Student performance evaluations are a traditional method for assessing a student's skills during a work-integrated learning (WIL) experience. While these assessments provide students with feedback on the development of their skills, little documentation of student performance exists after the WIL experience. This paper explores the role of microcredentials in evidencing student competence in a particular skill through two studies conducted at the University of Waterloo. First, students and employers were surveyed to investigate their perceptions of microcredentials. Second, semi-structured interviews were conducted with students who had the opportunity to earn a microcredential based on their performance in their co-operative education (co-op) work term and in the professional development courses that accompany their work term. Findings suggest that awareness of microcredentials remains limited. In terms of their value, there is evidence consistent with Bourdieu's theory of capital. Microcredentials appear to signal value to employers and students through the credential itself. However, aligning with human capital theory, microcredentials appear most valuable when they demonstrate both knowledge acquisition and competency. Finally, the value of obtaining a microcredential appears to motivate students to exert greater effort towards content mastery.