This study aimed to investigate the personal and contextual determinants affecting the employability perception of university students using a comprehensive model, and to compare the effects of these determinants with each other. The sample consisted of 463 university students from Turkish universities in Istanbul. Following explanatory and confirmatory analyses, the study variables were tested via hierarchical regression analysis. Across all variables, generic skills, academic performance, personal circumstances, and external labor market had significant and positive effects on the perception of employability, while students' work experience and the contribution of university and consultants did not. The external labor market was identified as the strongest determinant of employability, and contextual factors were identified as having a stronger influence than personal ones. The results present a number of suggestions for stakeholders--including the Ministry of Education, university administrations, teaching staff, employers, students, families, media, and graduates--vis-à-vis perceived employability.