This paper presents a theoretical discussion of recent policy efforts to raise the qualification levels of the Australian early childhood workforce. Pierre Bourdieu's theoretical tools enable the early childhood profession to be conceptualised as a dynamic "field" in which particular forms of "symbolic" and "cultural capital" are valued, with consequences for the relative position of educators at different qualification levels. The paper briefly considers the historical and structural forces that have shaped the relative position of differently qualified educators in Australia. It then applies Bourdieu's theories to the policy proposition that these positions can be improved through the acquisition of higher qualifications; a proposition that not all educators have embraced. It concludes by considering implications for practice arising from this theoretical approach; both in raising awareness of the different positions of educators in the professionalisation agenda, and in creating opportunities for diverse forms of "capital" to be recognised and valued.