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There is a "big mark-up" in starting salaries for those graduates with certain Masters, an education expert has emphasised.

Jeremy Neathey, head of postgraduate training at the Economic and Social Research Council (ESRC), recently explained that when going into some career sectors, such as economics, having a Masters degree makes financial sense.

He said: "For some particular disciplines, like economics for example, doing a Masters qualification massively enhances your chance of a good starting salary outside of the academic community."

He also explained that if you do a "Masters degree or a qualification in economics you can be starting on a salary of about £30,000 in the city".

Students are also advised, however, to think carefully before embarking on a Masters.

It can take years to fully recoup the money spent on the advanced qualification.

The ESRC dedicates one-third of its budget to postgraduate training, totalling about £32 million.

Around 60 per cent of postgraduates funded by the ESRC continue to work in the academic sphere, while the remaining 40 per cent pursue other careers.

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