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Originally Posted by Money is never enough
I assume that you have done pretty well in your bachelor of engineering, perhpas a First Class. I have a peer who had gotten CAP 4.9 and he was offered a scholarship to pursue PhD in the similar field. He is now managing research teams in A*Star. If this field is your interest and you are aware of the career options ahead of you. Why not?
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Why not apply to a more reputable overseas university that can give you a teaching fellowship?