Postgrad Student Factors

Journal of Applied Research in Higher Education
Post-Graduate-Students Factors on Program Choice and Expectation

ANNA SAITI, Rosemary Papa, Ric Brown,
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ANNA SAITI, Rosemary Papa, Ric Brown, (2017) "Post-Graduate-Students Factors on Program Choice and Expectation",
Journal of Applied Research in Higher Education, Vol. 9 Issue: 3, doi: 10.1108/JARHE-06-2016-0040
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Introduction
This paper examines the factors affecting post-graduate students in their choice of
postgraduate programme and also the expectations they have concerning that choice.
This study improves our understanding of how prospective students choose their
postgraduate programme and what the expectations of their chosen programme are.
Such knowledge can help higher education institutions increase their effectiveness in
terms of attracting more candidates/students with the appropriate credentials in order
to gain a competitive advantage. This would enhance the quality of postgraduate
education by improving the impact of the specialized knowledge and skills acquired,
thus providing a driving force that would boost the economic development of the
country. The specific country studied was Greece – a country designated by the World
Bank as high income but which faces a severe economic recession, effecting radical
changes across Greek society (World Bank, 2015).
The present study was undertaken mainly for the following reasons: a) many
research studies have been carried out worldwide, based on the demand for higher
education and factors affecting the choice between higher education and employment,
but only a limited number of investigations have been made into the choice of higher
education institution, the determinants that influence its selection and the expectations
driving such a choice; b) no empirical investigation appears to have been made on the
factors affecting the choice of a postgraduate programme and the expectations that
prospective postgraduate students have of their selection; c) despite the ongoing
economic re-alignment which continues to tackle acute economic difficulties and
challenging employment conditions, the demand for postgraduate studies continues to
be relatively high (Ho, Kember & Hong, 2012; Jepsen & Neumann, 2010; Mihail &
Kloutsiniotis, 2014); and d) changes in market structures worldwide, the increase in
unemployment and the sense of insecurity with existing employment, together with
attempts to scale down the public sector, are leading towards a greater diversity in the
quality of the jobs available that can only be adequately addressed by a net increase in
the years of schooling.
With particular reference to the Greek reality, while a limited amount of research
has been undertaken in Greece on the demand for higher education, no empirical
investigation has been made (known to the authors) on the factors affecting the choice
of a postgraduate programme (in any field) or the expectations that prospective
postgraduate students have of their selection. Hence, this study can be used to
complement previous studies, and so help to provide valuable insights that could
result in a more efficient and effective higher (and postgraduate) education system –
one that would be better able to support a country such as Greece to overcome its
severe economic recession.
In addition, there is only a very limited amount of empirical research concerning
the identification of the factors affecting, and the expectations of, post-graduate
students in their choice of postgraduate programme while the existing literature on the
subject does not discuss the matter in substantial detail. Indeed, there are many studies
concerning the demand for higher education institutions, whereas those which relate
to the demand of postgraduate education (mostly concerning MBA’s), such as Jepsen

& Neumann (2010), Liu (2010), Mai (2005), Morgan (2014), Perry, Hall & Ruthig,
(2005), Ward & Dixon (2014) largely relate to the experience of the postgraduate
students, their adjustments to the postgraduate programmes and the influences on their
performance, as well as their expectations and the degree of their satisfaction with the
postgraduate programme. Finally, the present research differs from other research
studies that have been undertaken in the field in that it expands the theory behind the
identification of the factors that affect postgraduate students in their choice of
postgraduate programmes, as well as their expectations of such programmes.
Moreover it moves the relevant analysis forward by considering the issue both from
economic and psychological perspectives.
Economic and Psychological Perspectives.

Economic perspective
Individual decisions about the choice of postgraduate programme are
determined by balancing the economic benefits that come from postgraduate studies
against the opportunity cost. Indeed, education can be perceived as a formative
combination of consumption and investment. People who attend more years of
schooling (and hence invest in themselves) expect to yield future returns while returns
(earnings) from investment in education explain to a great extent the investment
behaviour of those who pursue postgraduate education. However, insights derived
from the relevant empirical literature (Campell & Siegel, 1967; Donaldson &
McNicholas, 2004; Handa & Skolnik, 1975; Quinn & Price, 1998; Simoes & Soares,
2010; Sultan & Wong, 2012; Voss, Gruber & Szmigin, 2007) usually focus on the
link between consumer behaviour and higher (postgraduate) education by giving
emphasis to the complexities of students’ choices and decision-making in academic
(postgraduate) programmes. The growing interest of the student as a “consumer-
customer” and the marketisation of higher (postgraduate) education by researchers is
attributed to a wide range of factors such as: the growing competition among higher
education institutions; the pressure of both market and social forces for a more
marketised environment (as higher education and student populations become more
diverse); and finally, the changes in global economies that put the issue of higher
education funding increasingly under the spotlight (Angell, Heffernan & Megicks,
2008; Naidoo, Shankar & Veer, 2011; Marince & Gibbs, 2009; Slaughter & Leslie,
1997; Sultan & Wong, 2012; Voss, Gruber & Szmigin, 2007).
Links to consumer choice by individuals are being determined by the
fundamental principle of marketing. This reflects a key principle of any organization,
which is to satisfy customer needs and to fulfill their interests and aspirations. By
contrast, the recent turn towards marketing principles in higher education has been
mainly due to the need for an improvement in the efficiency, quality and effectiveness
of institutions and programmes (Angell, Heffernan & Megicks, 2008; Campell &
Siegel, 1967; Chapleo, 2008; De Chernatony, Drury & Segal-Horn, 2004; Hazelkorn,
2015; Marince & Gibbs, 2009; Naidoo, et.al. 2011; Russell, 2005; Simoes & Soares,
2010; Sultan & Wong, 2012; Szekeres, 2010). Indeed, marketing as a science helps
an organisation to recognise needs more easily without requiring a great mobilisation
of resources. It also helps to have a clear strategy that is geared towards the direct or
indirect satisfaction of the consumer’s short and long-term needs.
There is much room for debate on the marketisation of higher education and
particularly on the use of the word “consumer” to describe students. The current study
strongly supports the view that education has a more fundamental aim than simply to
satisfy the needs and wills of the “customer” (student).
Psychological perspective
The pursuit of postgraduate studies is strongly associated with motivating
factors and the individual desire to satisfy one’s needs and expectations through the
undertaking of certain activities. As previously mentioned, two types of
characteristics influence student behaviour on the choice of postgraduate programme:
personal and institutional characteristics. While the latter are fundamentally
interrelated with the pursuit of postgraduate education, the existing literature suggests
that personal characteristics are a more essential factor as they are closely linked to
human motivation. Relevant studies on motivation and human behaviour (Pintrich &
Schunk, 1996 (cited by Liu, 2010); Van Dinther, Dichy & Segers, 2011) mainly
explore how different types of motivation relate to students’ learning, their
achievements, their adjustment to a college environment (preparedness) and their
performance – which is not the case in this article. However, peoples’ behaviour and
motivation is strongly associated with peoples’ choices, needs and goals – three
factors that are interdependently related in a sort of “chain reaction”, as Koontz &
O’Donnell (1983, pp. 53-55) described them.
Based on the above, the undertaking of postgraduate studies is influenced by a variety

of personal variables. However, if a broad distinction is to be made, then it would be
that individuals may be motivated to pursue postgraduate studies either for the
development of lifelong capabilities (that is, purely related to personal wellbeing) or
for advancing their knowledge and skills (that is, purely related to work).
A Study on Perceptions of Students Choice

A survey was conducted to collect primary source data for the paper. The use of
primary source data, as opposed to secondary source of data, allows researchers to use
their findings regarding respondents’ preferences, expectations and perceptions, with
greater reliability.
A sample of 523 postgraduate students from various University Departments in
the Athens area completed the questionnaire (response rate: 70.2%), which contained
14 questions designed to identify the reasons why postgraduate students had chosen
their particular postgraduate programme and what their expectations were as to the
outcome of their studies, on a self-reporting basis. The sample was taken from the
following universities, all located in the metropolitan area of Athens: University of
Athens, University of Piraeus, Harokopio University, Economic University of Athens
and National Technical University of Athens.
This particular geographical region was chosen for two reasons: a) the largest
universities in the country are located in the Athens area and their departments host
the vast majority of postgraduate programmes, and b) the metropolitan area of Athens,
according to the population census of 2011, hosts about 35% of the total Greek
population and dominates every branch of social and economic activity in Greece.
The sample was randomly selected while the questionnaires were completed by
the postgraduate students after their lectures, outside the lecture rooms of their
University. The sampling process used was to invite every third postgraduate student
leaving the lecture room at the end of an afternoon/evening lecture to fill in a
questionnaire. When twenty (20) questionnaires were completed, sampling was
stopped in order for the researchers to check that the questions included in the
questionnaire were understood and adequately answered by the postgraduate students.
Once this check was completed, the research was carried out. In order to ensure that
the sampling was random, visits to the Universities were repeated in the
afternoon/evening hours when postgraduate students had their lectures.
Questionnaires were anonymous while the respondents were informed and re-assured
that their responses would also remain anonymous.
The questionnaires were distributed during the academic year 2011-2012, a year in
which Greece had signed the second economic memorandum with its creditors. The
questionnaire was compiled after the relevant literature had been reviewed, including
previous empirical studies. More specifically, the questions related to:
• The personal, professional and academic characteristics of the postgraduate
student;
• The postgraduate student’s perception of the factors influencing their choice of
postgraduate programme; and their expectation regarding the job
compensations and monetary benefits of the additional qualification, both
presently and in the future.
• The student’s source of funding for their postgraduate studies and their
perception regarding the duration of the postgraduate programme;
• The student’s expectations of the postgraduate programme in which they were
involved;
• The student’s assessment of Greek postgraduate programmes and their
effectiveness.
The statistical analysis in this paper includes:

• Descriptive analyses (percentages)
• Binary Probit Regression Analysis under the binary Probit model. This
econometric tool of research is a type of probabilistic statistical classification
model. It estimates probabilities where the estimated value of the dependent
variable is a binary indicator that may take only one of two values and is
interpreted as the probability that a student will intend to participate in higher
postgraduate education, as identified by the values of the explanatory
independent variables. At this point it is worth mentioning that in cases where
the dependent variable is dichotomous we may use either the Linear Probit
Method (LPM), which works like the method of Ordinary Least Squares
(OLS), or logit or probit regression. The preferred choice of econometric
method for regression analysis will be logit or probit since these two methods
overcome the drawbacks of LPM. Specifically, “both logit and probit ensure
the normality and homogeneity of residuals, the dependent variable lies inside
the 0-1 range and increasing R2 values” (Gujarati, 2004, p. 593). However,
despite these advantages, the “methods of logit or probit have some drawbacks
of their own” (Wooldridge, 2009, p. 587): a) there might be an endogeneity of
the latent variable, and b) there may be a non-normality and heteroscedasticity
of the latent variable. At this point it should be noted that the latent variable
model constitutes a helpful first-stage model on which to base the final
regression model and it is this final model that has been analysed by the
researcher. The binary probit econometric tool was deemed to be the most
appropriate for the following reasons: a) since the logit and probit are two
similar regression models, “there is no compelling reason to choose one over
the other” (Gujarati, 2004, p. 614) and b) the main issue of the study relates to
students’ choice of postgraduate programme (based on their motivators) and
the predicted expectations of the programmes involved.
Results
Table 1 presents the personal characteristics of the respondents.
Table 1 to be inserted here
Table 2 presents the degree of acceptance of the statements concerning the choice of
postgraduate programme. As the mean value for statements tended to 4, the more
postgraduate students tended to agree with that particular statement, whereas when the
mean value tended to 0, the more postgraduate students tended to disagree with the
content of the statement.
When questioned about the duration of a postgraduate programme, the

majority of the responses (72.3%) favoured a two-year duration while 25.2% shared
the view that postgraduate programmes should have a duration of just one year and
only 2.5% thought that postgraduate studies should last three years. Concerning a
student’s source of funding for their postgraduate studies, over half of the respondents
(60.8%) financed their studies through their personal income while 34.2% covered
their postgraduate studies from parental income. Only 3.3% had gained a scholarship
while 1.7% were financing their studies through a financial programme.
From table 3 it is evident that expectations of postgraduate students from the
programme focus on two main areas: Personal interest and self-enrichment;
Professional development and the acquisition of skills.
With particular reference to the open question "What else do you propose to improve
regarding the organisation and the effective functioning of the postgraduate
programmes in Greece?", perceptions varied. Specifically, the majority of
postgraduate students considered that the Greek postgraduate programmes could be
improved through the following measures:
• The vast majority of the respondents shared the view that, although formal
classroom lecturing is important, more effective and efficient tools need to be
used to facilitate its practical application to real situations. This would strengthen
the role of education as a core means of developing student’s skills and
knowledge.
• Many postgraduate students do consider the link between their choice of
programme and the labour market to be critical and essential.
• Many respondents stated that a more careful selection and regular assessment of
the postgraduate programme’s teaching force would advance the educational
process. Moreover, many suggested that a more substantive and flexible
course/programme – one that more closely reflected the needs of both the market
and individuals – would help improve its effectiveness and strengthen the
postgraduate educational process in general.
• Selecting postgraduate students with more objective criteria and a convenient
timetable would again enhance the effectiveness of the programme.
Binary Probit Regressions

Four sets of probit models were run in order to predict students’ reasons for choosing
the two most popular postgraduate programmes encountered in the sample. With this
aim, the dependent variable in all the probit models was the field of the postgraduate
programme. All models included the most popular fields of the postgraduate
programmes among the sample as dependent variables. These covered the vast
majority of the sample. More specifically, if students had chosen either business
administration or education as the field for their postgraduate studies then the
dependent variable took the value 1. If they had chosen a different field, it took the
value 0.
Table 4 presents two models: one has a dependent variable ‘Business Administration
as the field of the postgraduate programme’ and the other has ‘Education as the field
of the postgraduate programme’. Both models included student’s occupation as an
independent variable. Five groups of independent variables were used: 1) the
institution and the department hosting the postgraduate programme which had a very
good reputation in terms of quality and status (Quality Reasons); 2) the cost of the
postgraduate programme or the prospect of a scholarship (Economic Reasons); 3) the
particular characteristics of the postgraduate programme such as the course’s
schedule, duration, admission requirements, etc. (Characteristics of the postgraduate
programme); 4) social reasons such as a recommendation from a friend (Social
Reasons); 5) professions to which the particular postgraduate programme could lead
(Professional Reasons). These five factors were identified by grouping the students’
statements concerning their choice of postgraduate programme.
It is clear from Table 4 that the vast majority of variables were significant.
With particular reference to the first model where Business Administration was the
chosen field of postgraduate studies, all occupational variables had a negative sign,
indicating that students who work as public servants or school teachers (primary or
secondary) are less likely to choose business administration as their field of
postgraduate studies. On the contrary, the second model, in which education was the
chosen field of postgraduate studies, all occupational variables had a positive sign,
indicating that when students have work experience as public servants and as school
teachers (both primary and secondary) then they tend to choose education as their
field of postgraduate studies.
It is also clear from Table 4 that the Business Administration model performed
very well. Indeed, all independent variables were significant with the exception of age
and the variable ‘Professional Reasons’. According to the results, the variable of
gender was significant with a positive sign, indicating that male students are more
likely to select business administration as their field of postgraduate studies.
Moreover, when the quality and the reputation of the particular postgraduate
programme are good then students tend to choose business administration, since this
particular variable was significant with a positive sign. Finally, factors 1 (Quality
reasons), 3 (Characteristics of the postgraduate programme), and 4 (Social Reasons)
did not seem to influence the particular choice of postgraduate programme.
Where Education was the postgraduate programme’s chosen field, it is clear
from table 4 that all variables were significant with the exception of three control
variables, namely: the age of the respondents, social reasons and professional reasons.
According to these results, the variable of gender was significant with a negative sign,
indicating that female students are more likely to select education as their field of
postgraduate studies. In contrast to those students who chose the field of business
administration, the decision of students who chose education was not influenced by
the quality and the reputation of the postgraduate programme’s host institution, the
cost of the programme or the prospect of a scholarship but by the particular
characteristics of the postgraduate programme such as the course’s schedule, lecture
timetables and duration.
Table 5 shows three groups of independent variables regarding students’
expectations and two variables regarding their job remuneration – either holding or
not holding a master’s degree. Regarding students’ expectations, the variables were:
a) personal professional development b) economic benefits on their job from holding
a master degree (Economic Expectations), and c) simply a continuation of higher
education studies (Continuation of higher education studies). These factors were again
the result of the grouping of the statements of students’ expectations regarding their
choice of postgraduate programme.

It is evident from the results in table 5 that the models performed very well. In
particular, they showed that the age of the respondents had a negative sign for the
field of business administration, indicating that younger people tend to choose
business administration as their field of postgraduate studies. The variable of gender
also retained a positive sign and had remained significant, indicating that male
students prefer to continue their higher education studies in business administration.
That said, neither the continuation of their studies nor the personal professional
characteristics seemed to be rated as high expectations. The results also showed that,
in the case of working students who do not have a master’s degree but whose salary is
at a high level, they are less likely to continue with their higher education studies in
business administration. On the contrary, in the case of working students that do hold
a master’s degree and are remunerated highly in their job, they are more likely to
choose business administration as their field for continued higher education studies.
Table 5 also presents the results regarding the predicted expectations of
students who had chosen education as the field of their postgraduate studies. In
particular, once again the age of the respondents produced a variable with a positive
sign, meaning that the older the students, the more likely they are to select education
as the field of their postgraduate studies. The gender of the respondents kept its
negative sign but it was not significant. Furthermore, the economic expectations of
those students who chose education as a postgraduate programme were not very high.
However, it seems that students who choose education as the field of their
postgraduate studies have the expectation that they will continue their studies in
higher education. Finally, when students without a master’s degree work in jobs with
high monetary benefits, they are more likely to choose a postgraduate programme in
the field of education. In the case of students who do have a master’s degree, the
higher the monetary benefits from their occupation the less likely they are to choose a
postgraduate programme in the field of education.
According to the results from the probit regression, males and younger individuals
appeared to prefer business administration as the field of their postgraduate studies – a
choice that was influenced by the quality and the reputation of the particular
postgraduate programme but not by the cost of the postgraduate programme or the
prospect of a scholarship. This result is consistent with other relevant empirical
studies, revealing that academic quality and reputation do indeed affect prospective
students’ choices to a great extent (Angell, Heffernan & Megicks, 2008; Chapleo,
2008; Chapman, 1981; Donaldson & McNicholas, 2004; Dos Santos Martins,
Loureiro & Amorim, 2010; Hossler, Braxton, & Coopersmith, 1989; Hoyt & Brown,
2003; Jepsen & Varhegyi, 2011; Russell, 2005; Sultan & Wong, 2012). Given the
above, it appears that postgraduate students’ choice of business administration is
influenced to a substantial degree by intrinsic motives. According to the results from
the binary regression models, those who had chosen business administration as a field
for the continuation of their studies were rather young in age. The majority were male
and were more likely to be either working in, or wished to be working in, the private
sector. This highly competitive sector is more likely to appeal to those who have
higher intrinsic motives, with a greater sense of autonomy, responsibility and
competence. In other words, they are likely to be more self-determined.
Moreover, as noted in the literature (Angell, Heffernan & Megicks, 2008; Brush,
Moch &Pooyan, 1987; Clark, 1997; Judge, Cable, Boudreau & Bretz, 1995; Judge &
Klinger, 2008; Neil & Snizek 1987; Powell & Graves, 2003; Sturges, 1999) the
perception of career success is understandably difficult to assess as it differentiates
between men and women in terms of the criteria used in their assessment. In
particular, according to the relevant literature (Morris & Villenez, 1992 cited by
Clark, 1997); Powell & Graves, 2003; Sturges, 1999) men assess their career using
higher individual professional criteria such as earnings from work, hierarchical
position and the rate of progress through promotion.Women, however, consider other
criteria to have a higher value, such as a new challenge, the work-life balance, and the
level of interpersonal relations. Hence, the empirical result of this study may not
seem surprising.
According to the relevant literature on factors influencing a student’s choice of
postgraduate programme, if prospective students perceive educational institutions to
be academically strong, then other factors such as cost and location can become less
influential as there are greater possibilities for them to find better employment
opportunities after graduation (Donaldson & McNicholas, 2004; Dos Santos Martins,
et.al. 2010; Ho, et.al. 2012; Hoyt & Brown, 2003; Jepsen & Varhegyi, 2011; Metcalf,
2005; Russell, 2005; Tsinidou, Gerogiannis & Fitsilis, 2010; Voss, Gruber &
Szmigin, 2007). However, other factors retain a significant influence: a) the empirical
results show that students’ choice of a postgraduate programme in business
administration is influenced more by the quality of the programme rather than the
pure characteristics of it; b) according to the consumerist approach, postgraduate

education performance is highly rated by students. So the challenge for postgraduate
programmes is to be more qualitative so as to recruit students with greater appropriate
credentials such as preparedness, experience, etc.; c) anything that enhances the
predictability of both the quantity and quality of students seeking to enroll in a
postgraduate programme can be considered as an efficient tool for strengthening the
role of the programme (Donaldson & McNicholas, 2004; Dos Santos Martins, et.al.
2010; Ho, et.al. 2012; Jepsen & Neumann, 2010; Russell, 2005; Tsinidou,
Gerogiannis & Fitsilis, 2010; Voss, Gruber & Szmigin, 2007). Indeed the above
empirical result may be deemed rational, considering that a) the current Greek
economic environment is characterized by considerable changes in the labour market
including higher rates of unemployment, and b) other researchers (Galotti & Mark,
1994) have noted that the choice of a postgraduate programme may serve as a ‘proxy
attribute’ or indirect measure of other desired objectives such as career opportunities
or intellectual development (p. 590).
Students’ responses to the open question about their proposals for improvements in
the functioning of Greek postgraduate programmes call for, among other things, a
closer harmonisation between the postgraduate programmes and the labour market so
as to improve the quality and the efficiency of the economic system. Certainly,
education (and postgraduate education in particular) has the potential to make a
powerful and positive impact upon the development of a country. However, the extent
to which the labour market may exercise control on education, and conversely, the
extent to which education may accept/resist any such control, is open to discussion.
Nevertheless, in order to overcome any doubts or criticism, Greek postgraduate
education (and indeed any postgraduate system) should retain a just and proper way
of closely monitoring task achievement, authority and discipline. So it is a matter of
establishing a delicate balance between the forces of education and the market in
order to ensure a more efficient means of sustainable postgraduate education. And
although the profile of the Greek postgraduate education system may not exhibit
similarities with other systems such as those of the U.K., U.S.A., Australia and
Canada (countries that have proceeded with changes to their management
environment and introduced new policies without altering the public goals of
postgraduate education) the adoption of business management principles is a matter
of debate across entire postgraduate systems around the world – a debate which ought
to be stimulated in Greece.
Moreover, probit regression results showed that females and older individuals
seem to prefer postgraduate studies in education. Students’ choice of educational
postgraduate studies was not influenced by the quality and the reputation of the
postgraduate programme but by the particular characteristics of the postgraduate
programme such as the courses’ schedule, lecture timetables and duration. Regression
results are in accordance with students’ perceptions since the statements of the two
factors from both groups of postgraduate students have high values. This result is also
supported by the findings from another relevant study in which Israeli students
favoured convenience in terms of lecture timetables, easy access and a comfortable
programme of studies (Pasternak, 2005). Clearly, institutional motivation appears to
influence individuals’ preferences regarding their choice of postgraduate programme.
Indeed, those students that had chosen education as the field for their postgraduate
studies were usually working in the public educator so they were not so concerned
about job opportunities. Moreover, according to the empirical results, older students
were more likely to select education as the field of their postgraduate studies.
Gillet,Vallerand & Lafreniere, (2012) mentioned in their research that intrinsic
motivation is a function of age. This followed earlier work in which researches such
as Guay & Vallerand (1997) (cited by Gillet, et.al. (2012), Lepper, Corpus & Iyengar,
(2005), Otis, Grouzet & Pelletier (2005), etc. suggested that, as people get older, their
intrinsic motivation may be diminishing. Furthermore, the literature revealed that the
provision of choice and support for greater autonomy seems to decrease as a function
of age as more pressures, mainly from the external environment, appear to increase
non self-determined extrinsic motives (Gillet, et.al., 2012 citing Guay & Vallerand,
1997; Lepper, et.al. 2005; Otis, et.al. 2005).
Regarding postgraduate students in business administration, when their wages
were at high levels and they did not hold a master’s degree, they tended not to pursue
postgraduate studies in business administration while, for those students that did hold
a master’s degree, when their job compensations were high they were more likely to
pursue postgraduate studies in business administration. The positive influence of the
economic incentive on the formation of expectations from postgraduate studies has
been widely discussed (Ho, et.al. 2012; Hung, Chung & Ho, 2000). According to the
relevant literature on the efficiency of education (Hung, et.al. 2000; Mincer, 1958;
Weis Weis, 1972) the expected rate of return from postgraduate studies is based both
on the opportunity cost and the direct cost of obtaining a master’s degree. Within this
framework, decisions about postgraduate studies may be influenced by individuals’
expectations of efficiency. The latter can act either as an incentive or disincentive to
continue in postgraduate studies. When individuals associated greater efficiency with
postgraduate studies relative to the cost of obtaining a master’s degree then it was
expected that there would be higher economic expectations after graduation, and vice
versa. Hence, according to the regression results of this study, those who chose
business administration as their postgraduate field generally perceived that it would
be more cost-effective to continue working, in light of the cost of further education.
Therefore, the results are in accordance with the theory of extrinsic expectations
and confirm to a great extent the consumerist approach of individuals’ expectations in
terms of educational decisions. Indeed, behavioural and experimental economics
usually test the assumption about people’s motivated behaviour strictly from an
economic perspective. The consumerist perspective posits that usually people choose
an activity such as a postgraduate programme and expect to maximize their utility
(pleasure) while believing they are getting ‘value for money’ – a scientific position
that converges with the results of this study. However, as was indicated in previous
studies such as Pierce, Cameron, Banko & So (2003), the consumerist approach that
rests solely on extrinsic motivation can be associated with the psychological
perspective that if the reward from a chosen activity (an extrinsic motive) is not
controlled then intrinsic motivation increases. Previous work by Deci & Ryan (2000)
supports this outcome: in their development of the self-determination theory, they
pointed out that if the roots of motivation derive from autonomous feelings (interests)
and are not controlled, then the choice of an activity might be influenced by both
types of motives.
According to regression results, those studying education (the second most
popular field of postgraduate studies) did not have any economic expectations from
their studies. Additionally, when the wages of students without a master’s degree
were high, then they were more likely to select education as a postgraduate
programme. On the other hand, in the hypothetical case of a student holding a
master’s degree and having high wages, they would be less likely to prefer the field of
education for their postgraduate studies. Although it seems that postgraduate students
in the field of education have more intrinsic expectations and career-related
aspirations, it has already been mentioned earlier in the paper that their choice appears
to be influenced more by external pressures and less by intrinsic motives. Given that
a) results from the probit regression show that public servants tend to choose
postgraduate studies in education; b) the public sector has relatively lower returns
than education (Lassibille, 1998); c) the reward system in the public sector is not
dependent upon efficiency, productivity and performance but is related solely to
seniority and to individuals’ educational levels; and d) the wage differentials in the
public sector between those who hold a master’s degree and those who do not is very
small; then the motivated behaviour of those studying education at postgraduate level
cannot be explained easily as it is clearly rather complex. Indeed, their choice and
expectations seem to have little to do with simply striving to overcome professional
problems, to enhance their employment opportunities or to make changes in their
lives and careers.
Conclusion
It is important to understand that improved human capital through postgraduate
education is a valuable economic asset while its increasing responsiveness to an
economic recession implies an improvement in the societal and economic shift to
social and economic development (Bridgstock, 2009; Donaldson & McNicholas,
2004; Kruss, 2004; Postiglione, 2011; Russell, 2005; Simoes & Soares, 2010;
Stringfellow, Ennis, Brennan & Harker 2006). Certainly, the process individuals
follow for choosing a postgraduate programme is not straightforward as it is
influenced by several economic and psychological factors. From an economic
perspective, the areas that a postgraduate education system covers have to reflect the
demands of the labour market if a country intends to reduce unemployment levels and
improve career opportunities. From the psychological perspective, individuals’
motivations to continue their studies tend to be either to enhance their personal
wellbeing or to better develop their job and career aspects.
In any case, the societal and economic impact that stems from postgraduate education
is evident. The relationship between postgraduate education and the economy is
undoubtedly of crucial importance and highly correlated since development (both
economic and social) can only be achieved effectively through higher levels of
education, through which a) people acquire knowledge, skills and abilities, b)
peoples’ behaviors are shaped and c) values, attitudes and beliefs are established. It is
the duration of schooling but most importantly the quality of postgraduate studies that
contributes to the development of peoples’ own knowledge and capabilities that
consequently leads to greater individual productivity and a healthier economy as a
whole. As Bowen (1977) stated:
“A result of education (postgraduate) over society is being successful through
changes in individuals that are going into societies. When individuals that
enter societies are well-educated and cultivated people their presence changes
the general social environment. And those can influence the types of interest,
values, attitudes and behaviors.” (p.443).
Postgraduate education provides mutual benefits for individuals and societies
(economies). In essence, an economy is an investment capital based on rich scientific
knowledge, human abilities and specialisation that may be practically implemented so
as to: a) smooth over income inequalities and, through increased productivity,
increase national earnings; b) establish social and economic reforms; and c) gain a
better position in a competitive environment and hence make social and economic
progress. The individual benefits that arise from postgraduate studies are: a) swifter
induction into the labor market, b) fast-tracked professional development c)
employment with higher wages and d) an improved quality of life (social
development).
Economies worldwide, to a large extent, may benefit from greater levels of
productivity, a better standard of living and the enrichment of civilization through the
proliferation of higher levels of creativity by more people (Saiti, 2013). Since
postgraduate education could feature in any economy to a greater or lesser degree, its
implications for a country’s development are unavoidable. The emergence of
postgraduate education is a positive indicator of an economy’s performance that leads
to better productivity and wellbeing. While true, this is only likely to happen when
economies view postgraduate studies as an important issue that needs to be given due
consideration and support through constructive and innovative educational policy. It
must be kept in mind that in order to draw the full benefits of postgraduate education,
it is not enough to simply recognise its importance. The economy must also have the
capacity to make available all the proper resources necessary to ensure that
(postgraduate) education can function effectively, efficiently and sustainably.
Given that: a) the global economic environment is rapidly developing and
changing, b) education is a tool of change that directly contributes to the development

of human skills and abilities, and c) higher/postgraduate education is an essential field
of investment whose returns have a direct impact both on people and societies, then
students’ pursuit of postgraduate education will help them not only to develop their
skills and abilities but also to respond successfully to the demands of a knowledge-
based economy. Hence, by pursuing postgraduate education, individuals can benefit
by obtaining better jobs, both in terms of career and remuneration, and by adding a
richer cultural, social and political dimension to their being, with a greater sense of
participation in society. It would enhance the transfer of knowledge, moral values and
other benefits that would allow students to improve their abilities and hence their
future prospects.
Essentially, it is postgraduate education that prepares the scientific and
specialised workforce for all economic sectors and mechanisms of society and the
economy. It determines the long-term perspectives of economic growth and
substantially influences the development possibilities of a country. Furthermore, it
produces new scientific knowledge (through scientific research), the implementation
of which increases productivity and thus the rate of economic growth. Ultimately, in a
highly competitive global environment, the promotion of an efficient, innovative and
effective economy can be achieved only through high-quality (postgraduate)
education.
From the findings of this study, implications may be derived for curricular policy
decisions. The findings suggest that the human expectations and motivations towards
the achievement of their goals differ among postgraduate students and seem to be
influenced by the field of their study. Given that: a) human motivation cannot be
explained easily as it is influenced by several factors, b) the motivating power of
students is influenced, to a greater or lesser degree, by both intrinsic and extrinsic
motives, and c) the “psychological value” that students give to determining their goals
and to the mechanisms they use to make such choices is crucially important (Deci &
Ryan, 2000, p. 228), then it is clear that postgraduate programmes should focus on a
subject-specific area. By making them knowledge and labor-oriented, they would be
more likely to arouse students’ interest. Furthermore, by linking them to the labor
market – with greater specialization that addresses market-defined problems – would
make the programme more competitive and also be more useful to students making
career choices. In this context, programmes are encouraged to aspire towards a
balance between intrinsic and extrinsic motivation so as to underline, as Mullins

(1996) put it, both “tangible and psychological rewards” (p. 481).
Indeed, the cultivation and the receptiveness of a well-constructed postgraduate
education programme will bring to the surface all the desired results and enable the
economy to act more successfully in an open and highly dynamic environment. As
Harbison (1973) said, “…a country that does not have the ability to develop the
knowledge and the skills of its people (postgraduate education) and cannot use them
efficiently for the national economy will be incapable of developing anything else”
(p.3).
Therefore, while postgraduate education alone cannot restrain the unemployment rate,
increase productivity, improve people’s wellbeing and ensure the healthy
development of society (Kruss, 2004), nevertheless an individual’s participation in so-
called “competency development”, with greater support from the postgraduate
education system, would be positively associated both with a perception of
employability (De Vos, De Hauw & Van der Heijden, 2011) and the quality of
wellbeing (p.439). Hence, given that a) a rise in productivity and improvements in the
standard of living depend on the level of economic development, and b) a country's
economic difficulties adversely affect unemployment levels, productivity and quality
of life, then, while developing higher education and postgraduate studies according to
the development needs of the country may not radically solve those problems, it
would at least allow the postgraduate education system to take the country in the right
direction by providing young people (prospective employees) with all the essential
elements for the desired economic development.
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Post-Graduate-Students Factors on Program Choice and Expectation

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to the demand of postgraduate education (mostly concerning MBA’s), such as Jepsen

Economic and Psychological Perspectives.

Based on the above, the undertaking of postgraduate studies is influenced by a variety

A Study on Perceptions of Students Choice

The statistical analysis in this paper includes:

Table 1 to be inserted here

Table 2 to be inserted here

When questioned about the duration of a postgraduate programme, the

Table 3 to be inserted here

Binary Probit Regressions

Table 5 to be inserted here

pure characteristics of it; b) according to the consumerist approach, postgraduate

changing, b) education is a tool of change that directly contributes to the development

balance between intrinsic and extrinsic motivation so as to underline, as Mullins

Bowen, H. R. (1977). Investment in learning: The individual and social value of

Bridgstock, R. (2009). The graduate attributes we’ve overlooked: Enhancing graduate

Brush, D. Moch, M. & Pooyan, A. (1987). Individual demographic differences and

Chapleo, C. (2008). External perceptions of successful university brands.

Chapman, D.W. (1981). A model of student college choice. Journal of Higher

De Chernatony, L., Drury, S. & Segal-Horn, S. (2004). Identifying and sustaining

Donaldson, B. & McNicholas, C. (2004). Understanding the postgraduate education

Hossler, D., Braxton, J. & Coopersmith. G. (1989). Understanding student college

Jepsen, D.M. & Neumann, R. (2010). Undergraduate student intentions for

Judge, T. A. & Klinger, R. (2008). Job satisfaction, subjective well-being at work. In

Kruss, G. (2004). Employment and employability expectations of higher education

Mincer, J. (1958). Investment in human capital and personal income distribution.

Morgan, M. (2014). Study expectations of 1st/2nd generation STEM postgraduate

Mullins LJ (1996). Management and Organisational Behaviour. Fourth Edition,

Pasternak, R. (2005). Choice of institutions of higher education and academic

Pintrich, P. & Schunk, D. (1996). Motivation in education: Theory research and

Russell, M. (2005). Marketing education. International Journal of Contemporary

Simoes, C. & Soares, A.M. (2010). Applying in higher education: Information

Sturges, J. (1999). What it means to succeed: Personal conceptions of career success

Szekeres, J. (2010). Sustaining student numbers in the competitive marketplace.

Wooldridge, J.M., (2009), Introductory econometrics: A modern approach, Fourth

World Bank. (2015, January). List of economies. Retrieved from

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