Improving retention rates in post-school education has become a focus for policy-makers and researchers throughout the western world. Without doubt, any measure that helps students wishing to succeed in higher education is valuable. However, the dominance retention has achieved on a wide variety of educational fronts ranging from policy to pedagogy deserves to be scrutinized. This article questions three assumptions about retention: that government accountability measures can improve the quality of provision and subsequently retention; that institutions, by improving the quality of learning and teaching, can stem early departure; that retaining students in tertiary education is a universally good thing. Using evidence from New Zealand and elsewhere, the article suggests that accountability regimes may not markedly improve retention; institutions may have less influence over whether students leave or stay than assumed; that staying with study may not be good for everyone; and that measures to improve student outcomes may set up a deficit discourse.