The postgraduate experience

Before you embark on another program of study, it is worth really considering how you will fit in the additional work and responsibility. For most people, it is a challenge to make room in the bank account and the schedule for this extra commitment.

If you are one of them, you will also want to be sure that you will enjoy the experience, and that you get some benefit from it.

The sacrifices: can you afford the money and time?

The costs associated with postgraduate study are not inconsiderable. Tuition fees are always in the thousands. They range from a few thousand to nearly a hundred, depending on the qualification. Also consider the other costs, including books, computers and time off work.

In recent years universities and many private higher education providers have been able to offer FEE-HELP loans, which means that tuition fees are no longer an out-of-pocket expense. Even so, you will need to consider the level of debt you are comfortable with, and weigh costs against the likely benefits of completing the course.

However, it is time poverty that is the real clincher for many postgraduate students. The deal is usually like this: since most postgraduates live independently, with all the costs that that entails, they also work full time. So, fitting in study will often mean less work and less money. The other way to go is to have less social or family time, and to keep up with full-time work.

Tough choice, either way.

The benefits

There is no doubt that additional qualifications are becoming highly desirable — even essential — to survival and success in an increasingly competitive labour market. A graduate certificate, diploma or masters course might be a prerequisite for some of the top jobs in your field, or just a good boost to your chances of getting a great new position.

Plus there is no doubt that additional qualifications can help you attract greater financial rewards. Postgraduate business and management courses generate some of the best labour market results of any of our 30 fields of study, with employment at 90 per cent and average starting salaries of $80,330 in 2006.

However, outcomes will vary depending on the field and the qualification level you choose. For example, salaries will not normally increase dramatically if you undertake a graduate certificate in a general interest field like humanities and social sciences.

Are postgraduate students satisfied with their courses?

Yes and no, according to a national survey conducted each year by Graduate Careers Australia. The Course Experience Questionnaire (CEQ) suggests that graduates are either pleased, dissatisfied or in between with their courses and teachers, depending very much on where and what they studied.

In general, those completing courses in agriculture, medicine, health services and support, and veterinary science gave their courses high marks in 2006. Least satisfied were graduates in accounting, architecture, computing and IT, dentistry and economics. Another 20 or so fields of study were placed at various points in between.

There are big differences within fields as well as between them. Built environment graduates from one university might be more satisfied than other graduates in the field. Conversely, while graduates of humanities and social science are mostly a happy lot, those graduating from these fields from some universities were not so satisfied.

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