This study used a national sample of PhD students in clinical psychology (N = 1,034) to explore when students decided to pursue their graduate degree, reasons for their decisions, and associated satisfaction. Results indicated that immediately after completing their undergraduate degree, 57% of current graduate students reported postponing graduate studies, 10% went directly to a terminal master's program, and 33% went directly to a clinical psychology PhD program. A variety of reasons for these decisions were documented. Individuals who postponed graduate school were significantly more satisfied with their decision than individuals who went directly to a terminal master's program and reported less frequent thoughts of withdrawal from their program than individuals who went directly to a clinical psychology PhD program. Implications for undergraduate advisors are discussed. (Contains 3 tables.)