Introduction
Students take up postgraduate study for a variety of reasons: to gain a necessary qualification in a specific field, to improve their knowledge of a certain sector, or simply for their interest in a particular subject. Largely because of the financial considerations attached to further study, though, a large number of students undertake higher degrees in the hope of improving their employability.
In a recent report by Brahm, commissioned by Graduate Prospects, 46% of final year students who were considering postgraduate study said that they were doing so in order to enhance their employment prospects.
And there are sound reasons for this. According to figures from Higher Education Statistics Agency (HESA) 81.2% of Masters graduates were employed six months after graduation.
It’s good news for doctoral students too, with 87.2% of PhD holders working in six months.
That’s why there are over 530,000 postgraduates in UK higher education institutions and over 58,000 postgraduate courses, doctorates, certificates and diplomas to choose from. The sheer range of qualifications available demonstrates how central further study is to a range of careers.
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Postgraduate study
Postgraduate study is big business for universities and many of them have come up with flexible methods of delivery such as modular courses and distance learning programmes which have made postgraduate study accessible to people who at one time couldn’t have considered it. There’s never been a better time to do a postgraduate course.
At postgraduate level, you will find mature students, people studying at a distance, and work-sponsored students as well as those who have come straight from their undergraduate study. The majority of postgraduates study part time, which means that many of them are working as well. A substantial number of students take conversion courses, enabling them to acquire skills in areas such as IT or business and management, which they didn’t have as undergraduates.
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The costs of further study
While there are obvious benefits to be gained from pursuing a postgraduate course, you will have to consider how you are going to fund it. Funding postgraduate study is still a problem for thousands of students, simply because there isn’t much of it around. The only mandatory funding available is for teaching, social work and nursing. The Student Loans Company doesn’t cater for postgraduates and the Research Councils - the biggest providers of postgraduate funding - award just over 10,000 studentships a year between them.
Postgraduates have to cope with two types of expense: fees and cost of living. If you have recently undertaken an undergraduate degree, you may be used to having to struggle to make ends meet. In this respect, your life as a postgraduate will be similar. If you have been in employment or are returning to education after a long period, things may be very different to what you have been used to.
Undergraduates have only recently had to pay tuition fees. Postgraduates have always had to pay them. The standard fee for a one-year Masters programme in 2007/8 was around £3,200, although this figure is expected to increase for 2008/9 and can vary depending on the programme and the institution at which you are studying. An MBA (Masters in Business Administration), for example, may cost as much as £25,000. Students from outside the EEA (European Economic Area) often pay double the EEA-student rate.
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Living expenses
Living expenses are difficult to quantify since they vary according to individual needs. As a general guide, the cost of living for an academic year is reckoned at around £9,500 in London and £7,500 elsewhere. But these are very rough estimates and much depends on individual requirements.
The likelihood is that you will have to support yourself or put together a portfolio funding package that draws from savings, earnings from part-time or full-time work, small grants and bursaries and loans. The purpose of this guide is to show you how to do this and demonstrate that this is actually quite a realistic approach - if it weren’t, there wouldn’t be so many people graduating with MAs, MScs, and PhDs, not to mention a host of other postgraduate qualifications, each year.
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Postgraduates and benefits
The rules in this area are complex and if you are considering claiming benefits, check with your local Jobcentre Plus about the most up-to-date regulations or visit the Department for Work and Pensions (DWP)
Full-time students cannot normally receive benefits, although there are some exceptions. If you are a full-time student, you will usually not have to pay Council Tax.
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Further information
Make sure you investigate every possible funding source and that you are aware of dates, deadlines and eligibility criteria. By arming yourself with the right information at the outset, you increase your chances of success. Your university careers service should be your first port of call, but you should also try and talk to current postgraduates and ask them how they support themselves.
You can ask the course leader the same question when you apply and find out whether any institutional support is available. Consult the welfare or postgraduate students officer at the Students’ Union and find out about hardship schemes.
Most careers service websites include information on postgraduate funding. University of Newcastle's careers service site (has a particularly good funding section, while the University of Wolverhampton’s site has a postgraduate and professional studies section with useful information on finding courses and funding. Some careers services can give you access to two searchable databases, Funder Finder and Moneysearch. Ask at your own service for more information.
The Grants Register, published annually by Palgrave Macmillan, provides comprehensive details on thousands of funding opportunities worldwide, although it doesn’t focus solely on postgraduate information. This ought to be available in your careers service or at your local library. The Directory of Grant Making Trusts, published annually by the Charities Aid Foundation, is also worth looking at.
