The School of Engineering and Built Environment at Griffith University in Queensland, Australia, offers a unique Industry Affiliates Program (IAP) as part of its Work Integrated Learning (WIL). The program provides students from various engineering disciplines with opportunities to work on real-life engineering projects in the industry for one trimester. Students must possess specific knowledge and skills before entering industry placements; however, teaching every necessary skill at a university may be challenging. As a result, mismatches between the student knowledge and skills and the industry needs may still exist. Regular communications between the university and industry sector must be established to address this issue, providing feedback on the type of skills and competencies required by the industry. This chapter presents and discusses such a university-industry relationship that evaluates student performance during their industry placements. An online survey of 207 industry partners and qualitative data analysis found that most students who undertook industry placements demonstrated a high level of knowledge, skills, and competencies that led to successful project completion. However, despite the relatively high level of industry satisfaction, a few mismatches between students’ and industry partners’ perceptions of the industry placement were identified and discussed to identify areas for improvement. The results and lessons learned would improve the WIL curriculums and assist with recommendations on better supporting students in acquiring the knowledge and developing critical skills required by the relevant industry.