Abstract The present study introduced a mediation variable of self-efficacy into the traditional conceptual model of human capital theory to explore the comprehensive relationship between in-school learning experience of college graduates and their employability. After analyzing self-reported questionnaires gathered from 1,705 college graduates, the result of Structural Equation Modeling (SEM) showed that in-school learning experiences had an indirect but positive influence on college graduates’ wages and job-seeking time through improving their perception of self-efficacy.