This project seeks to understand whether there are latent differences in cognitive skills between first- and multi-generation college graduates and investigate whether there are differences in labor market outcomes between first- and multi-generation college graduates, while controlling for a measure of skill. This paper begins with a brief review of the literature on education and status attainment/social mobility research in the U.S. Data analysis uses a sample of college graduates between the ages of 25 and 54 in the United States from the Program for the International Assessment of Adult Competencies (PIAAC), a nationally representative survey of 5,000 adults that was collected in 2012. The findings and a discussion of possible mechanisms for the gaps in numeracy scores among college graduates are presented. The paper concludes by presenting some ways to interpret these seemingly incongruent findings--there are numeracy differences among first- and multi-generation college graduates; however, these differences do not seem to lead to real differences in labor market outcomes.