This report provides a summary of findings from an online survey on behalf of the Association of American Colleges and Universities among employers at companies that have at least 25 employees and report that 25% or more of their new hires hold either an associate's degree from a two-year college or a bachelor's degree from a four-year college. The research includes two parallel surveys: (1) One among 501 business executives at private sector and nonprofit organizations, including owners, CEOs, presidents, C-suite level executives, vice presidents, and directors; and (2) One among 500 hiring managers, or non-executives (directors, managers, supervisors, and office administrators) whose current job responsibilities include recruiting, interviewing, and/or hiring new employees. The objective of the survey was to gauge the degree to which business executives and hiring managers believe that a college education is important and worthwhile, the learning outcomes they believe are most important for success in today's economy and how prepared recent college graduates are in these areas, and the kinds of professional development they are providing to their employees. Both executives and hiring managers express a higher degree of confidence in colleges and universities than does the American public, and the majority feel satisfied with recent college graduates' ability to apply the skills and knowledge they learned in college to complex problems in the workplace. Majorities think that colleges and universities need to make improvements to ensure that their graduates possess the skills and knowledge needed for workplace success at the entry level, and especially for advancement. Among the college learning outcomes tested, both executives and hiring managers place the highest importance on the ability to communicate orally, but only 40% of executives and 47% of hiring managers rate recent college graduates as well prepared in this area. Both audiences value applied experiences and real-world skills, but only 33% of executives and 39% of hiring managers think that recent graduates are very well prepared to apply knowledge and skills to real-world settings. [Supported by the Newman's Own Foundation.]