What is the advantage of doing an integrated Masters course over a Bachelors and then Masters? (UK.) I am on an integrated Masters in Physics course, otherwise knows as MPhys. This means that after my third year I will not be awarded with a BSc, but will graduate after 4 years with an MPhys. At my university (and I assume others as well), doing a 4th year after graduating with a BSc then gives you an MSc instead of an MPhys.

I am coming to wonder if there is any advantage to this. It complicates things massively if I want to change university to complete my Masters. Surely it would be advantageous to do a BSc, and then if you want to change university to complete an MSc there will be no complications.

There are only 2 possible advantages I can think of:


An MPhys is harder than a BSc+MSc and is therefore more highly regarded by employers and 
There is no longer the need to apply for a 4th year at university.


The second is an obvious one, but is the first true? Are there any other advantages? I am thinking of transferring to the BSc in case I decide I want to go to a better university to complete my Masters.
An integrated masters such as an MPhys is an enhanced undergraduate degree where the final year will include level 7 courses and a substantial project. It will typically be accredited and meet the academic requirements for registration for chartered status (CPhys in this case).

An MSc is a postgraduate degree also with a substantial project and level 7 courses. It will often be more specialised in nature than an undergraduate degree and may or may not be accredited such that it will add the necessary academic requirements for chartered status if the student also has completed an accredited BSc.

In the UK there will typically be a difference in fees between the two cases and there is currently (although this may change or may even have changed already - you should check) a difference in funding available. Government backed student loans have only been available for undergraduate degrees.

For engineers in industry I do think that generally the integrated Masters is looked at more highly but of course it  depends on the institution. If you goal is to get chartered status then I would advise the integrated Masters rather than a separate MSc provided you are staying in the UK. If you go abroad the separate postgraduate MSc is understood better and so probably easier to have accepted.