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This study first looks at research on the financial benefits to individuals of investing in vocational education and training (VET) and gaining qualifications, building on the existing literature in three ways. First, it contains estimates of returns to associate diploma and basic vocational qualifications when most previous studies have concentrated on the returns to apprenticeships. Second, it identifies how the estimated returns to VET qualifications vary, depending on the combination of work and study individuals engage in while undertaking their courses. Third, it takes a small step beyond the use of individuals’ ‘highest qualification’ level as the sole description of their education and training to estimate the effect on wages of follow-up qualifications. Key findings are: (1) individuals who complete VET qualifications generally receive higher wages than similar individuals who do not complete VET qualifications; (2) the wage effects are higher for males who complete VET qualifications than for females who complete VET qualifications; (3) wages vary by qualification level; (4) VET qualification effects provide a continuing benefit to individuals throughout their careers; (5) VET study that does not lead to qualifications may have little effect on wages; (6) estimated returns to VET qualifications depend critically on the work/study combination used by individuals to undertake their courses; (7) returns to VET qualifications are highest for those who work full-time and study part-time while undertaking their course; (8) those who undertake follow-up VET qualifications receive higher wages for doing so.