I have recently had some discussions with hiring managers, seen some blog posts, and talked with some students that have all led me to the belief that there is a misperception about an engineering management education among some students. The misperception involves what you should expect from your first job right out of an engineering management program. It seems that some fraction of MEM students (perhaps a small fraction, but certainly not insignificant) have the misunderstanding that because they have a degree with “Engineering Management” in the title, they will likely obtain a job as a manager immediately out of school despite having little or no prior work experience. Although there are certainly cases where this has happened, it is rare and, in my opinion, not beneficial for you or the hiring company.
It may be obvious why I say it is not beneficial for the hiring company but I think the reasons it is not beneficial for the graduating student or just as compelling. Simply put, you are much better off joining an organization as a team member or individual contributor role where you know you can excel than jumping into a managerial role before you understand the culture, policies, even vision of the organization. No matter how applied your engineering management degree tries to be, translating this education into a real organization, with all its idiosyncrasies, still requires great effort. The likelihood of success if you jump into a managerial role without prior experience decreases dramatically. That means that you are risking your performance for the sake of saving a small amount of time. Since performance (in all its facets, including the relationships you develop, your ability to communicate, etc.) is by far the most important indicator of future responsibilities and promotions, this risk is significant. In other words, if you work hard to be an exceptional team member and individual contributor when you first join the company and get some early wins and stand out from your peers right away, in 5 years you will find yourself with more responsibility and a higher level position than if you jump right into management from school! (Assuming you even have that opportunity!). I have heard too many companies say that they were turned off on a particular student because the student did not seem to understand that they need some experience and some time in the organization before they can be a good manager. You could lose the opportunity to work in a great organization if you take the approach that you need a managerial position right away. Of course, indicating you ultimately want to go into management is great; just be clear it is not an immediate expectation and that you realize you need to prove yourself first.
So, if you should not expect a management position right away, why get an engineering management degree? Because:
• The skills you obtain will allow you to demonstrate much more quickly that you are ready for a managerial position
• 99 out of 100 managers expect you to have the skills and knowledge taught in most engineering management programs BEFORE you are a manager
• You will be able to make better decisions for your organization
• The skills and knowledge from the MEM enable you to apply your engineering skills much more effectively to your organization thereby enabling you to take on more responsibility more quickly throughout the early stages of your career.
I have spoken to literally hundreds of managers since being involved in engineering management programs and it is the very rare manager who does not indicate that these programs are exactly what are needed for their technical employees. Of course, HR departments may not be as aware or insightful about such a program and thus you may be required to exercise your skills of communication and persuasion when talking to various HR representatives. In any case, you are still being hired for the technical and problem solving skills you obtained from your undergraduate curriculum, but with the expectation that you can apply them much more effectively. And ultimately, of course, develop into a manager – presumably more quickly and effectively than your peers who are learning engineering management principles “on the job”. So if you are heading for an engineering management degree because you want to have more impact on your organization, more responsibility more quickly and in general advance your career opportunities, then you are on the right track. If you are considering or already undertaking an engineering management curriculum because you want to change from being a technical contributor to getting a management position right out of school, before you have any experience, you may want to reconsider.
"Engineering Management Thought of the Week" Jeff Glass 
I can’t speak for the expectations of students for their first job, but I completely agree with everything else you say. All the leadership experience and MEM training in the world could not have completely prepared me for a management position, even in the smallish company I’m with.
In the year and half I’ve been with the company, I’ve had a great opportunity to be team leader of a highly visible project. Even that took some effort to reach, so being a manager even now seems like a good challenge. Aside from the idiosyncrasies of a company, there’s a huge change in WHO you’re leading. In college and grad school, you may be a team leader or leader of an organization, but you’re leading and interacting with peers and others your age. Even as a team leader, I’m leading people who have been doing this for 5-20 years. Certainly some can make that adjustment better than others, but there’s added pressure when the people you’re leading are far more experienced than you.
I can also vouch for the value of the MEM program. What I learned at Duke allowed me to take on the team leader role sooner than I may have without it. It’s also allowed me to take lead on a second project, which will guide the future of the company. I’m not sure I’d have the responsibility I have without the tools I received at Duke.