For students taking intermediate-level economics, does it matter where they studied principles of economics? Does transferring college credit influence subsequent academic performance in economics? With a sample covering 1999-2008, the authors analyze in this article a group of nearly 1,000 students taking intermediate macroeconomics at a prominent state university. Despite seemingly impressivelooking grades from the principles of macroeconomics course, community college transfer students significantly underperformed their peers in the intermediate macroeconomics course, unlike transfer students from four-year institutions. Moreover, students who transferred other course work from community college (that is, other than the principles course) were relatively less likely to succeed in intermediate macroeconomics.