This paper examines the factors that may have impact on the extent to which the knowledge and skills of master's degree graduates in Norway are utilised at work, three years after graduation. The focus is on the impact of the quality of the study programme as well as the graduates' fields of study, when also taking into account other factors influencing the utilisation of skills. The analysis indicates that the quality of the study programme has an independent effect on skills utilisation at work. The analysis also shows large differences in skills utilisation according to fields of study, even among graduates who are not formally overeducated for their job. Not formally overeducated graduates in humanities and social science utilise their knowledge and skills less frequently than other similar graduates. The findings involve challenges for higher education institutions and graduates, as well as employers, to find ways that the expertise of master's degree graduates could be better exploited.