This article assesses the effectiveness of a reform of the higher education system aimed at stimulating employability and faster access to the labour market for Italian graduates. Using the Taylor formula, the evolution of the employment rates has been followed through the movements and interaction of activity and unemployment rates. The progress in the level of educational attainments has not been accompanied by a true reversal of the weaknesses within the Italian youth labour market. Two main results emerge. First, delayed entry into the Italian labour market remains a peculiar characteristic of young graduates. Second, the comparison within the 25-29 age group reveals weaker results among first-level graduates. Policy interventions are suggested.