The employment outcomes and career progress of ethnic minority members who graduated from four United Kingdom universities in 1993 were compared to those of their white counterparts. A final matched sample of 272 graduates (half were members of ethnic minorities) was achieved by filtering an initial sample of 3,421 graduates. Additional data were collected through follow-up interviews with a sample of 25 ethnic minority respondents and 10 major graduate recruiters. Ethnic minority graduates took longer to secure their first job after graduation. By December 1995, a higher proportion of ethnic minority graduates were in "professional" jobs; however, average salaries for ethnic minorities were slightly lower than for whites. White graduates were consistently more likely to be employed. Two of five ethnic minority graduates reported experiencing some racial discrimination in their present job. Indians reported the highest level of job satisfaction, followed by whites. No evidence of direct discrimination against ethnic minorities by companies in their graduate recruitment and development was found; however, a number of areas in employment policies and practices were identified as likely to put ethnic minority graduates at a disadvantage. (Thirty-six tables/figures and 64 references are included. Appended are additional tables, details regarding the survey design/response, and the questionnaire.) (MN)