This paper reports the development of a research instrument to examine the expectations and self-perceptions of employability of business undergraduates (bachelor degree students) in three UK universities, and examines relationships with other measures. The scale was found to have a satisfactory internal reliability coefficient for an untested measure ( * = 0.75) and had discriminant validity from other new measures such as university commitment. "Internal" and "external" dimensions were identified, the latter relating to the perceptions of the strength of the university brand, the state of the external labour market, and the demand for the degree subject. Perceptions of future employability were surprisingly modest, notably for those in arguably the strongest position, suggesting that these self-perceptions may be a product of relative societal expectations, consistent with positional conflict theory. (Contains 4 tables and 1 figure.)