This paper analyses important elements of the status of the translation profession, with greater focus on Croatia. It is based on the report by the European Union language professionals Anthony Pym et. al (2012), who gathered valuable information on the status of the translation profession from member states of the EU, including Croatia. The analysis starts with the definition of the status using different online dictionaries and then continues with presenting the presumed value of that status, which shows that the translation profession is not as regulated as some would think. The paper continues by examining the position of the translation profession in official documents of the EU and Croatia, which again shows that it is placed within ambiguous classification categories, partly owing to the wide range of translators who work as freelancers. The paper then analyses the roles of academic qualifications and professional translators’ associations in terms of enhancing the status of the profession by presenting different master’s programmes in translation available in Croatia, and the work done by various translators’ associations. Since rates of pay are arguably the best indicators of the value of a profession, two different price lists posted by two translators’ associations in Croatia are also compared. In the last part, some recommendations are given which, if implemented, could improve the status of translators in Croatia and make the profession more desirable for future language professionals.