What Australian education agents can learn from American Student Recruitment

1. Most influential experiences prior to decision-making

Students judge universities based on their websites, followed by rankings and conversations with reps. A website is usually the prospective student's first in-depth and deliberate point of contact with a university, and where most of the initial research occurs.

To cater to students who may be researching universities on the go, more American institutions are offering mobile websites for easier usability.

2. Visa help

41% of graduate students and 31% of undergraduate students require assistance with visa applications. Australia-bound students may not be as concerned re this as Australia has in recent years introduced streamlined visa processing which makes visa applications relatively easy.

Visas matter

3. Finance 101

Funding and finances are students' top concern when considering studying abroad. After identifying a course which they are interested in on the university website, students immediately check the cost and financial aid options. And with Australian universities slated for deregulation, financial worries are more prevalent than ever.

Although these worries do dissipate upon arrival in the host country, services such as NexPay can smooth pre-departure financial concerns by offering international students a favourable foreign currency exchange rate and ensuring speedy delivery of school fees to education providers.

Visit www.nexpay.com.au to learn more about how you can save by using NexPay!

Digital marketing predictions for student recruiters 2015

#1 Content is King
As the world continues to be digitised and the Internet becomes increasingly saturated with more and more ads, blogs and websites; high-quality content creation which informs and engages users will become increasingly important.

For example, American Express Unstaged recently released an application in conjunction with the release of Taylor Swift's music video Blank Space, bringing the brand to an audience of more than 58 million. New marketing efforts such as these show the future of engagement - attention needs to be earned.

#2 Usability
Marketing and student recruitment will have to become more integrated with other departments, such as IT in order to deliver a streamlined experience to students. It is common for students to have multiple contact points with an agency, and those contacts may constitute of online and offline interactions. It is essential that all possible contact points with students are equipped with the same up-to-date information to achieve the best possible student experience.

#3 Mobility
This is a continuing trend from 2014, with 30% of prospective students accessing the web via a mobile device such as a phone or tablet. If your mobile site is currently a minimised version of your regular site, 2015 may be a good year to change that in order to effectively reach the increasing number of students conducting part of or even all of their education searches via mobile.

A strong mobile presence is not merely an easy way for prospective students to access information on the go, it also implies that an organisation is forward-focused.

#4 Data-driven marketing
This means different things to different people, but analytics will continue to drive marketing activities. Recruiters can collect data to monitor campaign performance and adjust marketing activities in accordance with findings.

Source: ICEF Monitor

Factors in decision-making

Evidence that decision may be unconsciously made and is easily affected by a person's surroundings is mounting. This makes our brains efficient, as we don't have to pay conscious attention to everything happening around us at once. However, this ability also has the side effect that we are making our decisions based on information of which we are not fully aware.

Our brains process information in our external surroundings on autopilot, and we unwittingly make decisions based on all information we have been exposed to - consciously or otherwise. Research from the University of Melbourne shows that our brains process information at a high level, even unconsciously, for instance, as to whether a piece of external information would be more relevant to the past or to the future.

These theories are most relevant to 'simple decisions', but major life changes such as a job change or purchasing a house can also be affected.

Environment Curation
Any positive presence in front of potential students - and their parents - is a worthwhile investment for service providers in the education industry, but also bear in mind that a fleeting glance of a negative headline may also affect the organisations.

All these logos in the cityscape background are more influential than we think.

 Source: The Conversation

Top 5 Education Agent Insights 2014

1. What are students' concerns about studying abroad?
Parents and students are most concerned about difficulties with language (60%) and financial difficulties (57%) prior to departure. 48% of agents also deem personal safety and difficulties with accommodation as concerns from parents and students.

Parents and students are most concerned about language barriers when it comes to studying abroad.

Interestingly, the top 2 concerns, as well as personal safety concerns, tend to fall away once students reach their education destination, but accommodation difficulties remain an issue.

NexPay creates multi-lingual payment instructions and offers favourable exchange rates to students which helps to ease the top 2 student concerns related to study abroad.

2. Australian visas easier to obtain compared to 2013
Canadian visas are the most difficult to get, followed by the US and UK. In 2013, 43% of agents had difficulty with Australian visas, but the amount has dropped to only 27% in 2014.

3. Australia remains popular study destination
In keeping with tradition, Australia is up there with US, Canada, UK and Germany.

4. Agents' biggest operational challenge
55% of agents feel that managing leads, clients and student information are their most major day-to-day challenge.

5. Australian international education sector looking bright
These 2 years have been good to Australia - in 2013 it reversed its 3-year enrolment decline, and May 2014 statistics confirm its continual strengthening. This might be thanks to visa reforms introduced at the end of 2013, which eased visa regulations for the non-university sector.

Source: ICEF Monitor

 

Vietnamese students in Australia up 15.3% over 2012

Vietnam has recently become one of the most important education market in Southeast Asia, where the booming economy has now produced families with spare income, who are concerned about the capacity and quality of a local education.

With 45% of the population aged 25 or under, Vietnam has a youthful population who, when coupled with newfound affluence, are highly motivated to pursue overseas studies. Parents appear to have more of a say in the education destination country, and then students will select their preferred institutions and majors.

Australia is the top education - secondary and postsecondary - destination for Vietnamese students. In Australia, Vietnamese students accounted for 10.3% (2013) of international secondary school students, second only to China.

What does this mean for recruitment marketing?

1. Vietnamese parents are open to the idea of sending kids abroad for studies at a younger age, namely secondary education.
2. Recruiters need to keep a lookout for countries with Vietnamese secondary graduates and redirect some marketing effort in those areas.

Source: ICEF Monitor

What to expect: Sources and levels of postgraduate students to Australia

Australia is expected to have an international postgraduate enrolment of 112,000 in 2024, growing its international postgraduate students at an annual growth rate of 4.1%

More than one degree.

Where will these students be coming from? The majority of postgraduate students will hail from China, followed by India, Pakistan, Vietnam and Indonesia. These 5 countries are expected to experience the highest annual GDP growth in the next decade.

A growing economy is positively correlated with increased demand for education.

In particular, India is expected to grow the most - not enough to displace China as the number one outbound location for postgraduate studies, but enough to narrow the gap between the two countries considerably.

Many education providers are focused on gaining market share from Chinese and Indian students, but  other fast-growing market sources (such as Nigeria, Saudi Arabia, Pakistan and Indonesia) should not be neglected.

Source: ICEF Monitor

What do world university rankings really mean?

Over the last few decades, schools and universities from all over the world have been a part of a ranking obsession. Some rankings are state-sponsored and official, whereas some of the most famous education rankings - eg. Times Higher Education (THE) magazine's World University Rankings or Shanghai Rankings - are unofficial.

Are rankings a good measure of quality?

But do rankings really tell us anything substantive about the quality of the universities? Are they incentivising universities to improve or actually invite cynical 'gaming' of the system?

Ranking is a way to quantify qualities such as 'excellence' and 'world class', and remains an integral part of a student's decision making in university selection. Proponents of rankings would argue that rankings are necessary for ensuring that universities do not rest on their laurels and become complacent.

On the other hand, universities change what they value and how they operate, knowing it will affect rankings.

As administrators pore over the newest release of university rankings, agents and students would do well to bear in mind that whilst rankings are helpful for sifting through what feels like an unbearable amount of information from potential schools, they should not be the be-all-and-end-all of school selection.

Source: The Conversation

Go Study Recommends NexPay!

Watch how Go Study avoided bank fees and offered students a better rate for their international student payments.



To learn more, visit www.nexpay.com.au

Does cost of studying abroad affect parents' perception of educational quality?

You get what you pay for. According to the results of a recent survey, it appears that this old maxim still applies in the international education sector.

The survey interviewed 4,500 parents from 15 countries regarding their views on their children's education. Parents perceived the US to offer the highest quality education in the world, followed by UK, Germany, Australia and Japan. Cost-wise, these countries are also the most expensive study destinations in the world, which led commentators to identify a broad correlation in perception between cost and quality in education. (Or parents are just more willing to fork out for the perceived quality.)

89% of parents surveyed said they wanted their children to go to university, and 74% said they would consider sending their children abroad for a better university education.

Indonesian parents are keenest on sending their children abroad, with 92% in favour of an overseas education for their children. 88% of Malaysians and 87% of parents from Turkey echo this sentiment.

Why study abroad?

Obtaining foreign language skills are perceived as the main benefit of studying abroad, followed by the opportunity to gain international experience (Australia offers post study work rights which allows students to stay on after graduation and gain work experience for a few years) and as a rite of passage for children to become more independent.

International experience is one of the main benefits parents believe studying abroad can provide

Hence, while cost is an important factor for some, parents are accepting of the fact that 'prestigious' universities may cost more.

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Source: ICEF Monitor

Recovering gold from your international payments

If you send or receive money overseas using banks, you need to read our white paper. Recovering gold from your international payments explains in detail the problems that can and do arise through conventional banking services. Put simply, it costs you and your students more than you might think.

Click here to read the white paper.

Top sources of international students in Australia

Education is huge in Australia, and globally, Australia is the third most popular education destination, with high student volumes coming from across the world.

Top sources of Australian education

1. China is the main source of international students in Australia

2. India

1. 

   3. Malaysia

2. 

   4. Hong Kong, China

3. 

   5. Singapore

Each of these countries have a unique banking system, which sometimes makes it challenging for Australian education agents and schools to communicate payment instructions effectively. Because of this, students get confused and make short payments due to the banks deducting fees from the amount paid - a major headache for agents and schools.

With the Australian dollar falling against the US dollar in recent days, it is natural to assume that the number of overseas enrolments will increase. Revenue will rise, but if not managed adequately, the accumulated short payments will add up to a substantial amount as well.

Is it worth the administrative and financial hassle to chase up the difference between amount quoted and amount received? Should agents and schools increase prices? Will this affect the organisation's standing amongst potential students? 

Does it have to be this way?

No, it doesn't.

Instead of dealing with the aftermath of short payments, why not address the source of the problem?

NexPay specialises in international student payments into Australia. We offer your students favourable exchange rates and processes payments so that agents and schools receive exact amounts. To make things even easier, we reconcile the payments so you have a clear daily report detailing your receipts from students.

Visit us at www.nexpay.com.au

Source: The Australian

How you get cheated on bank exchange rates

International trade has became such as integral of daily life that most of us cannot remember the times when purchasing an item from abroad was not a common occurrence. However, how often do we pause to give thought to how much we're actually paying in foreign exchange?

Banks are always looking for creative ways to charge you extra fees, and one of their profit boosters is by cheating on foreign exchange rates. Let's see how the banks are doing this, and how you can avoid losing your hard-earned cash.

Steep bank foreign exchange fees

The inter-bank exchange rate is the foreign exchange rate that banks pay each other when exchanging money. Customers will not get this rate, as banks usually charge a fee on top.

Banks include this fee in the foreign exchange rate and don't break it down for customers. Hence customers never actually know the premium charged by banks. In addition, banks charge a transaction fee to process the exchange.

Major banks such as the Bank of New York Mellon have been sued over dodgy foreign exchange transactions. Moreover, 12 of the largest banks in the world were accused of rigging foreign exchange rates for profits in their favour.

No bank fees

What about banks which proclaim that they are not charging any fees? It is common for banks to not charge any fees but to skim a hefty percentage of the payment for profits. How can we tell? By comparing bank foreign exchange rates with mid market rates.

Mid market rates

The mid market rate is the mid-point between currency buy and sell rates, and the sweet spot which customer transactions should be based on. Banks and brokers will adjust their rates daily, and it will usually differ from the mid market rate.

Recipient charges

If you think being walloped by bank fees (hidden or otherwise) + transaction fee + unfavourable foreign exchange rate is bad enough, it gets worse - the receiver gets hit with bank fees for receiving payment as well.

When the payment arrives at the recipient's bank account, the amount may be less than expected due to the banks' skimming of fees. The recipient will then have to contact the sender to make another payment to correct the payment amount, wasting time, energy and money for both sides.

The average one way fee is 3.5%, meaning if you transfer $100,000 , you just paid the bank $3,500 for sending the money, and there may be additional fees awaiting the recipient. The math is easy - services which offer a better exchange rate and protect recipients from bank fees so that the quoted amount is always received, can save money senders a lot of hassle and headache, especially for regular senders or when sending a large amount.

Banking goes online

Thankfully, gone are the days when the only place you can conduct a foreign exchange transaction to make an international payment is at the bank.

A slew of mobile banking, online banking and specialised payment services have popped up, and there is a product out there to tailor to each and every specific need. Customers can also combine payment methods to ensure maximum savings.

NexPay is a payment service which makes international student payments (to Australia) simple and easy. We offer a lower exchange rate and ensures that recipients always receive the quoted amount by never charging bank fees in Australia.

If you're a service provider within the Australian education sector - agent, school or accommodation - you'll be happy to know NexPay also offers a free reconciliation service to ensure you always stay on top of your payment receipts.

For more information on how NexPay can assist you, visit www.nexpay.com.au

Coping with deregulation

How will deregulation of the Australian education industry affect universities? International students? Education Agents?

There has been much discussion about the issue of deregulating the Australian education industry, ranging from support over universities' increased autonomy in deciding on curriculum and cost to students, to concerns that higher education will become even more inaccessible for students, as government funding continues to drop.

Universities may raise fees depending on the courses which they will offer and their popularity with students - hence courses with exorbitant pricing will find few students, if any, willing to shell out for them. Undergraduate studies in Australia will remain reasonably priced, but universities looking to control costs further can seek other ways to do it, such as reigning in administrative costs.

For education agents, universities can up the ratio of international intakes to stabilise school operations as local students may seek to pursue studies abroad with deregulation bringing local education expenses up to par with global standards - however it is worth noting that Australia offers income-contingent student loans, so local intakes may remain steady.

Nevertheless, should current trends continue, the number of international students would grow, and this means increased administrative efforts to bring international students into Australia and maintaining a positive experience for the student.

Australia remains a popular higher education destination because of its world class education standards, and also because of its attractive post-study work rights. Measures such as scaling back on administrative expenses are a way to improve operations, deregulation or no.

NexPay offers favourable exchange rates for students and a free reconciliation service for education providers and education agents in Australia. This helps keeps administrative effort minimal, as NexPay guarantees all payment receipts are in the full amount (no more short payments!).

Visit www.nexpay.com.au for more information on how we can help you and your students save now!

Source: The Australian