Studying perceptions of stakeholders and beneficiaries is important in framing the system and improving the outcome. This study sought to appraise the perceptions of graduates and TVET school managers vis-à-vis the Industrial-Based Training (IBT) in use in TVET schools in Rwanda. A mixed method was used, and data were collected from both graduates and TVET managers. Research instruments were questionnaire surveys and follow-up in-depth interviews. Findings revealed that 83.2 % of the TVET graduates appreciated the IBT program. Similarly, about two-thirds (73.4%) of the sampled TVET graduates communicated that IBT provided them with the necessary skills for self-employment. Most (84%) school managers affirmed that skills provided by TVET institutions are highly demanded in the labor market, and TVET graduates have opportunities in the labor market. The present study recommends more partnerships and resources to enable IBT to be well established among TVET schools. Keywords: Industrial-Based Training, TVET, Graduates, School Managers, Rwanda