The business case for diversity is increasingly being recognised. However, worldwide women are still under-represented at the executive level. The notions of employability and career adaptability are examined in the context of female sport management graduates, to better understand why they are not attaining leadership positions in New Zealand sport. A phenomenological paradigm using a mixed-method approach was adopted, including a survey and interviews. The findings suggested that whilst graduates were employed, there was a disconnect between university preparation and the skills required for women to be leaders within the sector. Graduates displayed career adaptability by moving out of the sector. In order to prepare and retain female graduates in the sector, curriculum design needs to acknowledge the impact of gender on employability and career adaptability.