This paper investigated the effects of educational attainment on occupational status and earnings among men. Drawing on nine data sets, it attempted to assess the effects of schooling that persist after measured and unmeasured aspects of family background, and measured cognitive skill were controlled. It also examined differences in the effects of schooling among men of varying ages, races, cognitive levels, and parental occupational backgrounds. When cognitive ability and family background were controlled, most high school graduates did not have an advantage over grammar school graduates in early occupational status. The advantage of college graduates over high school graduates in attaining occupational status was substantial. Among men who were similar, the advantage in current occupational status associated with completing four years of high school was less than one half of the advantage associated with completing four years of college. A detailed analysis of interactions between education and race, measured ability, and father's occupational groups is included. This analysis shows no significant relationship between the variables. (Author/AM)