This paper analyzes the relationship between earnings and the extent of assimilation, cohort quality change, and return migration experienced by the foreign‐born population. The study uses the longitudinal data available in the Survey of Natural and Social Scientists and Engineers. The analysis reveals that there was a sizable decline in the skills of this population over the last two decades. In addition, the study shows that return migration is more likely among immigrants who did not perform well in the U.S. labor marke