Purpose: This study aims to understand how employability capitals' dynamics foster self-perceived employability (SPE) among students and graduates, which is still being empirically explored. Building upon the Employability Capital Growth Model and the Social Cognitive Career Theory's career self-management model, we aimed to understand how different capitals associate by testing a serial mediation model connecting career identity (reflecting career identity capital) and SPE through the serial mediation of cultural capital and job interview self-efficacy (ISE) (an element of psychological capital). Design/methodology/approach: We adopted a two-wave design involving 227 Italian University students and graduates. We recruited participants through multi-channel communication. The hypothesised relationships were analysed employing the structural equation modelling approach with the SPSS AMOS statistical package. Findings: The results indicated that career identity, cultural capital, ISE and SPE are meaningfully related. In particular, in line with our expectations, we observed that career identity predicts cultural capital, which is positively associated with ISE which, ultimately, impacts SPE. Originality/value: Our work adds to existing research by advancing the understanding of employability capitals, explaining how they interact and influence SPE, which is crucial for a sustainable transition into the workforce. At a practical level, our findings call upon, and guide, efforts from various stakeholders in the graduate career ecosystem (i.e. universities and their partners) to offer students and graduates meaningful experiences to form and use their employability capitals.