The competition to get a graduate job with a fast track scheme is big when you approach the end of the first degree. Do you have a better chance of gaining such positions after PhD? Is it better to just get a job advertised for PhD graduates? I hear that a PhD can hinder job prospects as well as increase them by making the student too specialised. What are the jobs prospects like?

It depends what you want to do - if you want to research (either in academia or industry) then a PhD is definitely worth doing. AFAIK, you are only eligible for actual graduate training positions for a couple of years after graduating from your first degree so you probably wouldn't be eligible for those type of jobs anyway.

Just to clarify, I mean you might not be eligible for a graduate fast-track scheme after a PhD.

Get a Masters degree if you want to stand out from the competition

I have a masters degree, I am about to start a PhD. Hence why I am on this site!!!