The increasing number of PhD holders has led to increased attention to the employability outcomes of this cohort. This study addressed the current gap in knowledge concerning what contributes to PhD holders' employability via a qualitative approach using in-depth interviews with 23 PhD graduates in Australia. The findings revealed that the extent to which the graduates could use human capital for their post-study career depends on the expertise acquired from their previous degrees, the amount of time that has elapsed since graduation, and the positions they held at their workplaces. Social capital was also found to be a significant factor contributing to graduates' career success. Finally, employability agency was reported as an important contributor. The findings advance what has been found about agency by providing support for how agency was facilitated and constrained by both structural and personal resources. The implications of these findings are also discussed.