A growing international literature has recently focused on the employment outcomes of Ph.D. holders, nowadays considered a strategic resource able to improve innovation and growth in contemporary knowledge economies. This article adds to previous studies by analyzing job satisfaction determinants among Ph.D. graduates in Italy. Drawing on data from the Italian National Institute of Statistics, we investigate the role exerted by the sector of employment, the typology of work and the area of the country where the Ph.D. holders studied and work. The empirical test, based on an ordered logit model and supported by analysis of marginal effects, highlights that university remains the favourite choice and that both the public and the private sectors do not adequately enhance the public effort devoted to Ph.D. education. Moreover, it indicates the existence of a significant North-South divide, mainly due to a scarce demand for R&D jobs in southern regions, suggesting that policy makers implement a capillary strategy aimed at filling this gap. Despite the peculiarity of the Italian case, this research suggests that regional divides within countries could affect the education systems of other EU countries, which are facing the transformation of the doctorate into a variety of school of highly educated workers.