This paper reports the findings of a pilot study of the post-university experiences of graduates and non-completers during the first few years after leaving university. The research is based upon a follow-up survey of a sample of graduates and non-completers who entered the University of Lancaster in 1979 and 1980. Information was obtained by postal survey of their family background, educational qualifications and labour market experiences. Several indicators are used to measure each person's experience in the labour market: unemployment incidence, unemployment duration, salary in first job after leaving university and salary in most recent job. In a regression analysis of inter-personal differences in the salary level, it was found that part of the salary differential in favour of graduates was accounted for by a range of factors in addition to whether a person was a graduate or a non-completer.