The UWI Postgraduate Scholarship has been the most longstanding award offered by the University of the West Indies. However, completion rates of students have been decreasing and the number of students registered has not been increasing significantly. This paper investigates the UWI Postgraduate Scholarships awarded from 2001 to 2007. This evaluation was done in order to ascertain whether this award was serving its intended purpose, that is, promoting research and creating new knowledge. The UWI Postgraduate Scholarship does encourage persons to pursue studies full-time. It is very sound in its structure, management and administration. However, more student support systems need to be put in place and student progress needs to be more carefully monitored so as to increase throughput rates.