We estimate the causal effects of the Bologna Process reform in Italy, focusing on the introduction of the “3+2” degree structure and its impact across different stages of the education system. Using multiple Difference-in-Differences designs and nationally representative data on high school graduates and university graduates, we show that the reform increased graduation from the academic-oriented high school track by 5.50 percentage points, revealing a backward spillover effect on high school completion. At university level, the reform raised enrollment and timely graduation while reducing dropout. The effects are systematically larger for students from the most disadvantaged parental backgrounds, especially when combined with high ability. These findings suggest that the Bologna Process reduced barriers to educational investment for talented students facing financial constraints, challenging the view that it mainly attracted low-ability students. Descriptive labor-market evidence also points to convergence in outcomes by parental background, but only among Bachelor’s graduates.