YEREVAN, JULY 21, ARMENPRESS. A new HSBC report has been conducted in 16 countries to reveal whether parents are ready to make more investments in higher education expecting more effective university education for their children.

The survey of more than 5,550 parents found that 79% of parents consider university a ‘must have’ for their children to achieve their life goals, and they expect universities to deliver more than just academic skills. These parents say that their children must be taught to become independent and financially responsible.

The report found that 50% of the Armenian parents have a specific occupation in mind for their child, and their preference is for professional, science-based careers, which typically combine relatively high income and job security levels. Medicine takes the top spot, preferred by 19% of parents. Other desirable occupations favoured by parents are engineering (11%) and computer science (8%). Among many reasons why parents prefer one occupation over another for their child, the job’s income-earning potential and benefit to society (both 35%) are key considerations.

 Aside from academia, parents think it is most important that a university education teaches their children how to become independent (86%), financially responsible (84%), and socially confident (83%), suggesting that to succeed in life, parents expect universities to provide softer as well as academic skills.

 HSBC’s Learning for life report, the second in The Value of Education series, found that many parents have high expectations of education for their child, with 50% saying that a postgraduate degree is the minimum qualification required for their child to achieve their most important goals in life. It also reveals that 47% of parents think it will be harder for their children’s generation to find a job after finishing education than it was for their own generation. In order to increase their children’s chances of standing out from their peers, parents are considering topping up a domestic university education – and are willing to pay more for it.

Study found that to give their child a head start in the job market 77% of parents would consider sending their child abroad for either an undergraduate or postgraduate education. Recognising that international education comes with higher costs, HSBC report shows that around 70% of parents would consider paying more for a university education abroad than for a domestic one. The reports also reveals that the cost of an international university education is the main barrier for 34% of parents who would not consider this option.

The report found that 83% of parents have a specific occupation in mind for their child, and their preference is for professional, science-based careers, which typically combine relatively high income and job security levels. Medicine takes the top spot, preferred by 19% of parents. Other desirable occupations favoured by parents are engineering (11%) and computer science (8%). Among many reasons why parents prefer one occupation over another for their child, the job’s income-earning potential and benefit to society (both 35%) are key considerations.

According to Armstat’s latest available data on higher education, while medicine is less popular (5%) in Armenia, economics and management (20%) and human sciences (30% all together) hold the top position among most desirable occupations. Out of 19,000 students admitted to universities in 2013, 1343 students decided to study arts (7%), another 7% chose pedagogics and agrofood (7%).

HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,100 offices in 73 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,670bn at 31 March 2015, HSBC is one of the world’s largest banking and financial services organisations.

HSBC in Armenia

HSBC Bank Armenia cjsc was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 36,000 customers through 10 offices located in Yerevan and around 383 employees. The bank has assets of AMD 286,072,363,000 as of 31 March 2015 and is one of the leading banks in the foreign exchange market in Armenia.