This article investigates the factors influencing STEM bachelor students' intentions to enroll in master's programs. A two-level model, integrating human capital theory with cultural and social capital concepts, is proposed and tested using data from Romanian STEM and non-STEM students. Results reveal that STEM students show a higher propensity for master's enrollment, with regional variations. Intriguingly, highly innovative business contexts negatively impact master's enrollment intentions, particularly for STEM students. This highlights the complex interplay between individual, institutional, and local factors shaping educational choices.
