One of the most salient characteristics of the recent evolution of Chilean higher education system is its rapid expansion. Conversely, the competencies required for the workforce have been slower to emerge. This paper examines the incidence of qualification and skill mismatches across different populations, across age groups, gender, and educational levels. The discrepancy between the qualifications and skills possessed by workers, and those required to perform their jobs is measured using the Survey of Adult Skills-PIAAC and a national socioeconomic survey. Our results suggest that overeducation is increasing across time, affecting mainly younger, higher educated workers. Overskilling is also a widespread phenomenon among this group, probably due to a crowding out process. Moreover, the high competition for accessing the best positions is leading to credential inflation. Thus, the axiom that education per se leads to a good job, which guides much student decision-making, seems increasingly diffuse and requires urgent review.