AIR is analyzing 20 years of the National Longitudinal Survey of Youth 1997 panel using an individual fixed-effects regression strategy. The purpose of the analysis is to estimate the returns to non-credit-bearing credential and licensure pathways compared with credit-bearing credential and associate degree programs that are unrelated to persistent differences in the respondents’ characteristics (e.g., ability). Findings show that credit-bearing credentials yield an approximately equal likelihood to be employed as noncredit-bearing credentials, but significantly improved earnings of about $7,000 a year.