Hilary Bichovsky quite rightly regrets the Oxbridge 'discretionary' Master's degrees. Yes, of course they devalue the real ones — but, as one of the great cold and hungry 1950's brain drain to the American job market, I certainly found my (very cheaply) bought Master's invaluable.

Without it, my Oxford undivided 2nd class chemistry degree was rated as only suitable for employment as a very junior laboratory technician. I wonder if the same now applies to the UK job market?