Graduation season is upon us — and that means approximately 700,000 U.S. students will be receiving master’s degrees and another 150,000 or so will be getting their doctorates. For some, the path forward is clear: the math experts will be snapped up by hedge funds, the software engineers will have their pick of start-ups, and elite investment banks and consultancies will duke it out for the top MBAs. But a significant number of those students will fling off their mortarboards only to find themselves bereft of job prospects.