In 1990, a study was conducted to determine the value of an Associate in Arts (AA) degree to 2,810 community college graduates from 5 Florida schools 8 years following graduation. By cross-matching the graduates social security numbers with both the State University System Student Data Course File and the Department of Unemployment Compensation Insurance database, graduates were subdivided into three cohorts (referred to as FATE's) and an extensive demographic, educational and economic database was compiled. FATE #1 consisted of AA graduates who did not transfer to a state university. FATE #2 included those graduates who transferred to the university, but did not graduate prior to the spring 1988 semester. FATE #3 consisted of those AA graduates who transferred to a state university and completed a baccalaureate degree. The mean annual earnings for each cohort were compared, controlling for the general type of business or industry in which the graduates were employed. In addition, employer interviews were conducted for a subsample of FATE #1 graduates. Study results included the following: (1) a higher differential rate of return was indicated for FATE #1 over FATE #3 graduates; (2) there were no significant differences in the aggregate mean annual earnings or in the number of weeks employed among individuals in all three FATE's; (3) employers indicated a marked preference for AA graduates over high school graduates with similar experience; and (4) for occupational categories in which a baccalaureate was required to even apply, FATE #3 had significantly higher mean annual incomes. The employer test instrument is included. (JMC)