A distinction grade is usually anything that has scored 70% or above. Think of this as being equivalent to a first at undergraduate level. This is generally the highest level of award, as well as the hardest one to achieve, that you can get at a masters level.
A merit grade is usually anything that has scored 60-69%. Again, this is an equivalent to a 2:1 grade at the undergraduate level and is the upper-middle grade on the scale.
A pass grade is anything that scores 50-59%. This is similar to a 2:2 at undergraduate level.
A fail grade is anything under 50%. Notice that there is no equivalent to a third class grade at a masters level. The pass threshold is also 10 marks higher as well, reflecting the greater difficulty of a masters degree, compared to an undergraduate one.
Only you can judge whether or not you think that masters degree grades matter, but being able to boast a high mark would look great on your CV! You don’t necessarily need to reveal your grade if you pass to employers, so even if you are disappointed with either a pass or merit, this is unlikely to make the employer think any less of you.
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