Job-related measures of the educational effectiveness of an institution are critiqued. Three criteria of job-related measures are: the measure's ability to discriminate between the performance that can be attributed to the program being studied compared to what might have happened if there were no program, and whether the measure is economic. Empirical material from a followup of graduates from Southern Maine and Northern Maine Vocational Technical Institutes is presented for illustration. One technique for judging the effectiveness of a school is to ascertain how many of its graduates get jobs. A second measure of a school's effectiveness is whether most of its graduates are "using" their education. A third approach to a school's effectiveness is the internal rate of return, which treats education as an investment and evaluates the investment by comparing benefits with costs. Objections to rate of return studies are discussed. Another measure of educational effectiveness, the income cost ratio, is described in an appendix. (SW)