This preliminary and exploratory study examines undergraduate music students’ perceptions of the importance and their sense of competence regarding musical and professional abilities in the higher education context. Building on a previous study with music professors, this research examined 35 abilities distributed across seven domains—music reading and writing, performance, creativity, aural skills, analysis, interculturality, and professional abilities—through five-point Likert scales grounded in the Situated Expectancy-Value Theory. Participants included 49 undergraduate students from a university in (anonymized). The study also aligns with the philosophy of comprehensive musicianship, emphasizing holistic development through creation, performance, critical analysis, exposure to diverse musical styles, and active learning, providing a framework for enhancing music education and preparing students for professional demands. Results indicate that students consider the proposed list of abilities important for their performance in the labor market, with the only significant difference being that they considered creation significantly more important than music reading/writing. In contrast, perceived competence was consistently low across several areas, including auditory skills, creative abilities, analytical thinking, and professional skills, highlighting a gap between the value assigned to these abilities and students’ confidence in applying them. These findings suggest the need to rethink curricular content and pedagogical strategies in undergraduate music programs to foster both skill acquisition and student confidence.