Taiwan is one of the few countries in which bachelor degrees can be earned by attending either 4-year academic colleges or vocational colleges. This paper offers new evidence on whether returns to B.A. degrees are significantly different between academic and vocational 4-year colleges using the 1998-1999 Taiwanese College Graduate Survey. The multinomial logit model is applied to correct self-selection for employment status, and a wage equation is then estimated. The results suggest that the returns to 4-year academic colleges are 6% higher than those to 4-year vocational colleges. We also find a significant effect of college quality on wages. Moreover, public academic college graduates have the highest returns whereas those who attend private vocational colleges have the lowest returns.