The paper examines the changes in the education of women in Peru and relates the rising trend in education levels to women's work and earnings. The analysis indicates that women have benefited relatively more than men from education policies in the 1950s and 1960s, and the education gap between men and women has narrowed. With the increase in schooling levels, the participation in paid work has risen for younger women. But there is also evidence that the return to schooling has been diluted, perhaps because the growth in work opportunities has not kept up with the expansion in educational attainment.