This paper presents the results of a study investigating the short- and long-term effects of secondary schools upon student academic success and development. A questionnaire was administered to a randomly selected sample of 15% of Cypriot students who graduated in June 2004 and June 2005 from secondary schools. A good response rate (i.e., 66%) was obtained. For each criterion of measuring school effects, separate multilevel analysis was conducted. The results provide evidence for statistically significant school effects on students' success at the university entrance exams and on their academic success and development. Suggestions for further research are provided, and policy implications are finally drawn. (Contains 3 tables.)