We study the decision to pursue an advanced degree from an internationally renowned academic institution, which greatly facilitates access to top jobs. Relying on unique data on applications to a highly selective program that provides graduate fellowships to Spanish students, we show that women in non-STEM fields apply to the fellowships at lower rates than males with the same GPA and in the same field of study. On the contrary, our estimates imply that females in STEM apply at equal, or higher, rates than comparable males in the same fields. We also find that female students are relatively less interested in doctoral programs and less willing to study abroad than males. To shed light on the mechanisms, we surveyed college students about their post-graduation plans. The lower geographic mobility of female students (in non-STEM fields) appears linked to females’ lower earnings expectations and a gender-asymmetric detrimental effect of involvement in romantic relationships.