A growing number of university students balance concurrent study and work. Previous studies highlight potential benefits including heightened career awareness alongside risks including decreased study time. This study asked to what extent paid work affects university students’ self-assessment of perceived employability. The study employed an online survey with 38,458 domestic students from Australian universities; students were not working full-time. The findings suggest that full-time students who hold part-time or casual work are significantly more confident in their perceived employability, and significantly more likely to understand the relevance of their studies to their future career. Practical and theoretical implications are discussed.