There is increasing attention on the retention of international students, with many stakeholders desiring to keep international students for long-term economic growth. This study examined the factors affecting international students choosing to stay in Finland 5 years after initial enrollment, with particular focus on the role graduation plays in students staying or leaving. Tracking 11 years of entering cohorts for 5 years across national (Finland) data registries, we found evidence of an inverse relationship between graduation, degree type, and the probability of staying: The higher the degree level, the less likely an international student is to stay after graduation. We conclude that while graduation is a key metric and discussion point in national and institutional policy, our findings suggest focusing on improving international students' ability to integrate into a host country's labor market and promotion of an environment conducive for international students' families, more than graduation, would produce higher stay rates of international students.