In relation to graduate outcomes (simply put, where students end up after completing their degrees, with a general focus on careers and employability), universities are about to grapple with the initial wave of graduates seriously impacted by AI. The Class of 2025 will be the first to have widespread access to large language models (LLMs) for the majority of their student lives. If, as we have been repeatedly told, we believe that AI will be the “great leveler” for students by transforming their access to learning, then it follows that graduate outcomes will be significantly impacted. Most importantly, we should expect to see more students entering careers that meaningfully engage with their studies. The reality on the ground presents a stark difference. Many professionals working in career advice and guidance are struggling with the opposite effect: Rather than acting as the great leveler, AI tools are only deepening existing divides.