Masters on the increase due to credit crunch

There is some concern within the student body that competition for places on MA/MSc courses, at Warwick and elsewhere in the UK, will rise sharply from this year onwards. In response to the current economic situation, it appears that many more finalists are choosing to apply for MA/MSc programmes.

Anxiety about a future after an undergraduate qualification became very visible last week at the Graduate Recruitment fair. The space where the event was held was full way past capacity, highlighting how worried students are about their job prospects upon graduating.

Current financial uncertainty has led to a reduction of available Graduate Placements, particularly in the financial sector, causing students to opt for a Masters as an alternative to the already fierce competition on these Graduate Schemes.

The figures, courtesy of Kelly Parkes-Harrison Communications Officer, already indicate an increase in applications for MA and MSc courses of more than 12 per cent; 1055 people applied in 2008, while 1186 applications have already been submitted for 2009.

One reason for this is a perceived depreciation of the BA/BSc qualification. Ciran, who is currently studying for an MA in Security Studies, told The Boar, “I believe you need more than just a BA if you wish to work in a small field where competition is fierce.”

Other students have voiced concerns about the value of the BA/BSc, based on the sheer number of Universities which have been established in the UK. “It seems like everyone has a degree in something these days,” commented an English Undergraduate.

Some businesses are also beginning to side with this view point. Discussing a possible career in Publishing with an executive from a leading Publishing House in Oxford, I was told, “We look for candidates with a Masters in Publishing.” While this is not a definitive policy, with increasing numbers of Masters-level applicants it is easy for businesses to demand more than a BA/BSc qualification.

However, this new rave for MA/MSc programmes is not shared by all finalists. Chris, a PPE finalist commented, “Masters are insanely expensive, and work experience is much more valuable career wise.” The cost of an average MA/MSc programme is due to increase to £4070 for those starting in September, but some programmes may cost considerably more. This is an increase on last year’s tuition fees of more than £200.

Another financial issue has also been raised. A former Management undergraduate commented, “Actually, the credit crunch is more likely to dissuade finalists from choosing to follow the Masters pathway, because it’s getting harder to take out personal loans with banks.” Career Development Loans, a popular choice of postgraduate loan, are also problematic as they feature high APR rates.

One popular option among Arts students, given all these concerns, is neither further study nor new-found career; “I think the one thing most people will do is go travelling,” commented a French finalist.