This report looks at why men are more likely than women to achieve first-class degrees at Oxford and Cambridge. This situation stands in stark contrast to the UK higher education sector as a whole, where women are generally more likely to achieve both first-class honours and 'good' honours. The author argues that the first-class awarding gap represents a significant and unfair disadvantage for female students and must be addressed to give women from Oxford and Cambridge fairer labour market outcomes, including for women intending to pursue academic careers. The report discusses the causes of the problem, incorporates insights from academic research, staff and students and makes recommendations for action, including an overhaul of certain assessment methods.