Graduates from renowned high school can get advantages in the labormarket, because they may have social networks with high-positioned seniors.To analyze the question whether the graduation from renowned high schoolmakes the causal effect on the labor market wage, this paper uses the uniquehistorical experience as it is called ‘high school equalization policy’ in Korea.The Education-Labor Market Lifecycle Data investigated by KRIVET (KoreaResearch Institute for Vocational Education and Training) is used in thisanalysis. The result shows that graduates from renowned high school receivehigher wage, even though all the students have been randomly allocated toindividual high schools after equalization policy period. Especially to graduatesjust after the implementation of equalization policy, and to graduates receivinghigher wage, the renowned high school effect shows more marked. This factreveals that the significant wage premium can be acquired by the social capitalowing to the graduation from the renowned high school.