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This study examines the impact of returning to graduate school as a pathway for switching from non-STEM to STEM fields on earnings and career trajectories. Utilizing data from the National Survey of College Graduates, we analyze individuals who transition from non-STEM bachelor’s degrees to STEM master’s degrees—referred to as “STEM switchers”—and compare their outcomes with peers who remain in non-STEM fields or pursue STEM at both degree levels. Our results reveal pronounced gender disparities. Female STEM switchers enjoy an approximate $25.3\%$ wage premium compared to their non-STEM counterparts, whereas male STEM switchers show no significant advantage over non-STEM males and incur roughly a $10\%$ wage penalty relative to BA-STEM males. These findings challenge conventional assumptions about the returns to graduate education in STEM and underscore the complex interplay between gender, educational pathways, and labor market outcomes. The implications of our research further extend to individuals considering a career change and to policymakers seeking strategies to enhance workforce diversity and address persistent gender inequities. Notably, our results also inform efforts to mitigate the leaky pipeline in STEM by highlighting targeted pathways that may help retain underrepresented talent.