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It depends on what the diploma is in, and where the diploma was taken.

New comment- It depends on country to country, university to university and one subject/major to another.

for example in India, Postgraduate diploma(PGD) has same duration usually 2-3 years as in Masters degree. And as employment point of view it is equal too. However, Majority of people/employers/government prefer Masters degree over PGD as it seems more reliable. The reason is Masters degree is offered by only those Universities/colleges who are accredited, approved and recognized by Trustful organisations(UGC,DEC,AICTE) monitored by government.

PGD is also accredited with same organization BUT with different clauses/laws and rules and PGD universities mostly are deemed universities.

Admission eligibilty for PGD and masters degree is same :- Any Bachelors degree is required(in honours/pass/normal degree/second class degree,etc).

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