In recent decades, the proportion of college-educated workers in the United States entering professional occupations has declined. While the rising incomes of college graduates signals the growing value of skills and education, it seems that these skills are increasingly put to use outside of the professions. This paper examines the occupations of American college graduates since 1950 and the implications of these trends for the position of professional occupations. The results show that while the economic rewards of professions remain high, a falling proportion of college students aspire to enter the professions. Some college graduates have shifted to managerial positions, but a substantial number also aspire to and enter positions outside of professional and managerial work.