In this paper we compare the academic performance of students who enter a high-ability program at university with those who stay in a standard program for the same major. We also study whether the effects differ by gender. We find that, on average, students in the high-ability groups outperform those in the standard groups. However, once we control for the student’s university entrance score - that is, the student’s ability – we find that those in the high-ability groups obtain lower grades than their counterparts in the standard groups. Hence, students entering a high-ability program face a cost in terms of foregone academic grades. Finally, the gender analysis shows that such a negative effect is greater for females. Our results suggest that the post-graduate assessment of academic performance should not only look at the grades obtained, but also at the program taken. The implications might be larger for women.