We use longitudinal data across public postsecondary institutions in Tennessee to examine the stages at which potential Black educators disproportionately exit the teacher pipeline. Black and White bachelor's graduates declare and complete teaching-related majors at similar rates, suggesting comparable levels of initial interest in teaching careers; moreover, newly certified Black college graduates are more likely than their White peers to gain employment in the state. However, in between those points, Black undergraduate program completers are substantially less likely to become licensed. Additionally, Black graduate students are less likely to complete master's degrees in teaching-related majors and receive teaching licenses, though newly certified Black master's graduates are again more likely to gain employment than their White peers. These results suggest that the largest loss of potential Black teachers occurs at the end of teacher preparation, which can be explained partially but not fully by inequities in certification exam passage rates.