What is best to do? L5 or Masters?

Unfortunately I am wholly unqualified to answer the OP's question! However, I too would respectfully disagree with you Peter. I am approaching 40, completed a degree in my early 20s, and have worked in an associated field ever since. A significant proportion of my current role is HR; after much thought, I have decided to retrain, and with careful consideration, opted for the L5. I work more or less full-time in a demanding job, have a home and family and a busy life. The L3 would not have offered the level of study I wanted, but the L7 would be far too great a stretch for me, given constraints on time, finances etc. The L5 is a reasonable middle ground that offers a recognised qualification affordably and attainably. Perhaps not the route for everybody, and not without its shortcomings, I'm sure, but I think to broad-brush it as "mostly a waste of time" is a little unsporting.

Unfortunately I am wholly unqualified to answer the OP's question! However, I too would respectfully disagree with you Peter. I am approaching 40, completed a degree in my early 20s, and have worked in an associated field ever since. A significant proportion of my current role is HR; after much thought, I have decided to retrain, and with careful consideration, opted for the L5. I work more or less full-time in a demanding job, have a home and family and a busy life. The L3 would not have offered the level of study I wanted, but the L7 would be far too great a stretch for me, given constraints on time, finances etc. The L5 is a reasonable middle ground that offers a recognised qualification affordably and attainably. Perhaps not the route for everybody, and not without its shortcomings, I'm sure, but I think to broad-brush it as "mostly a waste of time" is a little unsporting.