The COVID Social Mobility & Opportunities (COSMO) study is a new national cohort study generating high-quality evidence about how the COVID-19 pandemic has affected socio-economic inequalities in life chances, both in terms of short- and long-term effects on education, wellbeing, and career outcomes. A representative sample of young people in England who were in Year 11 in the 2020-2021 academic year were invited to take part in the survey, with the aim of following them as they progress through the final stages of education and into the labour market. As part of the Wave 1 findings of the COSMO study, researchers examined the education and career plans of the COSMO cohort when they were in Year 12 (aged 16-17). This briefing presents the analysis of new data from COSMO Wave 2, which raises concerns that some of the instabilities in young people's educational trajectories brought about by the pandemic have become embedded. Those who changed their plans due to the pandemic are also more likely to report that their main education/employment activity had changed between Years 12 and 13. Findings from COSMO suggest that there is a marked difference in access to career-related information, advice and guidance (IAG) between those studying at further education (FE) colleges and other state schools and sixth form colleges. Only around one in twenty young people are currently engaged in an apprenticeship scheme. The vast majority of young people say that they plan on studying at university. The percentage of the cohort reporting that their main activity is studying at school/college dropped by five points compared to the same time last year. Those with parents in routine/manual occupations are twice as likely to have left education after Year 12 as those from professional/managerial households.