I have a degree in communications (Journalism and PR) but I make my living wearing any number of different IT hats so I know its not the degree, its that desire to learn everything, all the time (and make some of it up as you go) that gets the job done.
Hiring managers want someone who knows their unique set of tecnologies. Usually something bastardized through a unique set of politics, budget cuts, sexy vaporware and vendors lies. A system that is the stuff of nightmares in the halls of higher education. If IT managers want students to be able to hit the ground running then we need to teach IT students the way we teach doctors, Lots of OJT with sleepless nights, impossible deadlines and the opportunity for abject failure. Because there is no way the pedantic higher education system can possibly prepare someone to walk into the average "hair-on-fire" IT shop and have any clue.