This paper explores the perceptions of Library and Information Science (LIS) graduates about their learning outcomes in the Master of Library and Information Science (MLIS) programme at the University of the Punjab and their employment outcomes in the marketplace. Why do LIS graduates choose librarianship as a profession in Pakistan? What is their level of learning in coursework after completion of the MLIS; and what is their level of satisfaction regarding different aspects of the MLIS programme? Is the MLIS degree market oriented? An electronic questionnaire survey was conducted by the Department of Library and Information Science (DLIS) University of the Punjab (PU) to the graduates of the last three sessions (from 2008 to 2010). From the sample (N = 80), fifty-eight (72.5%) responded. Based on the analysis of 58 responses, LIS graduates joined the profession of librarianship due to the referral of their family members, better job prospects and love for books and reading. The respondents were highly satisfied with the following courses: marketing of Library services, IT knowledge and Library automation, but they were least satisfied with their cataloguing and classification skills. As for as their employment outcomes are concerned, almost two third (67%) got job on the basis of their MLIS. More than the half (53%) got jobs within two months of their graduation. They suggested that MLIS programme should more focus on practice as compared to theory. (Contains 7 tables.)