This article examines the uncertain and ambivalent position of professions and professionalism in the post-industrial service economy driven by the collapse of the concept of the knowledge worker with which professions have largely been identified since the 1990s. The poor definition of knowledge activities, which are uncritically identified with service activities and creativity of all types, including low-skilled/wage occupations, suggests that the service-dominated economy has significantly challenged the classical concept of professions. In order to understand directions of change in the concept of professionalism the article discusses the reasons for the rise and fall of the knowledge worker and the evolution of the technical-rational to ‘creatocratic’ model of profession. It critically examines the statistical measurement of ‘knowledge-intensive activities’ (KIAs), which is based on poor definition of ‘knowledge intensity’ and cannot serve as a proxy to measure the extent of knowledge occupations in the service economies. Although many concepts for new types of professions have been devised which follow either ‘idealistic’ or ‘realistic’ discourse, the theoretical and normative aspects of new professionalism have not been captured, which makes the idea of a profession a fluid and ephemeral concept. This calls for a more precise definition of occupations and professions in a service economy and their working conditions to understand structural changes and polarization of the labour market, particularly the aspects related to growing social inequalities among new type of professions with the aim to better value professional work and reduce disparities.