Just read an excellent article over at Joel On Software on one of the critical differences between the CS educations most people get and the expectations of real world work at an actual software company.  You can find it over here, and I highly recommend it.  My own background did focus heavily on semester long team projects and I can state that those experiences are strongly relevant to my work as a PM, where having a longer-term vision of what needs to be done and doing adequate prioritization and planning up front are crucial to success.