Weft QDA was several steps up from Excel, allowing you to digitally annotate documents with codes and categorize them into higher level codes. However, using Weft, all documents have to be converted to plain text and the software is a little buggy. But on the other hand, given the unforgiving graduate student budget, this makes for a good option if you want to manage your codes digitally.
Recently, I started using Atlas.ti with a student licence and I am utterly pleased. The tool allows for easy open coding (or creating new codes), and you can also select from codes you've already created. I'm especially a big fan of the keyboard shortcuts for the coding process. What's better is that you can easily group codes into "Families" for axial coding. The tool also gives you counts of how many times a code has occurred and makes it easy to view quotes associated with a particular code, or family of codes, both in the editor or for printing purposes.
So for me, I'll look no further than Atlas.ti for now and I highly recommend investing in it if you can spare the change and you're a fan of having a digital copy of a qualitative analysis (even though its still nice to shift pieces of paper and post-its around!).
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