We find that FISs outperform FBE immigrants by a substantial margin and underperform CBE individuals graduating from similar academic programs by a relatively modest margin. We also find some limited evidence, particularly among women, of a deterioration in FIS outcomes through the 2000s relative to both comparison groups. We argue that this deterioration is consistent with a quality tradeoff as postsecondary institutions and governments have reached deeper into international student pools to meet their demands for students and new immigrants without a commensurate increase in their supply.