This paper estimates the returns to university selectivity in the UK using administrative data on applications and admissions to university, linked to a survey of graduates three and a half years after graduation. It compares students who indicated preferences for, and were conditionally accepted to, the same universities--but who attended different ones because some failed to meet the conditions of their preferred offer. The results suggest that one standard deviation in selectivity leads to a 7% increase in earnings. (Contains 5 tables and 2 figures.)