There is considerable interest in how work-ready a psychology graduate is after a 3-(or 4-) year course of study. This research combined the assessment of students' psychological literacy (specifically in the area of research methods), with their self-reported employable skills self-efficacy across four areas (communication skills, analytical inquiry skills, collaboration skills, and professional development skills). The measurement of psychological literacy has remained a major challenge to researchers and educators, and we developed the revised Test of Psychological Literacy (TOPL) as a multidomain assessment of psychological literacy that also included the situational judgment test methodology. The 13 research methods and statistics items from the revised TOPL were analyzed along with the students' employable skills self-efficacy (across four dimensions), their research methods domain knowledge, age, year of study, and usual grade in two undergraduate psychology samples from Australian universities. The unique predictors of the revised TOPL research methods scores were age and their research methods domain knowledge, while the students' usual grade was the only consistent predictor of their employable skills self-efficacy. Employable skills self-efficacy is positively related to psychological literacy for three of the four dimensions affirming that they are both important outcomes of psychology education. We conclude that these are complementary aspects of work readiness that, along with academic grades and possibly age, will inform the career exploration and decision-making of psychology graduates.