In a context of considerable changes in the labour market and higher education sector in the UK, a discourse of employability has become increasingly dominant. Universities are urged to ensure that they produce "employable" graduates, and graduates themselves are exhorted to continually develop their personal skills, qualities and experiences in order to compete in the graduate labour market. Drawing on a study of "non-traditional" graduates from a post-1992 inner-city university in England, this paper offers a critical appraisal of the discourse of employability. In contrast to assumptions of a level playing field in which graduates' skills and personal qualities are the key to their success in the labour market, social class, gender, ethnicity, age, disability and university attended all impact on the opportunities available. It is argued that the discourse of employability, with its emphasis on individual responsibility and neglect of social inequalities, has potentially damaging consequences for these graduates. (Contains 1 table and 5 notes.)