Cosmetology is one of the most widely and onerously regulated occupations for lower-income workers, yet little research has explored the experiences of aspiring beauty workers. This first-of-its-kind study takes advantage of federal educational data--including a large, and largely untapped, dataset on nondegree credentials and work experience programs--to find out what it looks like to complete the education required for cosmetology licensing. Key findings include: (1) State-mandated cosmetology school is expensive and time-consuming; (2) Cosmetology programs do a poor job of graduating students on time--or even at all; and (3) Cosmetology school rarely pays off in terms of earnings. We also find that state licensing requirements, and not health and safety, are likely the reason cosmetology school takes so long. These findings suggest the current system of state cosmetology licensing is a failed model of professional development that mainly transfers wealth from students and taxpayers to cosmetology schools. State lawmakers should consider alternatives that can protect the public without unnecessarily holding back people trying to enter the field.