In this article, we compare how racial inequalities are shaped by school-to-work transitions among bachelor’s degree (BA) holders in Brazil and the United States. Our findings reveal how distinct paths linking higher education and the job market can drive similar patterns of Black–White earnings gaps. While the distribution across fields of study matters more for racial earnings inequality in Brazil, differential returns to the same field and occupations are a stronger determinant in the United States. We also find that linked closure, that is, the exclusion of Black BA holders from occupations with high levels of linkage to the labor market, is the predominant mechanism in the United States, while a mix between linked closure and what we term unlinked closure, that is, the exclusion of Black BA holders from occupations that have weak linkages to fields of study, is more important in Brazil. By identifying variations in mechanisms leading to racial inequality, this article contributes to debates in comparative race relations and stratification.