Using a nationally representative sample of baccalaureate graduates from 1993 (B&B 93/97/03), I explore factors that contribute to the gender and racial gap in earnings among recent college graduate. Results indicate that college major remains the most significant factor in accounting for the gender gap in pay. Female graduates are still left significantly behind male graduates in fields such as science and engineering. In contrast, most variables that contribute to the racial gap in pay are related to students' socioeconomic background, including family income, academic performance, and attending selective institutions. (Contains 5 tables.)