This study explores the factors that influence students' satisfaction with higher education services and assess how they change after graduation, when students enter the labour market. To achieve the objectives, a survey was performed on two occasions, 2002 and 2008. Data on satisfaction were collected from current and former students in order to test the conceptual model of satisfaction formation using partial least squares path modelling and estimate the satisfaction index. The results show that the overall satisfaction level is almost similar in the two samples, nevertheless, the weights in the explanatory model of satisfaction changed between the two samples. With the exception of quality perception, all other factors show an increase in importance. This paper presents an innovative approach to students' satisfaction with higher education services as it compares current and former students' satisfaction and extends current knowledge on the importance of professional experience for satisfaction. (Contains 5 tables and 3 figures.)