 Dataset: Kaggle — Cost of International Education Dataset
• 📅 Year: 2023 | 🔢 Rows: 908 | Columns: 12

Objective

To analyze global education costs and identify affordability drivers that influence students’ study-abroad decisions.

Data Cleaning & Transformation

1. Removed duplicates, blanks, and inconsistent entries.
2. Created calculated fields:

• Monthly_Estimated_Living_Cost = $1,850 × (Living Index / 123.3)
• Annual_Living_Cost = Monthly × 12
• Exchange_Rate_Category = Strong / Medium / Weak

3. Standardized all costs to USD and rounded for clarity.

Key Insights

1. One-Year Master’s (UK, NL, Ireland)

• Fast-track programs, higher tuition.
• Highest living costs in Netherlands (73.2 index).
• Fields: Data Science, AI, Cybersecurity.

2. 1.5-Year Master’s (Singapore)

• National University of Singapore leads.
• Avg total cost: $52,392.
• Visa fee: $90 — lowest among top destinations.

3. Two-Year Master’s (US, Switzerland)

• High-cost regions (MIT, Columbia).
• Avg. cost: $84,165 (Economics) / $51,892 (Data Science).
• Switzerland tops living index: 100.12.

4. 2.5-Year Master’s (China)

• Affordable education: $17,844–$19,657 avg.
• Fields: AI, Software Engineering, Computer Engineering.

5. Three-Year Bachelor’s (Australia)

• Avg. cost: $40,968–$50,808.
• Major hubs: Melbourne, London, Geneva.

6. Four- & Five-Year PhD Programs (USA, Argentina)

• Fields: Electrical Eng. ($72,640), Physics ($71,138).
• Argentina offers competitive affordability (Living Index 42.6).

Recommendations

For Students

• Evaluate total cost-to-duration ratio, not just tuition.
• Consider emerging hubs (Singapore, China) for affordability.

For Consultants

• Provide city-level cost breakdowns for realistic planning.
• Emphasize ROI over prestige when guiding students.

For Scholarship Boards

• Target high-cost, high-impact fields (AI, Data Science, Eng.).
• Support students in underrepresented, emerging economies.

Limitations

1. Data from 2021–2023 — may not reflect latest 2025 rates.
2. Excludes non-financial barriers (visa denial, living culture).
3. Assumes static exchange rates.
4. Limited demographic info (age, degree level).
5. Dataset lacks income and funding source variables.

📖 Read the full Medium version here → The Real Price of Knowledge: A Global Data Analysis on the True Cost of Studying Abroad

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