Occupational mobility for top-level, two-year college administrators was determined, with attention to movement between different types of postsecondary institutions as well as hiring from outside academia. The focuses on college presidents, chief academic officers, chief student affairs officers, and chief business officers. Findings are interpreted within the context of internal labor market theory, which offers a framework for explaining administrator mobility. Data were obtained from a 1984 national study of two-year college administrators' careers. Results indicate that the labor markets for presidents, chief academic officers, and chief student affairs officers were relatively closed to individuals from external positions and from four-year institutions. These boundaries were more open at earlier stages of careers. The position of chief business officer, however, was much more open to administrators from external sources. It appears that one way in which two-year colleges protect their employees, and perhaps induce organizational commitment, is by holding out top-level positions for those from within the two-year college labor market. Boundaries of an administrative labor market can have important implications for individuals, the two-year college, and for postsecondary education. (SW)