Israeli universities have recently established for-profit (FP) mid-career programmes, intended for holders of junior managerial positions who wish to acquire a Master's degree and improve their status and salary. We analyse the programmes as a second-chance structure, which provides working people with the opportunity to win a Master's degree from a prestigious university. The sample is 580 students of FP and regular programmes in the social science faculty of Tel Aviv University, Israel. A questionnaire was administered to all students who took these programmes from 2004 to 2008. The data are analysed by logistic regression. The major findings are as follows: the FP programmes serve as a second chance for the lower stratum of the dominant ethnic group and for the higher stratum of the disadvantaged ethnic group. Graduates of the elite universities more often use the programmes to obtain a job-relevant degree.