Institutions may be interested in using alumni career success as evidence of institutional effectiveness, but the current study suggests that using income as the sole outcome may not be entirely capturing the occupational experience of graduates. Utilising data from the Strategic National Arts Alumni Project, exploratory and confirmatory factor analysis indicated that there are two distinct components of job satisfaction for arts graduates: intrinsic satisfaction and extrinsic satisfaction. The results of ordinary least squares regression analyses for these two factors provide some relationships concerning demographic and occupational characteristics with these two areas of satisfaction. In considering overall job satisfaction, intrinsic satisfaction may play a larger role in how alumni perceive their career outcomes and success.