Yes, as noted by @NiceUnparticularMan it is possible to use the 2 year working visa to get a job and stay in the U.K. after college. But salaries in the U.K. are very low for most jobs outside finance (even CS and engineering pay isn’t great outside a few top Silicon Valley type firms). A couple of years out of college my S earns almost double what he would do in a similar (consulting) job in the U.K. (although he also bills about 30% more hours). So the standard of living may not be too much better than as a student, at least from a financial perspective. Though long holidays and shorter hours can be nice…
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