The Italian university system, along the mainstream of the European higher education systems, is adopting efficiency and effectiveness as criteria for process programming and result managing. University system quality can be measured after graduation. The "external" effectiveness of a university system consists of the graduates’ success in job-hunting and their professional competence use as a short-to-medium-term effect of the received education. In this volume – starting from the experience of some Italian universities – we try to infer upon the quality of the education achieved by graduates by surveying their transition to work and further professional paths. We present papers on the effectiveness of university education, on employability of graduates, with a discussion on the opportunity to consider the employment rate as the main assessment indicator, on competence analysis for backward assessment purposes and finally on university human capital indicators.