There is little doubt that enrollments in MIS degree programs have been declining since the recession in the technical industry in 2001. Reagan's research (2008) indicates that enrollments in MIS degree programs is only about 25% of the 2001 level. Many MIS (IS) programs have been abandoned or combined with other related programs. While many reasons for this decline have been advanced, one of the most tenable reasons is a perception gap between what IT professors believe is important and what potential employers see as important skills for new hires. This study reports the results of a survey of MIS graduates of a medium size university in the midwest. Results suggest that graduates share the views that a perception gap exists. They tend to believe that their program needs to become more aligned with the needs of employers. Graduates believe that business leaders should be involved more closely in determining the direction and content of their program.