I am near to completing my PhD and am looking for jobs for when I'm finished BUT I've just seen a fantastic MSc course in a good uni that is fully funded by EPSRC. Is it worth doing another MSc for the extra knowledge and career opportunities or will prospective employers think I'm nuts and work shy?

I don't think it is a good idea. Unless it is in a different subject and you had enough of yours. What's the point of having one more Masters degree in the same area?

It would be a very bad idea. In fact, it might reflect bad on you and provide you with a number of serious disadvantages if you choose to do on step back. Employers (both in and outside of academia) will ask themselves:" did this guy just want to waste time or did he not find a job or similar"

It would make it sound like you don't want to ever work.

I agree with the others - I don't really see the point (from a career point of view) unless it's a qualification which can help you switch careers. For example if you have done a PhD in chemistry and you have decided you want to be a translator specialized in chemistry, you may want to study a masters in translation in order to gain some linguistic skills.

Moreover - I don't really know very well how research councils award scholarships but I think that having already a PhD will be against you in the funding competition. Most probably they will like to give an opportunity to somebody who hasn't started his PG studies yet, or they might be puzzled by the fact that after having obtained a PhD you still want to compete with people fresh from their undergraduates.

If you already have a job within your area but want to study a second masters in your spare time just for the sake of it - well I don't see any problem with that.

'...or will prospective employers think I'm nuts and work shy'

YES they will.

I agree with the others. The only time I've known people do such courses after a PhD is for a career change (e.g. a PCGE to go into teaching). Either that, or they do one to attain recognition from a professional body which they would otherwise not have, even with a PhD (Psychology is an example - people can have numerous quals in the discipline, but if they are not from British Psychological Society accredited courses, the society does not recognise them, in which case further study is necessary to gain registration.) These are the only types of circumstances in which I would recommend undertaking a further postgrad diploma/masters.

Get a grip, it's time to stop with the studying and get a job!

Rather depends... if you've just done a Molecular Biology PhD and then follow up with a a Bioinformatics MSc it's unlikely that anyone will think that you're daft...

The senior research associate in my lab (in Oxbridge) did their PhD in one subject and then converted to a new, but semi-related, subject with a MSc a few years later.

Methinks that, as long as there appears to be (or you can convince "them" of) a rational reason for your switching, there should not be a problem!

Thats barking.