As for the University of Hong Kong (HKU), application figures for the past two years for taught postgraduate studies increased steadily each year from more than 9,500 in 2008-09 to more than 12,000 in the 2009-10 academic year.

The 'hottest' programme, as indicated by the largest number of applications received, remains the postgraduate diploma in education, 'probably because many graduates still regard teaching as a stable career and profession, especially during an economic downturn,' says a spokesperson responsible for academic support and admissions at HKU.

Another trend is that Hong Kong universities are offering more specialised programmes tailored to individual needs. It is thought that such an approach is prudent in a recession where time and funds are limited and students want to master a specific body of knowledge and gain a specific skill set.

For example, for the 2010/2011 academic year, Chinese University will offer new postgraduate programmes in biomedical sciences, nursing and English literary studies, as well as postgraduate diplomas in mental health and health administration.

Wong attributes the increased interest in mental health and nursing to Hong Kong becoming a more caring society. Chinese University's legal programmes - the JD (juris doctor - an entry-level legal degree for those with a bachelor's degree) and master of laws programmes - have received the largest number of applications.

At City University (CityU) there has been a 38 per cent increase in applications for taught postgraduate programmes between 2008 and 2009, especially in the college of humanities and social sciences and School of Law programmes. 'There has been an increase in the demand for language, finance and accounting programmes,' says Irene Lau, from CityU's communications and public relations office.

Likewise, HKU has also seen resilient demand for its business and economics programmes - particularly the master of economics and master of finance degrees.

The university attributed this to more graduates who 'would like to enhance their competitiveness at this stage by committing themselves to postgraduate studies and preparing for the challenges arising from the extreme market volatility.'

With Hong Kong being an important financial centre, Allan Chan, associate dean of Hong Kong Baptist University's School of Business and director of its MBA and DBA programmes, has not noticed any discernible impact on postgraduate business courses. 'People in the business community need to have sound knowledge of finance and accounting, how they work, and the way to do analysis.

'Our courses provide the necessary comprehensive knowledge,' says Chan.

Professor Ferdinand Gul, head of the School of Accounting and Finance at Polytechnic University (Poly U), agrees.

His university's full-time master of finance received 849 applicants for 60 places. The part-time programme was also tough with 729 applicants and 131 admitted.

Gul believes that with the improving economic outlook for 2010, there will be 'a surge in demand for finance and accounting courses'.

Much of PolyU's demand can be attributed to full-time students from the mainland who stay in Hong Kong. 'Because finance courses are very specialised and their skills are in demand, I get the feeling that many of them have done well in recent years and have got very good jobs.' Overall, PolyU has received substantially more applications this academic year for taught postgraduate programmes - 12,814 in 2009 versus 9,268 in 2008.

According to Wilfred Lai, senior manager for communications and public affairs, PolyU's three most popular programmes for 2009-10 are the master of educational and child psychology (a new postgraduate programme), the master of finance (investment management), and the MSc in accountancy. With an eye on the territory's forthcoming antitrust law, Lai expects strong demand for its MA in competition law and economics which will be launched this year.

The stability or upside of higher education has also been noticed by Elena Kwoo, an assistant public affairs officer at the Open University of Hong Kong. The university recorded a slight increase in the enrolment figures for postgraduate courses across most academic disciplines in the October 2009 semester, 'but there is no evidence to show that this increase has been the result of the economic downturn,' says Kwoo, adding 'courses in business, finance and accounting have continued to be popular among postgraduate students'.

In October 2009, Open University launched five new postgraduate programmes: Master of engineering in engineering management, master of engineering in energy and environmental technology management, master of science in energy and environmental sustainability, postgraduate certificate in energy and environmental sustainability (cleaner production and green technology), and a postgraduate diploma in internet technology and applications.

The consensus seems to be that in a downturn, an education arms race seems to be emerging, with some thinking extra degrees or qualifications can boost their job security.

Wong explains that the increase in numbers of applications showed that people are eager to gain an edge over their competitors particularly in Hong Kong, with its heavy emphasis on formal degrees, and the competitive business environment here.

Lau says 'postgraduate education is one of the best ways to enhance a person's academic qualifications and their marketability', and for that reason, a price tag cannot be placed on quality education.