Retention and graduation rates of an entire cohort of 1,913 first-time full-time college students are analyzed. The effects of participation in a first year experience (FYE) course and of entry level academic preparation (ELAP) on retention and graduation are examined, both descriptively and with discrete-time survival analyses. Although descriptive results support the efficacy of the FYE, survival analyses calls into question whether any unique variability beyond ELAP is attributable to FYE. Alternative hypotheses to explain the results and plans of new research for further exploration are presented.