Given increasingly crowded education marketplaces, an emerging perspective views education as a marketable product and seeks to explain what drives loyalty of alumni. Satisfaction has been used as an indicator of education quality and resides in a complex relationship of factors pertaining to students and institutions. The nonprofit graduate education marketplace has a competitive field of offerings, and this study engages alumni from three programs to help make sense of the value alumni attach to their degree. The findings confirm a nuanced relationship between alumni satisfaction of university and program reputation and competencies derived from the degree. The analysis draws insights for nonprofit graduate education program administrators and points to directions for future research.