The universities play a key role in the regional distribution of human capital. Previous studies show that migration to and from Higher Education Institutions redistribute the human capital unevenly across Finland. This presentation deals, for example, with differences in employment by emphasizing the types of municipalities: urban, semi-urban and rural. Is the human capital still concentrating on urban municipalities? What kinds of jobs are located in semi-urban and rural municipalities? The data was collected in 2008 and it contains those (n=6 701 respondents) who completed their master’s degree in 2003 from 16 universities. The survey was organised by the national Aarresaari -network. Our results show that the graduates seem to become urbanised. Before their academic studies, 72 % of the respondents had lived in cities. Five years after already 86 % lived in cities. Two thirds of the graduates lived and worked in only eleven Finnish cities, while the rest c. 300 Finnish counties collected only one third of them. Most of the ones that left from the rural municipalities to get a master´s degree, did not return.