Clearly there is mis match between the aspirations and the qualifications of the people. With a degree from a second rung or lower institute , they shouldn`t be dreaming of being a investment banker in some global hot shot MNC. I am not saying that its not possible but on an average , it just wont happen.
The fault lies with people , the job boom doesn`t mean job boom in the sense in which it is taken. Still people run for the traditional fields like engineering / MBA / Medicine. there are so many other fields left which are untapped where the real job boom has struck say media,advertising , infrastructure for example