It depends how much effort you put into your studies after graduating.
I graduated 5.5 years ago and I have studied more since then than I did at university. I've read a lots of books on software development, process management and people management. I also follow a large number of blogs, participant in discussions on twitter, mailing lists, Stack Overflow, reddit and now here.
I would say I spent the first 2-3 years getting a solid grounding in software development as a whole. I have deliberately focused on language agnostic books, you should generally get a good enough education in your working language from working in it, your outside studies should focus on a more rounded world view. During this time I taught myself and then my colleagues test-driven development, set up continuous integration and all that good stuff. Do not forget to pass your knowledge on, it not only makes your company improve it helps you internalise what you've learnt.
After these largely technology based studies I started to take more of an interest in process and managing as I wanted to move upwards and wanted to hit the ground running.
Once you get in the habit of continuing your studies, it's quite easy. You get to chose the subject matter depending on either your interests or your aspirations so you always have a motivation to read and absorb the text.
I'm now in a position of chief engineer reporting to the technical director and overseeing the efforts of the development teams. I know many people with much more experience than me that haven't got further than being standard team member, these people have rarely studied since they graduated.
I would also recommend looking out for your career stagnating. I started off in a small company and value my time learning the ropes there. However, there was not much of a path for progression as all the required positions were filled once I'd become a senior developer. Because of this I changed to my current company where I had the scope to achieve my current position.