This paper examines student and school influences on reaching Year 12, the final year of schooling in Victoria, Australia. It analyses data from the population of students who were in Year 9 in 2008. Male, English-speaking background, government school, and especially Indigenous students were less likely to reach Year 12 than comparison groups. Performance in the Year 9 in national standardized tests was the strongest influence. There were only limited school effects in reaching Year 12, when taking into account individual student characteristics. Less than a quarter of schools had significant net effects on reaching Year 12. School differences are sizable only when comparing schools towards each end of the school effects continuum.