Top Universities & Colleges for Commerce, Finance and Actuarial Science Abroad

Why Study in Hong Kong?

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Ranked as the 10th best city for students in the most reputed annual university ranking by the Quacquarelli Symonds (QS), Hong Kong is a melting pot of eastern and western cultures, with a wide variation in its way of living. Often labelled as the cosmopolitan where you will never run out of things to do, the city has a lot for students to look forward to. If you are considering studying in Hong Kong, many reasons support this option.

Well established quality of education

The best universities in Hong Kong also feature well amongst the top 50 in the world. The city is also home to the third and fifth best universities in the whole of Asia. With English being the primary medium of education, the Bachelor's and Master's courses are easily accessible for students from all over the world.

A great amalgamation of culture

Hong Kong has people from all around the world studying and working in it, adding much color to the city. Crime is negligible, making the city-state safe to live for students. It also has a lot of recreational and tourist options, considering its proximity to China.

Reasonable Cost of Studying

Universities in Hong Kong have relatively low tuition fees, and living expenses are also quite affordable. If you are among the outstanding students, the Government of Hong Kong offers a lot of scholarships and waivers for international students.

Plenty of Opportunities

Hong Kong is a hub of prospective career chances by being the center of the world's leading international financial centers. Studying in this city can help you develop vast social and professional networks and to give your livelihood a great head start. The country is fairly lenient about work permits, and students can easily work while studying.

Hong Kong is a great place to study if you get the perfect match of the right course at the right University. However, if you are still not convinced, you can also consider other options like the USA, Canada, and Australia amongst various other destinations abroad.

Education System in Hong Kong

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The education system in Hong Kong has four types of institutions that higher education in the following order :

Undergraduate degrees, which offer instruction in foundation courses in streams such as performing arts, business, and engineering, amongst others. The duration to procure a Bachelor's degree ranges from three to four years, depending on the subject of study and whether the colleges are government-funded or private.

Postgraduate degrees usually last for a year or two, depending again on the course and University chosen.

Associate degrees are pursued between higher secondary school and an undergraduate course for subjects like accounting, business, financial services, marketing, and others. They can last for a couple of years and three years in some cases.

Research-based Ph.D. and Doctorate courses are considered to be the best offering of Hong Kong. Almost all reputed Universities have dedicated wings for research and have a fantastic student-teacher ratio so that each researcher can explore detailed insights within their focus of study.

Admission To A Course

The admission procedure to must courses in Hong Kong is standard and consists of the following steps :

• TOFEL/IELTS are English language tests which are required for students coming from countries whose native language is not English
• Individual admissions depend on the marks obtained in the upper secondary level of examinations conducted in their country.
• Professional courses have a criterion of compulsory practical training in the foundation courses that students have already taken.
• Non-local students (i.e., Students who have not taken the HKDSE exams) need to apply via the Non-JUPAS admission scheme
• On-time application submission is considered very important. And all the applications are available online.
• Most of the universities have their aptitude test or assignments for consideration of a student to a particular degree.

Teaching Methodology

Experiential learning is widely practiced in professional as well as non-professional programs at the University level in Hong Kong. As part of the curriculum, the Outcome-based Approach to Student Learning (OBASL) is adopted. This strategy shifts focus from teaching to learning, i.e., the course is considered complete only if a student absorbs and learns all he or she is expected to, and not just on the fact that he or she has been taught the same in class.

Assesment and Certification

• Assessment and certification for graduate and master's degrees are done through a semester system where grades are awarded for internal as well as external examinations. The certifying degree sports marks obtained in each subject along with the overall grade.

A Ph.D. program goes on for about four years and is completed via the submission of a thesis. A jury accesses the thesis, and the result is based on an evaluation by the jury.

Cost of Studying in Hong Kong

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Cost of Living in Hong Kong

The cost of living in the city-state is very high and must be consided before you chose to study, settle, or work there. Rent, clothing food, etc. are available to have prices above reasonable standards, but the country also provides student discounts, which students can avail with the help of an octopus card. The cost of telecommunications and health is less in comparison to Europe. It should also be known that the cost of converting their home currency to Hong Kong Dollars is very high in the city.

Cost of Entrance

With over eight public universities and several private ones, students can easily pick their favorite and specialize in a stream of their choice. For admission to a University, a student must own a student visa along with monetary proof that they or their parents will be able to afford their tenure in the city.

Cost of Visa

In Hong Kong, the host university, i.e. the University in which the student is going to study, has to sponsor him. A student can apply for their Visa once they have a duly filled immigration form ID995A, visa sponsorship form along with the student's agreement form. These forms need to be downloaded and filled manually and then sent to the Mainland and External Affairs Office. The host university charges typically a fee of HK$ 250 and a courier fee of HK$300 to send your sponsored Visa to you.

Cost of Food and Accommodation

Many universities provide accommodation to the students at subsidized rates. If students do not get the opportunity to get accommodation at the University, then the cost of living for them is very high, and they have to set aside an amount of around HK$40000 month for food and accommodation. Students get either a single or a shared room, and the final money they shed out is dependent on the same

Many universities in the country are built recently, and they have dormitory style accommodation for students. The cost of food is relatively reasonable, and it takes about HK$ 25 to HK$35 for a full meal. Students also have the option of cooking by themselves.

Tuition Fees

The cost of studying in Hong Kong is not considered reasonable. One can check out detailed fee break-down of a semester in Hong Kong to have an insight into what is available in their budget. The environment is highly competitive, and only the best can bag scholarships. 

Cost of Entertainment and Travel

Students can avail of either season tickets for travelling by train or a bus. The average cost of traveling by train card is HK$25 per day or HK$600 per month. The cost of commuting by bus is HK$6 per trip. There is no need for owning a private vehicle as the system of public transport is well mapped throughout the country.

It can be said that living in Hong Kong for a student is cheaper in comparison to Europe and other countries, but within Asia, studying in Hong Kong is far above standard. However, most students testify that the exposure this city of magnanimous skylines has given then is unparalleled by any of their peers studying in other countries, Both within and outside Asia.

Life in Hong Kong, Health and Safety

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Hong Kong is considered as the world financial center with low taxation rates and free trade. The city is very well developed and connected by a cheap public transportation system, offering extensive international travel connections as well. The city is not exactly giant, and living spaces are in short supply. High-rise residential flats ranging from twenty to forty floors are widely spread, and cross-cultural residents occupy them unequally. Like most cosmopolitans, the city is fast-paced, and everything seems to be on the roll. Like major business hubs of Dubai, New York, and Mumbai, the city seems to always be running.

Health care in Hong Kong

Hong Kong has been determined as one of the healthiest places in the world. Public and Private sectors run parallelly in the healthcare system of the city-state, and there are practically no financial contributions to public health insurance. The government provides facilities at virtually no cost, and this is applicable for permanent as well as non-permanent residents. Private healthcare offers personalized choices and makes better services accessible for people who can afford to pay for them. If you opt for the public healthcare option, private Hong Kong health insurance might not be necessary. However, if you choose to use the private system, it is essential to have excellent private medical insurance, as your bills can be extremely high. The best part about the healthcare system in Hong Kong is that the rules for residents and non-permanent residents, including students and people working there with valid visas are the same.

Safety in Hong Kong

Owing to its constant pace and high rank of literacy, the rate of crime in Hong Kong is slim. Nights are as safe as the day, and public transport is almost always crowded. The city is secure for students to set their abode in and focus on their assignments and studies.

The life, health, and safety in the city, all complement the student lifestyle and requirements thoroughly, and if you are looking for a happening and vibrant urban hub to pursue your higher education, Hong Kong is a wonderful choice.

Popular Cities and Courses

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Hong Kong has the world's best universities and colleges that offer courses in various streams. Let's have a look at the top four universities of the city, along with the popular courses they offer.

The University of Hong Kong -

The University excels in innovative, interdisciplinary education and nurtures researchers to head towards technological advancement, ground-breaking discoveries and significant milestones in the field of medicine, manufacturing, architecture, and many others.

• Time's world university ranking- 35
• Ranks at the top in the QS University ranking.
• Referred to as 'Asia's Global University' and 'World's most international university.'

Hong Kong University of Science and Technology

• Time's world university ranking- 47
• Various courses are available in the fields of pure and applied sciences, chemistry, mathematics, physics, ocean sciences, public policy, environment and sustainability, business management, travel & hospitality, computer science & IT, architecture, and construction.

Chinese University of Hong Kong (CUHK)

• Time's World University Ranking- 57
• The nine colleges that form the CUHK family adopt a practical learning-based model to complement the curricular syllabus.
• Faculties of Arts, Business, Engineering, Law, Education, Medicine, Social Studies, and Science are well covered in various advanced courses.

City University of Hong Kong

• Time's World University Ranking- 57
• The University was established in collaboration with the Cornell University in the United States and had research as a focus in multiple application areas of science and technology.

Alongside these, Hong Kong has various other institutions, along with the famous Hong Kong Polytechnic University, which is entirely dedicated to skill-oriented training and research in applied sciences and engineering. Studying in Hong Kong is for active and hard-working students, and no matter which course or University you chose, you have to put your best foot forward to sustain and excel in it.

Job prospects in Hong Kong

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Many people like to work in Hong Kong because of the unique business culture in the country. There are many norms and rules, which have to be followed, but still, there are many benefits to choosing Hong Kong for work.

Students who opt for working in Hong Kong after their education are rewarded with suitable roles and handsome packages. Basic knowledge of Cantonese gives you an edge, and it takes more than an average salary to survive in the country.

Focus Fields

Working in Hong Kong as IT experts, marine engineers, naval architects, waste treatment specialists, data scientists, and game developers, amongst many others, can be a fulfilling and worthwhile experience. The Government of Hong Kong runs Talent List, a program for the encouragement of the people for moving to the country through the Quality Migrant Admission Scheme. This is, in fact, one of the best ways to get a job and settle in the country.

Pay

The cost of living in the country is very high, and the minimum salary that a professional gets on an hourly basis is HK$ 40 according to estimates by the Labor Department of Hong Kong. Men and women have varying compensations, where the average compensation of a man is about HK$ 20000, and that for a woman is about HK$ 15000.

Working Hours

Working hours for different industries in Hong Kong are different. In the case of government offices, the working hours lie between 8:30 to 17:30, while banks operate from 9:00 to 17:00. Incorporate roles; professionals may have to entertain clients outside of regular working hours. Such jobs can be fun but can lead to working until late at night.

Holidays

The government has a fixed list of seventeen statutory holidays and all employers have to follow the dates of these holidays. There is a variation in paid annual leaves, which differs from organization to organization. That depends on the companies. A minimum number of yearly paid leaves is seven days, which can be extended up to fifteen days.

Work Permit

People who are not citizens of Hong Kong but want to work there need to apply for a visa and work permit, both of which are difficult to obtain unless you demonstrate exceptional merit and prove how you are better than a resident of Hongkong. To get a Visa for working in the city-state, you need to apply through the General Employment Policy. However, your Visa will be time-bound. As a student, you can only work on Jobs provided by the university or those offered by employers with permission from the Immigration Department as well as the university.

Accommodation

Accommodation in the country is costly and people need to earn good salaries to live in the country. The living expenses are more than that of the USA, the UK, and Europe.

It always helps to know about the business environment of a place before you step in to work there. As for Hong Kong, one must keep it mind its fast pace and subsequent employer-expectations before one makes a move to create a place for oneself in the city's skyline.

Steps to apply for Hong Kong Student Visa

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Studying in Hong Kong is a golden opportunity, and if you have an offer a good university, you must hurry on to acquire a student Visa that secures your stay in the city. A student visa is a must for a non-local student who wishes to study in Hong Kong. The Visa application process takes around six weeks once the immigration department has received all the documents. Students who are Chinese Residents can ask for an entry permit instead of a Visa while others have to apply for the latter. It would help if you went through this guide for entry in Hong Kong for students before kickstarting the Visa application process. An outline of the process is mentioned below.

Finding a Host

Before applying for a Visa, a student needs to nominate a local host who can declare sponsoring their education. A local sponsor is necessary for studying in the city-state. The host can be your educational institution or an individual residing in Hong Kong who is willing to and capable of bearing the financial burden of your education. The host needs to declare the sponsorship for further processing of the Visa.

Documentation

Acquiring a student visa can be smooth if you arrange for the necessary documents in advance. A student inevitably needs the following to apply for a Student Visa in Hong Kong.

• A duly filled application form. These forms can be downloaded here and can also be sought from concerned branches of the Immigration Department or Overseas Chinese Diplomatic and Consular Missions

• Proof of acceptance from your University and
• Passport copies and recent passport-sized photographs.
• All academic results till the time of application (with transcripts) along with details of awards and certificates achieved by the student.
• IELTS or TOEFL exam results.
• Proof of financial capability of an average of HK$ 130000 through bank statements, scholarship offers, or other mediums.
• A letter of admission from University in Hong Kong and the fee receipt from the University for the proof.
• If you are under 18, you will need a consent letter and proof of the custody from your parents/guardians.
• Accommodation arrangement proof for applicants under 18

Submissions

Students must accurately fill out the application form and send it to their nearest Chinese Diplomatic and Consular Missions along with all relevant supporting documents. These can also be sent by post to the Hong Kong Immigration Department. You can find complete details about the fees which needs to be deposited upon the collection of the Visa from the Immigration Department of Hong Kong or the relevant Chinese Embassy where the application form was submitted.

Processing Time

The usual time for a student visa to be issued by the Immigration Department of Hong Kong is about six weeks from the day of receipt of all documents. One must not unnecessarily enquire about the process since that threatens to delay it. 

In case you still require hands-on, step-by-step guidance on the Visa Application process, you can reach out to the Global Affairs Office in Hong Kong, and they should be able to assist you with the student Visa or permit best suited for your stay in Hong Kong.