Background: Mental health workforce capacity has faced significant challenges which have only been exacerbated by COVID-19. Undergraduate students provide a robust entry point of a workforce pipeline, but many do not end up in mental health careers despite high levels of interest in this area. Objective: The purpose of this study was to identify career barriers and related factors that might explain why few students enter the mental health workforce. Method: We surveyed undergraduate psychology majors (N=230) from a large university about their career interests, career perceptions, vocational identity, perceived barriers, and post-graduation plans. Results: About half of participants were interested in a mental health career but endorsed high levels of barriers, most of which are financial. Vocational identity predicted plans to attend graduate school after controlling for covariates. Conclusion: Despite strong interest in mental health careers, students perceive significant barriers, and only those with the strongest identification with this career are likely to overcome these barriers. Teaching Implications: Psychology faculty can help to address gaps in career knowledge and better support students being well-versed in regional issues and career-related information, such as loan repayment programs.