In this paper, we discuss a method for defining the hierarchical structure of a composite indicator of graduate human capital that could be used to measure the educational effectiveness of Italian universities. The structure and weights of the dimensions of graduate human capital, and the set and weights of the elementary indicators, were determined using a three-round Delphi-like procedure. We contacted the rectors, the presidents of the evaluation boards and other qualified professors at Italian universities, as well as representatives of worker unions and entrepreneur associations. Our exercise shows that most dimensions of graduate human capital are related to the educational role of universities and that weights and indicators of the dimensions can plausibly be measured with the participation of the concerned individuals.