The current school system lacks adequate racial representation among science, technology, engineering, and mathematics (STEM) teachers, particularly among Black and Latinx populations. This is a critical equity issue due to the increasing racial diversity of the student population and the benefits of race congruence between teachers and students. Using a Critical Race Theory framework, this phenomenological mixed‐methods study explores the underrepresentation of minoritized groups in STEM education. Original surveys and interviews were used to explore the experiences of Black and Latinx STEM majors. The purpose of this study is to better understand the Students of Color's (SOC) positive and negative educational experiences in STEM and how those experiences impact a SOC's interest in becoming a STEM teacher. Findings reveal that SOC are not interested in pursuing careers in STEM teaching because of the low pay of the teaching profession and the impact of stereotype threat. This research confirms that the inequities in the STEM education pipeline are taking place at the K‐12 and post‐secondary education level. Change is required in K‐12 education, post‐secondary, and at the policy level in order to create a more equitable education system for all students.