This text presents and discusses a selection of indicators of external effectiveness of higher education in Italy, including – where possible – indicators for its operationalization. The data is drawn from the studies regularly performed, on an annual basis, by the AlmaLaurea Inter-University Consortium. The results show how levels of external effectiveness vary significantly across fields of study and often do not identify the same institutions as the most or least effective. Also, various practical and conceptual challenges emphasizing the complex nature of implementing effectiveness indicators are discussed.