We examine the inter-regional migration of university graduates from 1991 to 2003 in Finland. The results show that time matters: two-years before and during the graduation year the hazard rates of migration increase, and then decrease thereafter. Although university graduates are particularly mobile, we find that most of them do not move from their region of studies within 10 years after graduation. The out-migration, i.e., brain drain, is much higher among graduates in the more peripheral universities than in the growth centers (Helsinki in particular). Migration is also substantially more likely for those studying away from the home region than for those studying at home.