Today, most graduates end up working outside academia, not only in industry but also in careers such as science policy, communications, and patent law.
Students themselves, however, may not realize that when they graduate, they will be competing in a global labor market, and universities need to raise awareness of these issues amongst undergraduates.
You can read commencement addresses from the 19th and early 20th centuries in which the speakers would talk about the beast within and the need for iron character to subdue it.
Students are graduating with a variety of skills and interests, but often find themselves overwhelmed when it comes to choosing an ultimate career goal.