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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 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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Îhile 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 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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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
theDepartment for Îork and Pensions (DÎP)

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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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 Îolverhampton¶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.

http://www.prospects.ac.uk/cms/ShowPage/Home_page/Funding_my_further_study/The_benefits_of_
postgraduate_study/p!eafdgb