The purpose of this paper is to develop an understanding of the knowledge, skills and competencies demanded of early career information systems (IS) graduates in Australia. Online job advertisements from 2006 were collected and investigated using content analysis software to determine the frequencies and patterns of occurrence of specific requirements. This analysis reveals a dominant cluster of core IS knowledge and competency skills that revolves around IS Development as the most frequently required category of knowledge (78% of ads) and is strongly associated with: Business Analysis, Systems Analysis; Management; Operations, Maintenance & Support; Communication Skills; Personal Characteristics; Computer Languages; Data & Information Management; Internet, Intranet, Web Applications; and Software Packages. Identification of the core cluster of IS knowledge and skills – in demand across a wide variety of jobs – is important to better understand employers’ needs for and expectations from IS graduates and the implications for education programs. Much less prevalent is the second cluster that includes knowledge and skills at a more technical side of IS (Architecture and Infrastructure, Operating Systems, Networks, and Security). Issues raised include the nature of entry level positions and their role in the preparation of their incumbents for future more senior positions. The findings add an Australian perspective to the literature on information systems job ads and should be of value to educators, employers, as well as current and future IS professionals.