<p>This paper analyzes occupational trajectories of refugees from the last job in their home country to their first and current jobs in Austria as well as the role of co-ethnic and Austrian social networks in job searches, using data from a repeated survey (in the 2017–2022 period) of recognized refugees from Afghanistan, Iran, Iraq, and Syria who have predominantly come to Austria since 2010, thereby covering the major refugee wave of 2015–2016. The results point to a reclining L-shaped pattern, with a sharp initial occupational loss followed by a rather moderate occupational recovery, indicating that refugees are at risk of ending up permanently in the secondary segment of the Austrian labor market. Although native social networks do not play a role in occupational changes, co-ethnic social networks—particularly when used as a stand-alone job search strategy—prove detrimental along the entire trajectory. However, co-ethnic social networks are beneficial if used in combination with the Austrian Public Employment Service or non-governmental organizations. Older or highly educated refugees prove particularly vulnerable, as a pronounced initial occupational downgrading is followed by little subsequent upgrading.</p>