Universities can prepare students for work, and universities can educate increasingly diverse student cohorts, but can they do both concurrently? This question of whether universities can offer equitable and inclusive careers education is increasingly under scrutiny. In this study, we address the largely under-theorised area of work-based placements from the perspective of career identity formation for diverse students. We do so through the adoption of Meijers and Lengelle's theorisation of 'career stories' which position the narrative as the mechanism to understand how students' have developed their career identities and future professional goals. Drawing on longitudinal interviews with disabled students, we explore university placements as 'boundary experiences' which can either enable, or disable, the formation of students' professional selves. Our findings indicate a troubling amount of variability, and indeed, luck within the placement offering, often unsupported by intentional pedagogical design. This suggests that the current university placement experience does little to support the professional identity formation processes of diverse students. Through this study, we further translate a processual learning theory from career learning to support future intentional pedagogical placement design in the university context for diverse students. The article ends with a consideration of how placement experiences can better align to equity goals of the university, and provide scalable, high-quality learning experiences for "all" students.