There is also no need to panic if not one exam was passed - Hong Kong is well set up to ensure that students of all abilities have the chance to succeed and excel in the workplace and academically.

One thing that most education advisers and school/college academics agree on is that if students have not qualified to move on to Form Six or another course that they expected to get onto, the last thing they should do is give up and try to seek a low-paid job in today's environment.

'When we consider today's knowledge-based economy that we live in, we suggest that students, no matter what their results, opt for further studies,' said Leung Yam-shing, education adviser at the Vocational Training Council (VTC).

'Simply completing Form Five won't provide them with a very good entry level into employment. They may be able to find a job, but their progression and career pathway won't be the same as their friends who chose to go on and do at least another two years of further education,' Mr Leung said.

He said that Form Five students had now finished their foundation in education and it was time for them to look around for a course they could get on that really suited them and their goals.

'If they aren't sure of exactly what course they would like to do they should at least think about what areas of study they may be interested in.'

One of the most popular choices for students who do not go into Form Six is to study a course at an Institute of Vocational Education. These range from short courses of a few months to one-year foundation level programmes designed to bring students up to the correct level to move on to the VTC Higher Diploma courses.

Students with five passes, including English and Chinese, can go on to do three-year higher diploma courses.

Although the deadline for the initial round of applications has closed (about 52,000 applications were received), there is still an opportunity for students to apply for the 'top-up' stage of application.

This takes place next Wednesday and it is then when vacant places on courses are filled. Although some of the most popular courses (such as applied science, beauty and health care) may be full, other courses will have vacant slots.

If a place was still not gained, Mr Leung suggested that students should consider part-time study. The VTC offers part-time courses that are always open for application, and range from short-term programmes to those taking a few years to complete.

'I don't know why this has not been a more popular mode of study. Part-time gives students the opportunity to gain work experience during the day and do their studying in the evening. It really is a great alternative choice for these students,' Mr Leung said.

Hong Kong offers many options for those students who achieved better results.

Anyone looking for a multicultural environment that can open doors to universities here and overseas can look at finishing their schooling at one of the city's eight English Schools Foundation secondary schools.

The city's international schools also offer a multicultural alternative to the traditional school system.

Private schools and colleges also offer alternative pathways, each with different entry requirements and programmes on offer.

Some private colleges offer an international style education locally and can be a good option for students who want this type of education but who may not want or be able to study overseas.

Prices are usually in the region of HK$60,000 to HK$70,000 per year which, although more pricey than other options, can come with good benefits.

Sherwood Wan, programme manager at Raffles International College, Hong Kong, said: 'It may be a premium price, but in return we provide premium services, such as having mainly international lecturers.

'About 85 per cent of our students are international and come from Belgium, the United States, Japan and elsewhere. It gives our students a really international perspective, and if they go on to study overseas later in life, they are prepared for that.'

Most private institutions offer full-time and part-time diploma level and higher courses.

The city's universities each have schools of continuing education offering full-time and part-time courses to HKCEE graduates looking to continue their studies, with many of them still accepting applications for next month.

Aside from local opportunities, more parents of HKCEE graduates are choosing to have their children educated overseas.

Britain, Australia and the United States are the most favoured destinations because they offer the chance for students to learn English, develop independence, build the confidence needed to work with people of a different culture and start to think with a global perspective.

Of course, these options will cost far more than local education.

Whether going on to study at local institutions or overseas, prospective students can find all the contact numbers they need on page 7. Whatever is printed on the results slips that are opened today, there is never a need to panic about what to do next. A way to further education is available.