In this paper, a comparison is made of the background and the early career of graduates with higher education from abroad to graduates with all domestic degrees, based on a survey among Norwegian graduates. Results show that those who have studied abroad constitute a selected group regarding social origin and mobility capital (exposure to international experiences). Exchange students have a higher performance score from upper secondary school than others. Regarding labour market outcomes, positive as well as negative effects of education from abroad are seen. Graduates with a diploma from abroad face more challenges entering the labour market, but obtain higher economic rewards compared with other graduates. Exchange students do not seem to encounter any particular difficulties in the transition from higher education to work. Exchange students as well as mobile degree students obtain more international jobs than non-mobile students. The relative success of exchange students is partly explained by selectivity. (Contains 4 figures, 7 tables, and 5 notes.)