In this qualitative study, we research what constitutes the relationships between conceptions of quality and value associated with higher education as experienced by prospective employers of business graduates. Quality and value in higher education are often linked though the relationship is unclear. Employers are an important and under-researched stakeholder group on the demand side of higher education. Data are generated by interviewing prospective employers of business graduates from a UK university. Interviews are analysed using a phenomenographic method to determine the qualitatively different ways in which actors make sense of the relationships between quality and value. Understanding prospective employers' conceptions of the relationships is important given the competitive pressures on universities and businesses. The research reinforces the experiential and idiosyncratic relationships between quality and value in higher education. Three conceptions of what constitutes quality and value in higher education are discussed: (a) quality is an antecedent of value; (b) quality is simple while value is complex; and (c) quality is internal to HE while value is created in the customer domain. The research outcomes provide important insights for researchers and practitioners through clearer understanding of how quality and value are related for this important stakeholder group.