The present study describes students flows before and after the latest reform of upper secondary school in which a third year as well as a new grading system and new entrance requirements were introduced in vocational programmes. Published and unpublished data on student flows through upper secondary school before and after implementation of the reform form the basis of the study. Results show that after implementation of the reform the number of students who left upper secondary school without completing their education increased dramatically. However, most dropouts left upper secondary school late in their third year. Employment opportunities were much better for this group than for those who had left school in their first or second year, but not as good as for those who had completed a vocational upper secondary education. (Contains 5 tables and 1 figure.)