This study offers a unique perspective on assessment of learning by comparing results from direct and indirect measures in a social work graduate program across two campuses of a single university. The findings suggest that students' perceptions of learning are not necessarily reflective of content and applied skills mastery. Perception of learning appears to be a separate construct from actual learning, and it may reflect the students' satisfaction with their experiences in the program, rather than their attainment of content and skills. Thus, students' satisfaction with their educational experience deserves the attention of educators and administrators who are interested in improving program quality. (Contains 4 tables.)