Despite fruitful findings on the reasons underlying the desire for educational success and scarce credentials among students and families, there is little research on the meaning of educational success in the marketplace. As higher education in China has expanded to aid better-quality growth and the transition to a knowledge-based economy, educational success has become increasingly critical in the allocation of socioeconomic rewards. As such, insights into how educational success and concomitant credentials are valorized are empirically and theoretically significant. Drawing on in-depth interviews with 73 recruiters for elite professional service firms, this study analyses the meanings underlying the process of valorizing educational success and elite credentials. It shows that success in the gaokao, or entry to higher education, was qualitatively salient in excluding candidates, while information about subject domains and marks/class rank carried relatively less weight. Recruiters based the value of educational success on the notion of “learning ability,” which reflected their shared understandings about Chinese educational selection/institutions and wider conditions of elite professional firms. On this basis, this paper argues for the development of learning capital as a new theoretical lens for approaching educational success and credentials in transitional China.