Personal flotation devices (PFDs), commonly referred to as lifejackets, have been identified as an extremely effective form of drowning prevention and was identified as a critical distinct water competency by Stallman and colleagues (2017). In this second phase of the Can You Float? study, perceptions and practice of a range of lifejacket tasks among students (N = 40) with known water proficiency were examined. Participants estimated exertion levels before and after practical testing of six simulated survival tasks when wearing lifejackets. All participants completed a 25m sprint swim, 5-minute endurance swim, 5-minute float, and 25m partner assist but many failed to complete a 15m underwater swim (63%) and deep water exit (63%). Students underestimated the level of exertion required to complete the underwater swim and deep water exit. Reasons for, and implications of, this underestimation are discussed and recommendations for the teaching of lifejacket competency in water safety programs are made.