Hiya, I did the Master Colour Award in 2004, crikey, can't believe it was that long ago! Hard to say about value for money because it was funded by my employer at the time so I don't know how much it cost them.
Also don't know how much it's changed in that time, but I really loved it and the in depth colour theory was great. My colouring confidence has barely been shaken, despite working on my own, in the last 6 years, and mostly I do think this is because I generally know how and why things happen... and when you know all the rules you know when you can bend them and when you can't!
When I did it (if I remember rightly!) the course consisted of masses of colour theory, a couple of written tests, workshops and demo's, designing and carrying out 3 original techniques, building a portfolio including all this info, and a presentation onstage at the Wella academy. And I loved every minute of it!
I vaguely remember at the time it was still pretty new, I think I was among the first 50 people in the country to complete the course (might be wrong about that, please forgive me if I've got my info arse about face!).
I'd probably think twice if I had to foot the bill for it now but other than that thoroughly recommend it! xxx