Using 15 years of Australian panel data and fixed-effect panel regression models, we examine the prevalence of and labour market returns to different types of qualification upgrading between ages 25–63, paying attention to differences by gender, time since attainment and age at attainment. Mature-age educational upgrading is associated with increases in earnings and occupational status, with substantial heterogeneity across different types of educational transitions and only weak evidence of gender differences. In some cases, qualifications obtained at younger ages yield better pay offs, and time since qualification attainment is associated with faster wage growth.