This article reports a study of older people in higher education, their socio-economic characteristics and the motivations and reported benefits of their studies. Whilst research on older learners is growing, particularly the benefits of the learning process itself, little is known about those who engage in higher education study. The findings are reported of a survey of graduates from the two UK higher education institutions that specialise in part-time study provision. The study population is distinctive in two respects: their participation in the accreditation process and that they complete with a formal qualification. It is shown that, whilst a sizable proportion of the middle-aged and older students are well-off and well educated, there is also considerable heterogeneity and that many are making up for opportunities lost earlier in life. A substantial proportion of the ‘middle-aged’ graduates still saw qualifications as a pathway to enhanced employment opportunities, whereas the older graduates placed more weight on wider benefits. The qualification was seen as an important aspect of their chosen study. Using the responses to qualitative interviews, the article explores the role of the qualification in the lives of the older graduates, and illustrates how this particular kind of study is an element of their strategies to manage the transition from work to retirement, and to make life in retirement more meaningful.