First degrees are often chosen almost by accident, but postgraduate study is typically a more considered experience. Taking time out from a career requires serious thought about costs and benefits. Yet despite the often hefty fees involved, more and more people are considering a masters or MBA.

Downturns typically encourage people to go back to study and business schools and universities are braced for a rise in numbers. At the same time, companies that pay for staff to take qualifications may begin to see this as unnecessary.

“Until recently companies were quite willing to invest in developing people through postgraduate qualifications but I suspect that might not continue,” says Linda Holbeche, director of research and policy at the Chartered Institute of Personnel and Development. “Good organisations will still sponsor postgraduates because it signals to people that they are valued. Pulling the plug would be very short-termist.”

Employees are hungry for development, Holbeche says. “A huge range of people are doing [higher study] with or without the backing of their employer.” The institute has seen a movement towards professional, work-based qualifications. There is also a growing trend for public sector bodies to invest in postgraduate training.

Graduates who plan to take time out to improve career prospects should find out which subjects and institutions will be valued in their field, says Jane Ratchford, director of the careers service at Manchester University. “It is worth asking employers: ‘will this increase my chance of getting a job; will it improve my salary?’ ” Many employers openly look to recruit postgraduates. BCG, the management consultancy, was recently on campus looking to recruit PhD students of all disciplines, Ratchford says. “They want very bright people.” Currently 18 per cent of Manchester graduates stay on for further study but this could change if the jobs market plummets – many students work part-time to fund courses. Research councils that fund programmes may also be squeezed, she says.

Cambridge University has seen a steady increase in postgraduate numbers on both taught and research masters. On the research front, the landscape is increasingly international, says Professor John Rallison, the pro vice chancellor for education at Cambridge. Approximately half of postgraduates are from the UK and EU, the other half from further afield.

But at the same time, there is a steady exodus of postgraduate talent abroad. American institutions present the toughest competition, while other countries offer a cheaper sojourn for potential postgraduate students. “The UK differs from many parts of the world in [that its universities] charge fees. Elsewhere students expect fees and maintenance to be provided by institutions,” Rallison says.

How my studies influenced my life

Inspector Shaun Bradbury, MBA and Chartered Manager

“In my years in the police I have worked in almost every role, but when I became a sergeant I wanted to do something more strategic.

“I did an MBA at Liverpool Hope University and then applied to become a Chartered Manager with the Chartered Management Institute. It is the highest award they run and involves mentoring and demonstrating leadership skills. It was hard work but it really increased my confidence.”

Anna Phillips, MA in Cultural Memory, Institute of Germanic and Roman Studies

“I did French and history for my first degree, became really interested in the way people think about the past and was lucky enough to get funding from the Arts and Humanities Research Council to study for an MA.

“The institute is a tiny part of the University of London and this MA is the only course of its kind in the country. During the course, we looked at Holocaust studies and I did research into how people remember suffering. I finished last summer and now work for a charity called Quaker Social Action. Gathering people’s stories is part of my job, so I am using what I learnt but I still love studying and would not rule out doing a PhD some day.”

Raj Desai Bachelor of Civil Law, Oxford University

“I did a masters because I wanted to specialise in human rights and international criminal law.

“I really enjoyed studying comparative human rights, looking at how freedom of speech or freedom from torture are treated in different jurisdictions such as America, South Africa and the UK.

“I’m currently working for a judge in the Court of Appeal and have always been attracted to the Bar, but the course opened my mind to the possibility of working for an NGO in the field of international human rights.”