Questions are frequently raised about possible impairment of cognitive function in the premenstrual phase of the menstrual cycle. There is also concern that women may be at a disadvantage premenstrually on important occasions such as examinations. This study compared the marks on final-year psychology degree examinations in the premenstrual phase with those of the rest of the cycle. All of the 26 women students who were eligible to participate did so. Comparisons, within and between individuals, of Premenstrual and Nonpremenstrual marks, gave no indication of significant fluctuations with the cycle. Pre-examination arousal and anxiety, which were similar to the relevant published norms, did not appear to be related to the examination marks. There were no significant differences between students taking or not taking oral contraceptives. If there are any physiological and/or social-psychological effects of the cycle on high-level cognitive functioning these are presumably compensated for by the students in this situation. These findings suggest that women taking final degree examinations are not at a disadvantage during the premenstrual phase of the cycle.