What are you currently studying?

Student life is amazing here, although the sheer intensity of the course does not allow me to enjoy it as much as I would have hoped

I am currently reading for an Executive Master degree in Financial Analysis at the Universidad Carlos III de Madrid. My department has been ranked in the top 50 worldwide and the university enjoys a glowing reputation in Spain and throughout Europe.

What’s behind your decision to further your studies in Spain?

There are plenty of reasons behind my decision. Being an accountant by profession, I was initially looking for the more conventional option of pursuing a master’s in the UK. But the more I looked at the British degrees which interested me, the more I realised that much of the material in the courses had already been covered during my intensive five-year degree in Accountancy. Moreover, I was looking for a more practical course which would make my transition back into the workplace a seamless one.

While seeking some career advice from my mentors, I was struck by the words of one of my former lecturers at the University of Malta, who had complained that far too few people chose the more radical option of pursuing a degree in continental Europe. He was certain that the overall experience of studying in a country with a different mother tongue and a continental educational system distinct to our Anglo-Saxon one would yield benefits far beyond the tried and tested UK option. He could not have been more correct.

So I decided to go back to the drawing board and, after a painstaking analysis, I struck gold. Here was a degree from a top university in a fantastic city which ticked all the right boxes and which struck a balance between theory and practice. Of course, the recent hike in UK tuition fees and the unfavourable sterling/euro exchange rate facilitated my decision.

The best thing about this course is its heavy focus on industry tools (such as MS Excel) to teach and examine subjects. My experience is that it is all well and good to teach subjects using books, pens and paper, but when it comes to taking the plunge into the working world as a fully-fledged graduate, you find yourself having to go through an awkward process of adaptation. This course thus served as the ideal gap between academia and industry.

Apart from this, the cherry on the cake is the opportunity to learn Spanish, a language spoken by over 400 million people worldwide. Even though the course is completely in English, I can now say that I am able to speak four languages fluently.

How is the student life in Madrid?

Student life is amazing here, although the sheer intensity of the course does not allow me to enjoy it as much as I would have hoped. We have over 30 nationalities in our group, which in itself is a learning experience unlike any other. Moreover, it is excellent publicity for our country to see this person who speaks four languages and is able to communicate (through Maltese) with people from as far away as Saudi Arabia. I now appreciate how lucky we are to be exposed to Maltese, English and Italian from a very young age.

Unfortunately, there does not seem to be proper awareness in Malta of the benefits of studying in places such as Madrid. Before I embarked on this course, hardly anyone in my class knew a thing about Malta. Now I have all my friends researching about this island in the heart of the Mediterranean, many planning to visit and some seriously thinking of working there given our proud standing as an international financial centre. So why are we not advised from an early age of the benefits of studying in such places? Why are scholarships so few and far between when the rewards of such an investment far outweigh its costs?

What do you appreciate most of Madrid – the food, nightlife or football?

I would say a bit of everything. The nightlife here is immense. The city never sleeps and the Spanish are such friendly people. Again, I wish I could enjoy the nightlife more but the truth is that I have paid good money for this course and I want to make it count. Also, being a completely self-funded student means having to pinch pennies just to get by. However, I did get to watch a football match at the Santiago Bernabéu – the experience was out of this world.

I have also been lucky enough to go on a number of budget trips to Bilbao, Toledo, Cordoba and Malaga and I plan to go on a road trip across the country this summer. What struck me most about Spain upon coming here was how little the Maltese really knew about it and that it is the most de-centralised country in the entire European Union. It is literally composed of 17 countries within one – each region has its unique culture, identity and even language. Therefore, it may come as no surprise that one region is actually known as the Basque country.

How have you experienced the financial downturn in Spain, both as a resident and as a financial analyst?

It has been very difficult living in Madrid as a self-funded student. With no scholarship assistance, living in such an expensive city as Madrid is tough. As a resident, I have had to endure countless price hikes in transport, VAT and utility bills. But as they say, what doesn’t kill you makes you stronger. Either way I have never been one to indulge in luxury. I have always tried to prioritise education, even if it had to mean working since the age of 15 to pay my way through sixth form and later university. Needless to say, I have never regretted any euro I spent on my education. I just wish there was more support from the powers that be.

As a financial analyst it is interesting as much as it is frustrating to watch the sequence of events unfolding in Spain. The situation here is a testament to all that is currently wrong in Europe – 17 regions vying for their share of the cake (and eating it) at a national level, which multiplies to 50 if you count the provincias or sub-regions. In a nutshell, Spain is a miniature version of EU decision-making.

How has the financial downturn impacted students in Spain?

Broadly, I would say in two ways. On one hand, there are many people who have felt the pinch and decided to remain home. Then there are others who have deemed the recent UK tuition fee rises as prohibitive and decided to pursue other avenues.

However, in terms of the general cost of living here, it is hard for students to endure the painful austerity measures currently being undertaken by the national government. I know a couple of Indian students who are living on food supplies that they brought over from India because they say it is cheaper than buying them in Madrid.

Do you think that Spain is on the road to recovery?

It is clear that, however admirable Prime Minister Mariano Rajoy Brey’s efforts to reverse the gluttony of the previous government are, the prescribed medicine is not curing the illness. I would definitely not want to be in his shoes as it seems to be him against the world – him against the Eurogroup, him against the Spanish citizens, him against the Socialists. He has tried to satisfy the will of all parties concerned while implementing crushing austerity measures, but it does not seem to be doing the trick.

It does not help matters that Spain has one of the most inflexible labour markets in the world. On one hand, there are people protected by favourable indefinite contracts which are prohibiting the entry of more qualified, more eager younger individuals into the workplace. As a result, these talented youngsters have to make do with a series of temporary contracts (if they are lucky) which enable employers to give them the sack without much ado. With a youth unemployment rate of over 54 per cent, this is the most qualified yet least employable generation that Spain has ever seen.

I believe that yes, Spain is on the road to recovery. But it is a long and winding road leading to a destination that is barely known to anyone.

Following your studies, will you settle down in Spain or return to Malta?

I would love to settle here. I am now used to the way of life and I love the way everything works here. The facility to drive to totally distinct places more than makes up for not having the sea close by. The people are also wonderful – they are so open-minded.

Unfortunately, I have debts to repay now. Moreover, the employment situation is not the rosiest here. Luckily enough we have a booming financial services sector in Malta which we should be proud of and strive to keep intact.

All in all, Madrid has left an indelible mark on my formation and has made me the man I am today. With all its hiccups and bumps along the way, I would not trade this experience for anything else in the world.