Over the past decade, the number of people taking postgraduate studies has increased significantly, particularly at the master's level. The increase has been more pronounced during the recent financial crisis, when those professionals who lost their jobs returned to university to boost their r?sum?s and employment prospects with a postgraduate qualification.
The most common reasons people have for completing postgraduate study are career development, career change or wanting to be more competitive in the job market. For many, another reason might be to secure a more highly paid position.
However, some overseas studies are calling the value of postgraduate study into question as course costs are increasing, while the income premium for postgraduates compared with undergraduates is decreasing. In some industries, there is no guarantee that a person with a higher-level qualification will command a higher salary.
This is particularly true in relation to one of the more popular types of postgraduate courses, the MBA.
'In recent years, we have seen more and more individuals complete an MBA with minimal work experience. One reason is an expectation of a higher salary due to the MBA. In many cases, this will not be the case,' says Anthony Thompson, managing director of Michael Page International and Page Personnel in Hong Kong.
'Studying an MBA is expensive and an MBA with no relevant working experience will generally not result in a higher salary. Rarely will clients insist on an MBA, with the exception of some niche finance and consulting areas and, in most cases, it is seen as nice to have but not essential. Higher salaries can be offered if the MBA is supported by relevant working experience.'