Hi Kate,
my five cents:
1) yes, Austria (like Germany and many other european countries)
used to have a system slightly different from the Anglican
bachelor/master idea. However, what Austrians called Magister
(or Dimplom Ingenieur in the engineering sciences) has always
been regarded pretty much equivalent to the US/UK masters degree.
And, more importantly, in recent years the Austrian Universities
have started to introduce Bachelor/Master degrees in favour
of Magister, and by now this transition is basically complete.
If one of your kids starts doing a degree at any Austrian
university these days, he/she will (hopefully) finish with a
Bachelor (3 years) or Master (5 years) and these degrees will
be accepted for what they are in all European countries (including
the UK) and also in the US. That was, in fact, the whole idea behind
this transition: to standardize the higher eduction systems throughout
Europe. Also, yours truly finished a Magister/DiplIng degree
at an Austrian university about 10 years ago, and there was no
problem whatsoever, when I then started a PhD program at the
University of London (UK)
2) In addition to the transition from Magister to Master
another change took place in the Austrian higher eduction system
during the last 10, or so, years: they introduced another type opf
school, the so-called "Fachhochschule". This you can consider
somewhat similar to what, in the US, they call "teaching colleges".
You can also do a Bachelor or a Master there (3-5 years), but the
education is typically considered being closer to real-life
applications, if you will ... the way it looks now, this
type of school is your choice if you are less "theoretically"
inclined and more into "doing things" ... you probably won't
do it if you want to keep having the option of becoming,
for example, a university teacher yourself.
3) about quality of eduction ... to me it seems to be very much
a matter of taste, its very difficult to compare different
systems. I finished a MSc (Magister) at an Austrian university,
then a PhD in the UK, and then worked for some years at a University
in the US ... so I probably have a relatively good idea of the
relative merits/drawbacks of these places and systems, but
I wouldn't dare to put forward a judgement. One thing is
probably true: In Austria (and some other European countries) the
higher eduction landscape is "flatter", that is, quality wise there
are not so big differences between different schools (when it comes
to departments that's probably a different story though)
In the UK, and even more so, in the US, the landscape is
quite mountainous in comparison ... you'd find very good schools,
and very bad ones ... this being said, I am pretty sure that most
schools in Austria are good enough to give you a decent education,
and if, as a student, your are INTERESTED in learning something
you will be given plenty of opportunity for doing so, and
once you have a degree from a university here you should be fine
going whereever ...
anyway ... if you let me know what your daughters interests are
I might be able to point out some places here in A.
good luck!
Michael