Professional qualifications are vocational training courses that relate to a specific industry or career path. Some can be taken directly after completing university, while others are aimed at professionals with several years of experience who are looking to develop their career further. They are typically regulated and awarded by professional bodies (such as (ACCA, IIA, CIMA, CIA, ICA, IAPP, etc) within the relevant industry, and are designed to ensure that everyone employed in a particular job meets the minimum required standards of professional expertise. Some of the professional qualifications on offer can be the equivalent of a master's degree; some grant chartered status and membership of the professional body who awarded you the qualification as long as you've gain a certain amount and/or level of work experience as well.
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