Have you ever considered taking a ′panic Master’s’? The term describes the phenomenon of third-year students who lack the security of a job offer, or certainty of what they want to do next, to stay at university for another year. These short courses, ranging from 9 months to a year, have become an increasingly popular option for graduates unable to decide what to do with their looming futures.

In the 2022-23 academic year, there were 2,829 Master’s students at the University of Cambridge. The University has seen a steady increase in applications across the last few admissions cycles – there was a 9.5% rise between 2019-20 and 2020-21. Between the same cycles, the total number of non-doctoral conditional offers rose by 13.7%.

In many disciplines, such as law, psychology, and engineering, having a Master’s degree (integrated or otherwise) can demonstrate specialist skills, increase employability, and allow accessibility to kinds of jobs which require a higher level of education. But the majority of jobs beyond academia do not require an extra degree. This can detract students from staying on for another year when potentially offered a more financially beneficial alternative.

“It’s an opportunity to make the most of the facilities, location, extracurricular activities, and social events”

So why are so many Cambridge students deciding to stay on? For some who did their undergraduate degrees at Cambridge, a Master’s means another year in the city they love with their friends. It’s an opportunity to make the most of the facilities, location, extracurricular activities, and social events which have to be left behind once you graduate. And of course – it enables you to explore your academic interests in greater depth.

Continuing onto postgraduate study at Cambridge is a popular option: in the 2021-22 academic cycle, 2,368 Cambridge students decided to apply for postgraduate courses at Cambridge, resulting in 1,381 offers. Many of the students I spoke to matriculated with me (or began their undergraduate degrees elsewhere) in 2020. Almost all of them cited righting the circumstances of their first year, which was ruined by COVID, as a motivation to do an extra year.

For many, a Master’s degree allows extra time to consider their options for life after study. Or, as more sceptical individuals might conclude, procrastinate making life decisions. James, who has just finished an MPhil by Thesis in Linguistics, told me he wanted to stay in Cambridge “primarily because I really liked working with the faculty here, and especially my supervisor; and also because change is scary.”

Is a Master’s just an extension of the undergraduate academic experience? The biggest surprise for James was the shift in how deadlines functioned in his course: “The transition from undergrad to my Master’s, which basically had one deadline, caught me unaware, and so was quite difficult to begin with,” James continued, “but after a term or so, I started to establish a routine for myself, and things then got substantially easier.” James has a PhD offer, but recently decided to defer his place. “I’m planning to take a year out of academia to work and be near friends in Cambridge.”

Many other students do a Master’s with the intention of progressing to a PhD. Margaux completed a BA in English at Cambridge and stayed on for an MPhil in European Comparative Literatures and Cultures. “I knew that I wanted to do a PhD at some point. I was initially set on not staying in Cambridge and wanted a change of scenery.” However, Margaux came across her course towards the end of her third year, causing her to reconsider. “Thankfully admissions were still open, so it was semi-planned, between panic and calculation.”

“I really enjoyed switching departments and doing something more interdisciplinary research-wise”

For Margaux, doing a Master’s allowed her to broaden her research interests and try out lines of academic inquiry. “I really enjoyed switching departments and doing something more interdisciplinary research-wise. The course was intense but also very flexible, which allowed me to do more extracurriculars too.” She has since presented her brilliant work at the Samuel Beckett Society Conference in LA.

What’s next for Margaux? “I’ll probably go to the US for a PhD, but I am trying to stay open-minded. I am going to soon start working in admissions at the University of Bordeaux (where I’m from), and will be going to Nihon University in Japan for a semester thanks to a scholarship from Pembroke College. I’m really looking forward to it!”

Cambridge’s global renown for research and innovation is also a huge draw for students who completed their undergraduate degree elsewhere. Zoya, who studied law at LSE and has just finished her MPhil in the Ethics of AI, Data and Algorithms, told me, “The main reason I decided to do a Master’s at Cambridge was because it was one of the only places that offered a postgraduate degree in this niche area of study.” She was part of the first-cohort of this brand-new course.

While at Cambridge, Zoya was also the Publicity Officer for the Cambridge University AI Ethics Society and presented her work at Jesus College, Oxford, and the Institute for Medical Ethics. “I think one of the biggest surprises of doing an extra year is just how much knowledge you can learn in just nine months!” She is also an avid tennis player, taking advantage of Cambridge’s sporting facilities to represent her college and the University in Varsity matches.

Like James, Zoya has a PhD offer: “In my undergraduate, I didn’t even realise that doing a PhD was possible or even a step in someone’s career path in law – I was under the impression that you had to be in a law firm or bank. At Cambridge, I was introduced to the value and importance of research, so I am excited to be able to do this for a few more years!”

Students come from further afield to take a Master’s here and experience the research facilities for themselves. Hannah graduated from the University of Southern California School of Cinematic Arts with a BFA in Writing for Screen and Television. Unable to work because of the Writers Guild of America strike, she followed up her academic interest in folklore by pursuing an MPhil in Anglo-Saxon, Norse and Celtic Studies (ASNC).

To many, Cambridge and ASNC might seem like a bit of a change from LA and screenwriting, but not for Hannah. “I was fascinated by the stories that people tell, and my undergraduate minor had kindled an interest in Norse sagas and particularly in the role of women warriors in Norse society.”

“Going to Formals in gowns, living in a crooked historic building, and walking to class down rainy cobblestone streets past incredible architecture were never on my list of plans for the future”

For the Maryland native, postgraduate study has given her the opportunity to explore a new country and culture. “I love trying to describe life at Cambridge to friends back in the States – like the week is Thursday to Thursday, but no one has been able to tell me why! Going to Formals in gowns, living in a crooked historic building, and walking to class down rainy cobblestone streets past incredible architecture were never on my list of plans for the future.”

Despite this excitement, Hannah questioned how going back to studying would affect her career. “I came here a bit worried that I would fall behind professionally if I took an extra year of study, but I think that the opposite has been true. The connections that I have made and opportunities that Cambridge has afforded me would never have happened if I had stayed in LA.” This month, Hannah is taking her play ‘Squires’ to the Edinburgh Festival Fringe. She plans to eventually return to screenwriting.

A question students are often left with is ’Are Master’s degrees worth it? Unlike the majority of PhD places, 71.6% of Master’s degrees at Cambridge are unfunded. Unless students are able to achieve scholarships for academic performance, hardship, or other means, the majority must self-fund both their tuition fee and maintenance. Postgraduate loans do exist – but for many, the coverage is not enough, and has to be supplemented with part-time work or family savings.

How do the next cohort of Master’s students feel about staying in Cambridge? Gina will pursue an MPhil in Film Studies. “I was entirely unsure what to do for the next year. I recently made the decision not to pursue theatre, so I needed another year to think about an alternative plan.” One big barrier Gina faces is her finances: “I need to find an extra £10k essentially – which anyone who works in hospitality knows is impossible. If not, I will have to get a part time job.”

Gina wants to rewrite some of the stereotypes applied to continuing students. “I’ve already gotten jokes about being washed up or never leaving my college. I think the perspective is somewhat accurate in that I am taking a year to think about it, and I’ve been here a long time – but that shouldn’t be a negative. It is treated as such sometimes.”

So, should you study for a Master’s? It really depends on what you want to get out of it. If you’re already dismayed by the mounting interest on your student loan balance, or starting to feel that Cambridge has become a little goldfish-bowl-like, it might be best to let the University go and move on. But if you still feel you have more to give – academically, socially, and extracurricular-wise – why not give it a go?