The "careers" forum on nuclearphynance.com is also pretty good, and might also shatter some preconceptions about how easy it is to waltz into the industry. (note: nuclearphynance seems to be down at the time of writing)
http://www.reddit.com/r/quantfinance/comments/jl5ea/there_ar...
If there's a SE, discussions on HN, thousands of MFE's being minted, and so many books on quant finance topics, you really have to wonder if the quant labour market isn't saturated.
There will, however, always be lucrative jobs for those who are truly brilliant and willing to work on stuff which is kinda boring.
Jane Street still jingles its bells up at MIT, but for those who are less than six stdev's IQ or don't live in NYC / London, I would say focus on petroengineering instead of quant finance. (Petroengineering is the highest paying college major.)
But I suspect it's just like those who finish a law degree and then can't get a (good enough) job in law: not the university's problem, and they're ashamed they ended up in the bottom 50% of their class.