What is best to do? L5 or Masters?

Hi Peter - I don't believe it's as straightforward as that under the current syllabus but am happy to discuss with anyone considering their CIPD the pros and cons of various options for their particular situation :)

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.