This report examines the association between institutional characteristics and the earnings of recent college graduates five years after graduation. Data from the 1980 High School and Beyond (HS&B) survey were combined with information about courses, grades, credits, and credentials contained in the Postsecondary Education Transcript Study, a comprehensive source of information about the postsecondary experiences of the 1980 HS&B sophomore cohort. Information about the colleges came from the Integrated Postsecondary Education Data System. The study also included information from the College Board's Annual Survey of Colleges. Data analysis indicated that the net contribution of college characteristics to variance in men's earnings was relatively small (somewhat less than the net effect of background characteristics on earnings). Higher education experiences accounted for substantially more variance in men's earnings than either college or background characteristics. Institutional characteristics explained more of the variance in women's earnings than they did in men's earnings. For both sexes, choice of major related to later earnings. Attending a selective versus nonselective institution also related to higher earnings. Appended are technical notes and methodology; standard error tables; and a glossary. (Contains 55 references.) (SM)