Studying abroad acts as investment in human capital and ideally outweighs associated investment costs due to higher earnings or related non-monetary benefits. We estimate monetary returns to studying abroad for female graduates 1 and 5 years after graduation. The empirical estimates—based on panel data from four graduate cohorts in 1997, 2001, 2005, and 2009—confirm positive returns to studying abroad. Mobile females earn 3.2% higher wages compared to non-mobiles at labor market entry. These initial wage gains tend to improve further over time, resulting in about 4.0% higher earnings for mobile females 5 years after graduation. Detailed consideration of different socio-economic groups reveals that female graduates from non-academic backgrounds and females majoring in social sciences benefit most. Studying abroad, therefore, has positive effects on later income of female graduates.