Purpose: Many master's students enrol in coursework-based programmes to improve their professional knowledge and skills for the job market. Most studies of employability in higher education focus on undergraduates rather than master's students, although the number of master's students worldwide has increased significantly in recent years. This study explores the factors involved in the perceived employability (PE) of master's students in Hong Kong. Design/methodology/approach: The authors first proposed a conceptual model of PE based on the social cognitive career theory. Using survey data from 786 master's students in Hong Kong, the authors applied descriptive statistics and an ordinary least squares (OLS) regression to address the following research questions: How do master's students gauge their PE? How do person, learning and environment variables influence the PE of master's students? Findings: The authors found that PE is influenced by students' approaches to learning and their institutional career support. Originality/value: Few studies examined whether students' learning experiences during the master's programmes influence their employability. This study highlights the importance of learning experiences and career support in coursework-based master's programmes for enhancing graduate employability.