This research report explores Welsh graduate mobility. It seeks to establish the extent to which Wales retains its graduate labour in employment; to estimate the labour market outcomes for „Welsh‟ graduates (i.e. those born in Wales) and to investigate whether and how these may change and what factors may become more significant over time. In so doing, the report focuses on analysing the location and employment outcomes of successive „young‟ graduate cohorts since the 1992 expansion of Higher Education. It does this by augmenting the widely used graduate first destinations data produced by the Higher Education Statistics Agency (HESA) with detailed analysis of Labour Force Survey (LFS) and Annual Population Survey (APS) data to provide new insights into the patterns of and returns to graduate mobility. The report finds that whilst Wales is a net loser of graduates each year, notions of a clear and unequivocal „brain drain‟ are too simplistic. Instead, we find complex patterns of graduate mobility which reflect the complex push and pull forces shaping graduate movements and their evolution with graduate life cycles. These findings have a number of implications for economic development and Higher Education (HE) policy.