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This paper examines the role that subject of study plays in determining the likelihood of graduating with a ‘good’ degree, through an analysis of individual-level administrative records of over 38,000 UK-domiciled undergraduate students from one ‘elite’ British university. Multivariate analysis revealed that the considerable disparities between the proportion of higher-level classifications awarded in different degree subjects can be largely explained by the background characteristics of the students who choose (and are accepted) to study on these degrees. This adds to our understanding of the role of higher education in perpetuating social inequalities and has particular implications for policies aimed at increasing the number and quality of STEM graduates in what is often argued to be a ‘shortage’ or ‘priority’ area.