We investigated whether a set of indicators of the employability dimensions proposed by Fugate, Kinicki, and Asforth (i.e., career identity, personal adaptability, and human and social capital) are related to university graduates’ employment status and five indicators of the quality of their jobs (pay, hierarchical level, vertical and horizontal match, and job satisfaction). We analyzed a representative sample of university graduates (N = 7,881) from the population of graduates who obtained their degree from the University of Valencia in the period 2006–2010. The results showed that indicators of human and social capital were related to employment status, whereas indicators of human and social capital and career identity were related to distinct job quality indicators. These results support the validity of the conceptual model proposed by Fugate et al. to investigate employability in samples of university graduates.