This study examined first employment experiences of graduates from South African universities, highlighting educational and noneducational factors that affected their ability to secure employment in their fields of study, as well as graduates' perceptions of their studies in relation to their jobs. Researchers sent surveys to 8,000 graduates listed in the Human Sciences Research Council registry who had graduated between 1991-95 (1,806 were returned). The study relied on graduates' work histories and their perceptions about their work experiences. The sample was stratified according to the size of two variables: historically black and historically white universities and broad fields of study. The study found that 59 percent of graduates secured employment immediately after obtaining their degrees; 84 percent found employment within their first year of searching. The report concludes that the labor market still reflects the apartheid system, with nonwhite graduates and graduates from historically black colleges disadvantaged in their employment search. About half the graduates believed that they were in jobs requiring graduate level ability; most perceived considerable benefits from higher education; and only a few had received career guidance at any point. Twenty-two data tables are included. Appended is the survey methodology, a biographical profile of the respondent group, and a description of occupations held. (Contains 33 references.) (SM)