In this study, the effects of several educational and non-educational indicators of competence on short-term labour market outcomes for university graduates are estimated. The research question is: to what extent do indications of specific and generic competence during the educational program predict labour market outcomes? Labour market outcomes in this study pertain to employment chances and quality of the job. We use data on specific and generic aspects of competence, all of which were assessed during the university programme, i.e. test scores on the attainment of domain specific knowledge, scores on group functioning, and the Masters' thesis result. In addition, some other indicators of human capital acquired outside education are used, i.e. relevant work experience and managerial experience. The results indicate a rather differentiated pattern for the value of specific and generic competence acquired during education for the labour market. Group functioning scores have large effects on attaining jobs on the academic level. (Contains 7 tables and 7 notes.)