This article empirically tests a previously developed theoretical framework for mathematics identity based on students' beliefs. The study employs data from more than 9,000 college calculus students across the United States to build a robust structural equation model. While it is generally thought that students' beliefs about their own competence in mathematics directly impact their identity as a "math person," findings indicate that students' self-perceptions related to competence and performance have an "indirect" effect on their mathematics identity, primarily by association with students' interest and external recognition in mathematics. Thus, the model indicates that students' competence and performance beliefs are not sufficient for their mathematics identity development, and it highlights the roles of interest and recognition.