Is the satisfaction of university graduates explained by their pre-university background, by the nature and financial returns of the professional work in which they are now engaged, or by other factors? This paper seeks to provide some quick answers to this question. This study focuses on the relative impact of variables that have a direct and indirect effect on work satisfaction and satisfaction with the university’s degree program. The data include measures of satisfaction of 587 graduates from two professional degree programs, psychology and teaching, who studied in three universities in Chile. Correlational and path analysis link graduates’ satisfaction to family background, type of secondary school, employment in the public or private sector, and salary. The graduates’ level of satisfaction was found to vary by degree program and level of university prestige but also by their current salary and satisfaction with the conditions of their employment. Expressions of satisfaction by graduates tell us as much about their jobs as they do about the quality of their university formation.