This study explores student motivation to pursue a master's degree. It also explores how motivation differs based on the students' background, such as his or her study mode or place of origin. Qualitative data were collected through seventy semi‐structured interviews of master's students in various programmes in Hong Kong. The results of this study show that there are two main motivations for pursuing the master's degree in current economic and social conditions: intrinsic motivation towards growth and extrinsic motivation to satisfy deficiencies. The paper argues that students decided to pursue a master's degree because of the interplay of different motivations, the patterns of which differed according to the students' particular characteristics. The study's findings expand our understanding of the heterogeneity of current students' backgrounds and their diverse demands for masters‐level education. The implications of these motivations are proposed for further discussion.