This study examined student, professor, and employer perceptions of how reward for effort expended and meeting task performance criteria should be factored into college grades and employment compensation. The sample consisted of students, faculty, and employers. Participants completed a survey assessing perceptions of effort and performance in either a college or employment setting. Results indicated that students felt that effort should account for a significantly larger percentage of their overall grade than did professors and employers. Results also indicated that this attitude carried over into employment settings; students believed that an employee's financial compensation should include a substantial component based on how hard a student tried, whereas teachers and employers did not. These findings suggest a need to shift student expectations regarding rewards away from effort and toward performance during a college education.