This article provides one of the first rigorous estimations of the labor-market returns to community college certificates and diplomas, as well as estimations of the returns to the more commonly studied associate’s degrees. Using administrative data from Kentucky, we estimate panel-data models that control for differences among students in precollege earnings and educational aspirations. Associate’s degrees and diplomas have quarterly earnings returns of nearly $2,400 for women and $1,500 for men, compared with much smaller returns for certificates. There is substantial heterogeneity in returns across fields of study. Degrees, diplomas, and—for women—certificates correspond with higher levels of employment.