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I guess this logic holds perfectly well for EU students, but not that much for international one.
Relocation is very common in Europe, and thus location don't matter as much as some other place since good transportation network.
I will say the implication are mainly:
1. part time job, which is not really likely especially in the first year.
2. language, normally a student in Italy won't speak Swedish, and vice versa, and thus are restricted to English speaking role only. Though normally student will not be able to handling a totally new language at working level.
3. visa regulation in different country, this play a quite important role if one really want to stay longer.
4. Interviews. It is not a problem for the first interview on phone, but it will be more difficult to find companies willing to pay the bill for on-site interview, not to mention the traveling time.
normally really good school (Bocconi and SSE surly counts) not only has their reputation within their own country, but also elsewhere in Europe.
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