The focus on short-term graduate employment metrics has catalysed the employability agenda as a strategic directive in universities. A raft of embedded, co-curricular, and extra-curricular activities has emerged for developing employability. Their relative value lacks empirical exploration. This study explored graduates’ self-reported participation in, and their perspectives on the value of, a range of embedded, extra-curricular, and co-curricular learning activities, as well as paid work, for employability. Survey data were gathered (N = 510) from Business and Creative Industries graduates from three Australian universities about the perceived value of activities for skill development, gaining relevant experience, networking, and creating employment opportunities. The activities were considered more useful for gaining experience and skills than for broadening networks and improving career outcomes. Embedded and extra-curricular internships, as well as extra-curricular activities, were believed to be important for enhancing employability. Internships organised as an extra-curricular activity rated better than those delivered as work-integrated learning. Implications for stakeholders responsible for curricular and co-curricular design are discussed.