Although increasing the racial and ethnic diversity on college campuses is a key component of any broad policy agenda aimed at reducing structural inequality, access to higher education does not always equate to graduation and equal labor market opportunities. For colleges, students, and society to reap the benefits of diversity, there needs to be more than just a diverse student population in colleges; there needs to be representation of all groups across all fields of study. To understand whether increasing diversity on campus is translating to equal access to opportunity, we examine racial and ethnic representation across college majors over time, finding that Asian, Black, and Hispanic students are often concentrated in majors with other students of the same race or ethnicity and that at institutions where Black and Hispanic segregation is worst, these students are least likely to graduate with high-paying degrees. We examine racial and ethnic imbalance within higher education institutions by using segregation indexes to summarize racial and ethnic sorting inside universities. We analyze whether students of different races or ethnicities are over- or underrepresented in certain fields of study, relative to the institutions they attend.