This descriptive study reports on the expectations and perceptions of graduate performance by graduates themselves, their preceptors, and their clinical nurse consultants (CNCs) at the commencement of employment as a beginning level registered nurse, and near the end of graduates' twelve months of professional employment. Findings indicate that graduates expected to be functioning at a higher level of performance at the beginning of their graduate year than did the preceptors and CNCs. There was little agreement between the three groups regarding the rating of their expectations of graduates' nursing performance. When agreement between pairs of groups was examined, preceptors and CNCs agreed most, followed by graduates and preceptors, and graduates and CNCs. When perceptions of graduates' performance were compared near the end of the graduates' employment period, graduates rated their own nursing performance higher than preceptors and CNCs. Once again there was little agreement among the three groups. Overall, graduates and preceptors agreed most. On the basis of these results the question is begged, on what basis is the decision taken to terminate preceptorship support for graduates?