Incorporating Work Integrated Learning (WIL) in to business curriculum has now become a popular way of improving university graduates’ employability. This study provides empirical evidence of the effect of an WIL program designed and implemented through a project on students’ self-efficacy within an accounting information systems course in an Australian business school. Data from a questionnaire survey and qualitative feedback from students and employers indicates that this WIL project has contributed to better workplace understanding, improved pedagogical effectiveness and overall improvement in the generic graduate attributes and skills. Lack of basic accounting and information systems’ foundational knowledge and inadequate communication skills of some students, resource-intensiveness of the initiative and project administration are some of the challenges observed. Employers, though have perceived benefits, suggested better preparation and training of students, more time at the workplace and better support and resources from the university administration. In addition, inadequate business understanding and limited ability of some students to apply and interpret the knowledge and skills to a given complex real context, and insufficient administrative and academic support are some of the challenges that need to be addressed to make this program sustainable and effective.