Indiana University-Purdue University Indianapolis (IUPUI) / Every year, more than 200 schools of social work graduate thousands of Master of Social Work (MSW) students. These graduates enter the world of work and continue on their journey toward becoming professional social workers. Surprisingly, very little is known in social work about the transition from student to professional, especially for MSW graduates. Related literature in nursing and education is reviewed in order to have a foundational knowledge of the transition process for similar professionals. The research questions for this study were: (a) What is the process of transition from student to employee like for new MSW graduates? (b) What are the factors that influence this transition during the first 18 months for MSW graduates? and (c) Are there critical junctures in the processes of transitioning from being a student through the first 18 months of MSW employment that are related to satisfaction and/or professional growth? This dissertation used qualitative, constructivist grounded theory methodology in order to study this relatively unknown subject. The conceptual model that emerged in this study is called Riding the Waves, and illustrates the transition process for new graduates learning to become a professional social worker. There are five stages of this model: Testing the Waters, Jumping In, Sinking or Swimming, Treading Water, and Riding the Waves. In Testing the Waters, critical issues of finding a job, negotiating a salary and licensure are salient. In Jumping In, new graduates experience orientation, examine preparedness from school and encounter the real world of work as opposed to their expectations. In Sinking or Swimming, new graduates negotiate not knowing, supervision, dealing with emotions and difficult work situations. In Treading Water, new graduates explore finding a balance between self-care and compassion fatigue and articulate job and compassion satisfaction. In the last stage, Riding the Waves, new graduates are more stable, gain confidence, find their voice and discuss what is ahead for them. Implications for social work students, educators, and employers are discussed including better preparing students for the transition, improving orientation and supervision, and providing the support that these new professionals require and deserve.