Small and medium accounting (SMA) firms can account for approximately 40 per cent of graduate recruitment in Australia. Does the context of obtaining employment with a SMA firm require graduates to have certain knowledge and skills? This article reports the findings of a study into the technical and generic skills required by graduates commencing employment within an Australian SMA firm. The findings suggest that together with financial statement and reporting, tax knowledge is highly valued for graduates to a SMA firm. In terms of tax, this also includes the ability to use tax software. Also, the generic skills of communication, teamwork and ethics are highly regarded. This raises the question as to whether current university degrees are providing adequate technical and generic skill development for those graduates seeking employment with a SMA firm.