We study the effects of a reform that increased the stakes of the national exam at the end of high school for university enrolment in Spain. We find a negative effect of the reform on female test scores, driven by a worse performance in the exams for which the stakes increase the most, and driven by students expected to be top performers. The effect on test scores translates into significant changes in students’ allocation to college: female enrolment in the most selective degrees declines, together with expected earnings.