We use data from a nationally representative survey of Italian graduates to study whether Alma Mater matters for employment and earnings three years after graduation. We find that the attended college matters, and that there are important college related differences, both among and within regions of the country. These differences, however, do not persist over time and are not large enough to trigger substantial mobility flows from poorly performing to better performing institutions. We also find evidence that going to a private university pays off at least in the early part of a career. Only part of this gain can be explained by the fact that private universities have lower pupil - teacher ratios than public institutions.