Purpose: The paper presents and analyses quantitative data on student perceptions about the employability of the first degree, and their trajectory choices on graduation. The purpose of this paper is to assess the value of the first degree as a positional good in Portugal, further to the degree's reduced duration after the implementation of the Bologna Process. Design/methodology/approach: In total, 828 students responded to an online survey administered between September 2013 and February 2014. Students came from 17 institutions, public and private, universities and polytechnics, across the country. Differences in student perceptions were analysed by higher education sector, study level and gender through descriptive statistics. Findings: The majority of surveyed students, across sectors, study level and gender, assessed as negative the impact of the implementation of the Bologna reforms on the employability of the first degree. This had implications for students' intended choices on graduation, as the majority consider enroling in a master degree (except for polytechnic students). Additionally, a large proportion of students felt unprepared to enter the labour market after the first degree. Research limitations/implications: The size and distribution of the sample pose limitations for the generalisation of results to the student population. Practical implications: The findings suggest that enrolments in master degrees are likely to keep rising, a valuable piece of information for institutions and policy-makers responsible for regulating higher education in Portugal. Originality/value: Opinions about the value of the first degree have generally been based on qualitative research or anecdotal evidence. This study brings a quantitative perspective on the first degree's value for different groups of students.