This paper reveals the complex diversity that underpins ostensibly similar transnational education programmes (TNE), through a comparison of UK TNE in Malaysia and Hong Kong. It draws on data from two different yet cognate studies on the role of UK universities in delivering higher education in Asia. Some fine-grained and informative differences between the ways in which 'value' in TNE is constructed in different host contexts is revealed. The paper brings to light the 'voices' of TNE students and graduates, which are very seldom heard. The arguments adapt and extend the concepts of education as a positional good, and as cultural capital. For various instrumental, intrinsic and personal reasons the authors discuss in detail, UK TNE is more highly valued in Malaysia than in Hong Kong. The paper makes a wider contribution to knowledge on the changing landscape of international higher education and the impact on social and personal (dis)advantage.
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