This article focuses on the relationship between higher education, employability of graduates and students’ satisfaction with their studies, drawing on European statistics, as well as on data collected at national and/or institutional level in Portugal and Sweden. Employability has been understood as a measure of higher education quality and one of the issues at stake within the Bologna process. Having this in mind, the authors try to answer three main questions: What was the baseline situation in the two countries concerning higher education systems, enrolment in higher education and graduate employability before 2007? Were students satisfied with their studies and professional job situation before 2007? Which trends is it possible to envisage – tendencies of enrolment, mobility, employment – after 2007? Data analysed allows these questions to be answered and provides an important comparison due to the fact that both countries started to implement the Bologna structure in 2007 and have quite different educational systems. The authors discuss if ‘Bologna’ makes a difference regarding graduate employability and students’ satisfaction with their studies, and how the differences between the countries can be understood.