The Oregon University System (OUS) awarded about 3,600 advanced degrees in the 1999-2000 academic year. This study examined the more immediate consequences of earning an advanced degree through a survey of degree recipients. The study used a random sampling procedure to meet 92.5% confidence intervals for the survey, which consisted of 1,063 telephone interviews in spring 2001. Two-thirds of the advanced degree recipients were in their 20s and 30s, and 60% were women. Respondents were predominantly white (85%). The reasons most often given for getting the degree were "personal fulfillment,""learn new job or occupation," and "increase potential to earn higher income." Ninety-three percent of respondents were working for pay, with 81% full-time employees. Of these, 63% were employed in the public sector, 24% in the private sector, 8% in a nonprofit organization, and 3% self-employed. The median income for all respondents was $37,300, but the income for males was nearly 30% greater than that for females. Eight in 10 respondents had received some type of financial aid or monetary help to attend graduate or professional school. Two-thirds of respondents said that the value of their education exceeded the cost and almost half said the value was greater than they expected. (Contains 18 figures.) (SLD)