Predicting future success of students as software engineers is an open research area. We posit that current grading means do not capture all the information that may predict whether students will become good software engineers. We use one such piece of information, traceability of project artifacts, to illustrate our argument. Traceability has been shown to be an indicator of software project quality in industry. We present the results of a case study of a University of Waterloo graduate-level software engineering course where traceability was examined as well as course grades (such as mid-term, project grade, etc.). We found no correlation between the presence of good traceability and any of the course grades, lending support to our argument.