This study examined the relative impact of both student-driven and institutional factors on anticipated academic and career outcomes among first-year graduate students. The study addressed two primary questions: (1) whether significant gender and ethnic differences exist in the academic credentials, expectations, and degree of incorporation within graduate departments among first-year graduate students; and (2) which factors account for differences in expected academic and career outcomes. The study used data from a longitudinal study tracing the educational and career outcomes of the Fall 1995 entering cohort of 289 graduate students in engineering and the physical sciences. Findings indicated there were relatively few differences in the academic credentials, self-confidence, or expectations about their departments and faculty among the first-year students in these fields. There were significant differences in Anglo and minority student perceptions about the roles that gender and ethnicity play in academic outcomes. However, gender and race were not significant predictors of anticipated academic outcomes. International students expected higher grades, but anticipated lower earnings and more difficulty finding jobs than U.S. counterparts. Married students expected to finish earlier than non-married counterparts and anticipated higher wages upon degree completion. Two significant predictors for lower expected grade point averages were upper class status and student perception of race as liability. (Contains 64 references.) (CK)