Obviously there are certain areas of employment, particularly in the professions, which will require more than a basic degree - but, in the general working world, is a graduate diploma, or especially a Masters degree, really a prerequisite for a successful career?

"Postgraduate qualifications are still seen as something of an add-on, " said Robert Mac Giolla Phadraig, associate director of Sigmar Recruitment. "You just have to look at the number of people who do postgraduate courses. The more people that are involved in postgrad programmes, the more it is possible that these qualification will not seem as distinguished to employers. An undergraduate degree is still seen by most employers as the platform of acceptance, although there are sectors where there is a pre-requirement of postgraduate qualifications for employment."

Mac Giolla Phadraig believes that, in the wider market, minimum requirements on the part of employers for postgraduate qualifications are less to do with the subjects that were studied, and more down to a desire to have demonstrated to them some core competencies, such as diligence and conscientiousness, which can be transferred into the business world. But, from a salary perspective, the presence or absence of a Masters degree will usually make little difference.

"In most sectors, a Masters degree will not make any difference to salary, " he said.

"Unless a qualification adds specific value to the employee, or unless such an increase is written into defined structures, the reality is that experience is still the most important factor when it comes to a remuneration package."