The Luftwaffe Parachutists Badge. Instituted in November 1936, it comprised a diving eagle in gold clutching a swastika in its talons, surrounded by a laurel wreath. Like its army equivalent, it was awarded on the successful completion of six parachute jumps.
Hell, falling out of an airplane is no big deal. I only had to make 5 jumps to get my US Jump Wings. I currently have about 70 jumps. US parachutes - WW 2 to current - are a lot more stable and controllable than the WW 2 German chutes. Oh and 5 of those jumps were in full Fallschirmjaeger gear with weapons. Sarge
It's not a medal that they were awarded upon completion of their parachute school. It was a qualification badge. Their equivalent of parachute wings in the US or any other country who had that sort of indicator of airborne qualification. Medals are usually awarded for recognition of some sort of achievement or valor.