Whether there is or should be a relation between 'occupation' and 'qualification' is a contested issue in vocational education and training (VET). The privileged shelter of structured occupational labour markets stands pitted against the near impossibility of access by those at the margins of employment opportunities. This paper investigates the relation between occupation and qualification, conceptually and empirically. The key finding is that the relation manifests in labour-market specific ways in relation to two types of occupational qualification. One qualification type references 'whole' occupations and the other dilutes occupation into an ideology of occupationalism, while drawing on the discursive resources of 'occupation' to mask the segmentalist logic of 'unitised' or part-qualifications. For those desperately seeking to become employable, 'occupation' may well have greater appeal than 'competence' as labour market currency but it is the nature of the qualification to which 'occupation' is linked that ultimately determines its labour market efficacy.