Getting back to Stretch's original post, with a nod to SoCal's thoughts. I'm a large, design/build mechanical contractor (primarily HVAC). I have 10 partners. 5 are from Pomona, one from UW, one from UCLA, one from USC, one from Fresno St, one with no degree, and me from WSU. We (Like most CA mechanical engineers) used to be mostly Poly SLO grads, since they were literally the only HVAC engineering program from the '40's through about the '80's west of the Mississippi. The SLO folks, not to put too fine a point on it, started to feel privileged, particularly in the past 2 decades. The demand for graduates in my area exceeded the supply, and they had no issues getting a job at the upper end of that year's engineering scale. I hire for attitude (and when relevant, some gritty work experience) over GPA or school. We typically have about 3 interns per year. That is worth the effort; you get a chance to see them and they get to see you, and between the two you figure out if there is a match.
I'm selling my stock & giving up account responsibilities and being president later this year. The plan is to stick around for teaching, coaching & recruiting, each of which I enjoy...and frankly, my partners are crummy recruiters. They are learning, but have a long way to go. IMHO, kids today are the same as they have always been. When I took honors western Civ in 1978, the prof pointed out a quote attributed to Socrates. I just Googled it:
“The children now love luxury; they have bad manners, contempt for authority; they show disrespect for elders and love chatter in place of exercise. Children are now tyrants, not the servants of their households. They no longer rise when elders enter the room. They contradict their parents, chatter before company, gobble up dainties at the table, cross their legs, and tyrannize their teachers.”
Sounds like little has changed. The primary change that I see is that some kids grow up in a more privileged environment/time frame (how many kids actually work in high school any more?) vs. some are less privileged (my parents were depression era folks and it was easy to tell that impacted some of their views). I enjoy talking to kids about putting together resumes. I emphasize that if they have worked at anything during HS/College, it needs to be on the resume. I particularly like the dull, boring, monotonous jobs...fast food, for example. Kids who do that sort of work usually either come from a less privileged background, really want to work, or both. I'm always impressed at the number & type of side gigs that college kids put together now. One I hired had put together his own website to sell obsolete car parts, but I'd guess that about 1/4 of those I interview have something going along that line. I like athletes who had to work hard...water polo and wrestling were the two hardest athletic things I ever tried, and the sheer dedication required to be a competitive swimmer is huge. On the other hand, I never found HS baseball to require an equivalent level of effort, as an example (unless your coach was a conditioning freak).
Finally, I've found that you almost never have to question the work ethic of an immigrant. Draw what ever conclusion you wish from that.
Technically, today's grads generally know what they have been taught. Some of that is surprising; it is possible, for instance, to get an electrical engineering degree today without ever having taken a power class. All low voltage/digital circuits. But what ever they have been taught, they can generally do. At least as well as I could do what I was taught...but attitude is the big variable. Get the right attitude and you should be fine.