Work-based learning is a general approach that allows students to gain practical knowledge and bridge the gap between university and industry (or company) needs. Work-based learning is often informal, but the formalized learning outcomes could help evaluate the relevance of industry (or company) projects to the university curricula and specify the objectives a student can achieve through the Work-based project. This work aims to analyze the learning outcomes and the characteristics of learning outcomes that can be achieved and assessed in the working environment. For a two-year Business Information Technology MSc program, we determined what learning outcomes could not be earned via workplace learning. In addition, the aim was to analyze whether non-achieved learning outcomes were something that the company could provide in different circumstances, or whether they cannot possibly be achieved in workplace learning, or whether the learning outcome has been wrongly formulated.