This paper examines the association between university ranking and the earnings of graduates over their working life. The wage premium for the highest ranking starts from 24.6% for the 25-29 year age group and rises to 50.5% for the 40-44 year age group. It declines thereafter and disappears for the 55-59 year age group. This pattern is closely related to the workers’ employment conditions such as tenure, the size of the workplace, and wage-earner status. We also find the workers’ abilities developed before and after the entrance to university are correlated with the wage gap.