In Brazil, the creation of the Federal Institutes of Education, Science and Technology (IFEs) was a public policy that brought about an exponential increase of resources of the federal government. These resources came to be monitored by the control bodies as to their effectiveness and efficiency. For this monitoring, the Federal Audit Office (TCU) established academic indicators that express the results of investments in federal vocational education institutions. The objective of this article is to analyze the correlation between one of these indicators: the Graduate Academic Efficiency Rate - which measures the ability to achieve success among the students that finish - and the other established management indicators. As for the methodology, a qualitative-quantitative analysis was performed. The results showed that there is no direct relationship between the Quality Indicator of Academic Efficiency of Graduates and the management indicators established by the TCU.