The purpose of this article is to investigate the relationship between undergraduate and graduate levels of study in psychology, taking into account their different origins, primary purposes, patterns of quality and organizational structures. The findings are based on data from the annual reports of 43 graduate programs in psychology, obtained from the 2005 Capes Assessment of Graduate Programs. The study analyzes the time devoted by graduate-level professors to graduate and undergraduate teaching and the degree to which they are responsible for other undergraduate activities. These and other possible relations between the two levels of academic study are examined and discussed.