Results from a survey conducted by the European Federation of Psychologists' Associations Board of Educational Affairs are reported. A total of 227 psychology graduates from across Europe responded to an online survey. Participants were presented with a set of psychology subject-specific competencies and a set of general competencies and asked to rate the extent to which (a) their Bachelor studies supported the development of these competencies and (b) these competencies were relevant for employment as well as to comment on the value of a Psychology Bachelor degree. Findings suggest that an education in psychology develops psychological skills, but also graduates with more general competencies. Overall, psychological competencies appear to develop to a high level through the Bachelor in Psychology, with the exception of specific practical skills. On the contrary, general competencies appear to not develop to an adequate degree. Practical skills focusing on the administration of psychological tools, psychometric instruments and specialist software, as well as general competencies relating to computer literacy skills, communication skills and team-working skills should be further developed to prepare graduates adequately for employment. The study highlights the value of an education in psychology particularly for those individuals who do not wish to enter the applied psychology professions or academia.