The aim of this study was to evaluate the predictive validity of a two-step admissions procedure that included a cognitive ability test followed by multiple mini-interviews (MMIs) used to assess non-cognitive skills, compared to grade-based admissions relative to subsequent drop-out rates and academic achievement after one and two years of study. The participants consisted of the entire population of 422 psychology students who were admitted to the University of Southern Denmark between 2010 and 2013. The results showed significantly lower drop-out rates after the first year of study, and non-significant lower drop-out rates after the second year of study for the admission procedure that included the assessment of non-cognitive skills though the MMI and the admissions test. Furthermore, this admission procedure resulted in a significant lower risk of failing the final exam after the first and second year of study, compared to the grade-based admissions procedure. Finally, students admitted through the MMI and the admissions test scored significantly higher on academic learning self-efficacy and critical thinking compared to students selected by grades. The implications for higher education admissions are discussed.