The disproportion of women to men at the top tier in the academic hierarchy, concerns politicians, academic leaders, students, and other stakeholders. A popular explanation for the gender imbalance in elite positions is that potential female candidates lack ambition and therefore do not have sufficient drive to make it to the top. In this study, we explore the issue of professional ambition among a group of women academics working as tenured associate professors in Norway. With the backdrop of VIE (Valence-instrumentality-expectancy) theory, we focus on two key subjective, but nonetheless contextual judgments that are assumed to underlie the decision to aim for a promotional opportunity; (i) Do I want it and (ii) Can I make it? Three sources of qualitative data provide interesting insights into these considerations, and our findings point to focusing more specifically on the perceived costs that are assumed to derive from making this career choice. The women are ambitious in the sense that they desire the professional clout and impact that comes with this top role (so, yes, they want it). However, a number of conditions are perceived to be central to the actual realization of their ambitions, such as more time, resources and transparency when it comes to the qualification process. The findings may serve as important to designing more suitable career conditions for this target group in practice. Finally, we propose the application of a context-specific gender perspective to better understand women's career ambitions in higher education institutions (HEI).