Over 50% of Portuguese graduates are out of work for more than six months after leaving university, against the OECD average of 42%. This suggests that universities need to do more to improve graduates’ chances on the labour market and, in many ways, the Bologna reform provided European Union universities with an opportunity to tackle this issue. This paper describes how the Bologna process led to reform at the Catholic University of Portugal’s Faculty of Economics and Management, starting in 2005. Undergraduate studies were reduced from four to three years and strategies were implemented to improve graduates’ employability. The primary aspect of the reform was a competency-based approach to curricula development, along with the creation of three new courses dealing specifically with transferable skills: critical thinking, systemic thinking and communication and teamwork.