Though a bond-free scholarship may seem attractive compared to signing yourself away to your sponsoring organisation for the next five years, today’s uncertain job market may make the bonded option the better one.
Bond-Free Versus Bonded
The advantages of a bond-free scholarship are obvious at first glance. Mostly offered by universities (such as the SUSS Global Excellence Scholarship and Nanyang Scholarship), they aim to recognise and raise outstanding students and set them on the path for success. Those awarded enjoy subsidised or fully paid school fees, a cash stipend, hostel fees (if applicable) and sometimes funds for miscellaneous purchases such as laptops.
Bonded scholarships offer much the same, except that they come with a 3- to 5-year bond to the sponsoring organisation. After graduation, the scholar will work there, often assigned to a position at the organisation’s discretion. If they wish to break the bond before the time period, there is a penalty to be paid.
These last conditions have most students wary of bonded scholarships. They’re rightly reserved about the idea of spending 5 years in the same place, and wonder if the sponsor, knowing they can’t leave, will assign them less-than-desirable work. Questions swirl: What if I find some other passion? What if I don’t get along with my colleagues? Or maybe, I just don’t want to start my career with debt? … and the student taps the application window closed.
Is It Truly Better To Be Free?
But, there’s no such thing as perfect freedom. This isn’t some trite philosophical dig, but a truth of today’s job market. Described as “bleak”, “uncertain” and “challenging”, the proportion of university graduates who found employment within six months of taking their final exams dropped to 89.6% in 2023 from 93.8% in 2022, as reported by CNA.
This trend is set to continue in 2024. Employers are increasingly favouring fixed-term contracts, internships and part-time options over full-time permanent positions, particularly for new hires. Graduates are relying on short-term stints like delivery, freelance work, or projects to tide them over as they job-hunt. However, these are rarely related to what they studied, leaving crucial learning and training opportunities unfulfilled.
The Benefits of the Bond
In this climate, bonded scholarships now offer a unique competitive advantage. This is best summed up in five key points:
- Guarantee. With how competitive the current job market is, the assurance of a job upon completion of studies is a boon. A scholar doesn’t have to power through a gruelling job search while delivering food on the side, and can move smoothly into the workforce, taking up a position prepared for him or her. They begin their careers with well-established companies or government agencies, enhancing their resumes and future career prospects. And while employment may be iffy, salaries are going up – so the bonded scholar gets to enjoy the pay bump without the uncertainty.
- Industry-relevant. Hit the ground running. Upon graduation, most scholars are fast-tracked into specific programmes aimed at nurturing their leadership and technical skills upon joining the organisation. PSA Scholars, for example, are immediately enrolled in the 2-year Global Management Associate Program (GMAP) that is specifically aimed at maximising a scholar’s potential for excellence, growth and transformation for themselves and the industry. Most organisations have such career plans for their scholars, even if they don’t have names or acronyms.
- A Place to Grow. One of the reasons employers are increasingly turning to short-term contracts or internships is because there is a steep learning curve as fresh graduates develop the necessary skills, work ethic and maturity for their jobs. For a scholar bonded to an organisation, the organisation is where they learn these essential soft skills. Importantly, they are free to learn and explore, without the fear that a big enough mistake will lead to a contract cut short.
- Targeted Study Path. Sponsoring organisations begin grooming their scholars right from when the scholarship is awarded. They sponsor study trips, conferences, and internships, alongside mentoring programmes and opportunities to meet and learn from industry experts and key figures in the field. These provide direction and deeper learning in the academic journey, making for a richer, more rewarding study experience.
- Giving Back. Government organisations make up the bulk of sponsors, so a bond with them is a commitment to the national interest. More than money, the scholar can drive projects that better peoples’ lives and further national goals, and make their mark on Singapore history.
Just as there is no perfect scholarship for everyone, bonded or bond-free are but two more options to think of when deciding where to apply. The bonded option is not necessarily the stifling, scary, last resort many students see it as. It is but one more choice, and one that might take you further, higher and faster than any other.