The present paper aims to disentangle the relation between students' personality traits, subject choice, and their salary expectations. The analysis is based on a large German student sample and particularly focuses on business and economics versus pedagogy students. Controlling for a potential selection bias, the use of two Heckman selection models reveal that personality traits are a determinant for university subject selection. Yet, they are not associated with students' salary expectations. The analysis further shows that the first job contract type, as well as academic performance and gender, are amongst the determinants of students' expected salary. The results enable universities and potential employers to accurately profile applicants and give insights into the mechanism of students' salary expectation formation.