Whether to go straight into work or stay on for another year or more of postgraduate study is one of the hardest decisions final-year students have to face.

Work offers a salary, an immediate start to your career, and the opportunity to measure yourself against the standards of the commercial world.

Postgraduate study, although it will almost certainly mean yet more debt, demonstrates to employers your high levels of commitment and your superior knowledge and skill base.

A postgraduate degree is also useful if you are trying to change career direction (for example from a non-technical degree into an IT career).

Is postgraduate study for me?

Good reasons are:

• you love your subject and have a passion for trying to answer the unanswered questions
• it is essential for your chosen career
• it will give you the edge in a competitive job market
• you want to change career direction.

Time to have a re-think if:

• you don’t know for certain that an extra qualification will be helpful – time for some more research
• the course is not recognised by your chosen employers or the relevant professional body
• you can’t think of anything else to do and the thought of getting a job makes you feel ill.

Industry preference

Some industries admire people with postgraduate degrees while others do not care at all, so it is important to make the decision within the context of a particular industry or career goal.

In areas such as human resources and marketing, a postgraduate qualification can show you are committed to your subject area and serious about your career.

In some advertising and media organisations, a postgraduate degree may be viewed negatively as graduates are expected to work their way up from the bottom.

The cost of a postgraduate

Apart from its effects on your career prospects, the second big factor that is most likely to influence your choice is money.

Where to find financial support

You will probably need to investigate a range of sources in order to fund your course, as very few postgraduate studies attract a mandatory grant. As a rough guide, tuition fees can vary from £2,000 to £6,000 and you will need at least £6,000 a year for living expenses (£8,000 in London).

Research councils
Just under 50% of postgraduate courses receive public funding. A full award will cover both tuition fees and maintenance with extra funding available for disabled and mature students, and those with dependents.

Higher education institutions
Some departments have small bursaries and scholarships available to selected applicants. Others may offer paid research and teaching assistantships.

Charities and trusts
A few hundred pounds a year may be available for students who meet specific criteria.

Employer sponsorship
Many research councils offer Collaborative Awards in Science and Engineering (CASE). A collaborating partner in industry supplements the student’s standard research grant.

Part-time work
Many postgraduates decide to combine part-time work with a part-time method of study. Make sure that the hours add up, and factor in a realistic amount of time for private study

Career Development Loans (CDL)
Certain high-street banks offer CDLs on behalf of the Government. In order to qualify, you must prove that the course will enhance your employability. Visit www.direct.gov.uk/cdl for more details.

Find out more

• What are your options?