This paper discusses the results of the first comprehensive longitudinal study of qualification retention, completion and progression in tertiary education in New Zealand. Of the cohort of domestic students which started a qualification at a public tertiary education provider in 1998, 40% had gained a qualification by the end of 2002, 9% were still studying, and 51% had left without gaining a qualification. For the cohort of students who completed a qualification in 2001, 15% continued study at a higher level in 2002, 24% continued at the same or a lower level, while 62% left study. Significant variations exist for different demographic and study-related subgroups.