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The purpose of this paper was to provide empirical evidence of the impact of quality assurance in higher education on two relevant higher education outcomes; students’ knowledge, skills, and competencies; and their employability. Survey data were collected from two major Romanian public universities and analyzed using a partial least-squares structural equations modeling (PLS-SEM) technique. The main results suggested that students’ competencies were positively and directly influenced by the quality of the educational process, as well as the practical and research activities. The students’ chances of employment in the labor market were positively and directly influenced only by the quality of the educational process and by the research activities. Indirect influences were also revealed. The findings of the study may be shown to have theoretical implications by proposing a model that links the features of quality management in higher education institutions with students’ competencies and chances of employment in the labor market. From a practical perspective, the results may be of interest to higher education policy makers, to evaluation and accreditation institutions, to universities, and also to students.