Why you should consider the SingaporeInstitute of Management (SIM)

SINGAPORE - Media OutReach - 6 November 2018-  As two of the world's busiest port cities and Asia'swell-established financial hubs, numerous comparisons have been drawn betweenSingapore and Hong Kong. Let us look into some of the differences that may helpstudents decide where to further their education abroad.

Paying the price for quality living

Both Singapore and Hong Kong are consistently ranked among the world'sbest places to live in, with Singapore topping Mercer2018's annual list  and ECAInternational shows' 2017 annual survey for the 18^th yearas the most liveable Asian city. Quality does come at a price. So it's notsurprising that both cities are also on the list of expensive places to livein, with costs in Hong Kong pegged by expatistan.comat 10% higher than Singapore. Backing this is Mercer's findings which puts Hong Kong asthe most expensive city in the world for expatriates, whileSingapore places fourth.

• Housing in Singapore is closeto 40% cheaper than in Hong Kong

Hong Kong's real estate is known to be the most expensive in the world. Whilethe monthly rent for a furnished 45m² studio in a normal area wouldcost about US$1,426 (HK$11,191) in Singapore, a comparable unit in Hong Kongwould set you back by US$2,184 (HK$17,140). Electricity and gas about 30% cheaperin Singapore, though internet fees are higher by about 30%. If sharing,off-campus student accommodation rates for a single bed with cleaning andutilities included would start from approximately US$523 (HK$4,107) inSingapore and from US$675 (HK$5,300) in Hong Kong.

Costs aside, other factors such as variety of accommodation choices,pollution and area/population density should also be taken into consideration. Generally,Singapore fares better in these areas, especially if you prefer living in aless congested environment with better air quality.

• Food in Singapore is cheaper overallthan in Hong Kong

 Among the items compared were the cost of 12 large eggs -- US$2.93(HK$23) in Singapore vs. US$4.46 (HK$35) in Hong Kong; a basic lunch in thebusiness district -- US$8.79 (HK$69) in Singapore vs. US$11.85 (HK$93) in HongKong; and bread for two -- US$1.78 (HK$14) in Singapore vs US$2.04 (HK$16) inHong Kong.

• Public Transportation on parfor Singapore and Hong Kong

Singapore is often labelled as the most expensive city, but that's onlyif you plan to own a car considering all the additional taxes and premiums oneneeds to pay on top of the vehicle's selling price. While buying a car seemscheaper in Hong Kong, soaring parking fees have caused many car owners to feelthe heat. As reported by South China morning post, the price of a parking lot in residential areas could outperformhome prices and costs anaverage of HK$1.4 million.Otherwise in both cities, public transportcosts on buses, trains and taxis are affordable and almost on par with eachother. For instance, a monthly public transport ticket would cost around US$69(HK$543) in Singapore and US$66 in Hong Kong.

World-class education that getsyou ready for the future

According to an Economist Intelligence Unit (EIU) index, Singapore'seducation system is ranked #1 in Asia and #5 in the world in preparing studentsfor the future. Hong Kong comes in at 14^th place. Keyfactors supporting Singapore's top ranking are its pool of effective teachersand beyond classroom initiatives to help students make connections betweenconcepts learned and practical real-world applications.

Students looking to study for an internationally recognised degree willfind no shortage of options available in both Singapore and Hong Kong. Bothcities have universitiesthat are ranked among the world's top 50. Students wishing toenhance their proficiency in English though will find that Singapore,being the #1 most English-proficient city in Asia, has a far greater edge thanHong Kong whose English standards have been on a continuous decline,according to EF Education First's annual index. 

In Singapore, universities and institutions are also known to partnertop overseas universities to offer their programmes locally, making it possiblefor students to pursue a UK, US or Australian degree in the country. Popularchoices include the Universityof Birmingham (UoB available under SIM GE) with programmes taught100% by UoB lecturers; and the Universityof London (UOL available under SIM GE) which interestingly hasestablished its largest pool of first-class honour students in the UOL network. 

Potential career opportunities forgraduates

Lured by business-friendly policies, politically stable environments, excellentinfrastructure and a constant inflow of global talent, many multinationalcorporations have chosen to base their regional headquarters in Singapore andHong Kong.

With its longstanding reputation as a banking and finance hub, aided byits proximity to China, Hong Kong seems to enjoy greater financial activitywith many more banks calling it home. However, Singapore has surpassed HongKong to be the world's third most dynamic financial centre based on GlobalFinancial Centres Index 2016 rankings. In addition, Singapore's position as a gatewayto Asia and its push towards innovation and technology has made it the undeniablechoice for technology and pharmaceutical firms such as SAP, Facebook, Pfizerand GSK to set up their regional headquarters.

Graduates looking to stay on and build their careers in either cityshould also be aware of the differencesbetween Singapore's Central Provident Fund (CPF) and Hong Kong's MandatoryPension Fund (MPF). While CPF contributions are higher for both employees(20%) and employers (16%) compared to MPF (5% each), members can use it for avariety of purposes such as housing, children's education, medical and hospitalisationcare, annuity and investment. The MPF, on the other hand, is purely forretirement needs and may be less comprehensive in taking care of its members'immediate and long-term needs.

Understanding such information may help students decide which city ismore suited for them for overseas study, career advancement and perhapspermanent residence. To learn more about your education options in Singapore atSIM GE, please visit hereor contact Robert Kong at +65 9115 4307, email robertkong@sim.edu.sg