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This paper compares the extent to which graduates gain jobs related to their qualification in Canada and Australia. The paper presents data from Canadian and Australian graduate surveys to show that in both countries qualifications are only moderately related to the jobs that graduates work in after graduation, even graduates of business and technician qualifications which have a vocational orientation. In both countries qualifications are closely related to occupations only for regulated occupations such as registered nurse, engineer and electrician. The paper concludes that relations between qualifications and occupations are determined not by supply considerations such as whether qualifications are vocational in orientation but by demand factors such as occupational regulation.