Surveys and interviews were conducted among faculty and students regarding undergraduate research experiences (URE) in an engineering program at an urban research university. In the student survey, students were asked to self-identify if they felt that their URE had provided them with 11 potential benefits. In the faculty survey, faculty were asked whether they thought that each benefit should be expected of a student participating in a URE. The interviews offered a greater understanding of student and faculty viewpoints with regards to UREs. The results of the study illustrated that students and faculty have somewhat different perceptions of the benefits to be gained by participating in a URE. For example, students were often using the URE to develop skills that would help them acquire a job as an engineer in industry after graduation rather than as a direct pathway to graduate school. Additionally, large percentages of students identified as having received benefits from the URE that would help them in an engineering career. These were not always anticipated by faculty, and faculty may be able to improve UREs for many students by emphasizing in the URE the development of these skills for work in industry.