This study investigates employment benefits from postsecondary education or training (PSE) below the baccalaureate degree. The kinds of PSE considered are (1) two-year academic degrees, (2) two-year vocational degrees from colleges, (3) two-year vocational degrees from vocational schools, (4) non-degree credentials, and (5) participation not resulting in any credential. Benefits measured included employment success during 1975-76 and occupational status, hourly earnings, and satisfaction with pay and with jobs. The analyses also examined PSE influence on changes in job status and hourly earnings over the period 1974-76. Data for the study are from follow-up surveys of a large, nationally representative sample of 1972 high school graduates. Major findings include the following: (1) people with sub-baccalaureate PSE had some employment advantage over comparable people whose education stopped with high school; (2) benefits are largely indirect; (3) sub-baccalaureate PSE does not eliminate status and wage disadvantages for women and minority-group members, and (4) individual PSE participants cannot depend on realizing the average benefit for a given credential. Additionally, the study found that participation in PSE pushed back the date for job entry resulting in loss of job experience and seniority, a major disadvantage to some people in certain occupations. (Twenty tables in which data are analyzed with a multitude of variables are included in the appendixes.) (KC)