A study examined the current and projected labor market for graduates of master's degree, doctoral degree, and other professional continuing education programs in Great Britain. The latest available data regarding employment patterns, supply, and recruitment postgraduates in scientific/engineering fields were reviewed, and future trends were identified. Both the perceived purpose of postgraduate study and the output and employment of postgraduates were found to have increased considerably over the past decade. Although the traditional role of postgraduate study as a first step to industrial research or academic teaching careers has decreased, its role in training and development has increased and will likely continue to do so. Because postgraduate study is increasingly serving as a means of alleviating specific skill shortages and as an extension to first degree study, the balance in output of postgraduates has shifted away from Ph.D. study and toward master of sciences and postgraduate diplomas in more vocationally oriented disciplines. Little evidence exists of the clear benefits of postgraduate study to individuals in terms of career progress or financial rewards. The supply of postgraduates will likely increase along current lines, and labor market demand for postgraduates who are "superspecialists" in scientific/engineering fields is unlikely to increase significantly. (Contains 48 references.) (MN)