Nearly every company I have ever worked with have war stories about a CompSci graduate that they have employed. The complaint nearly always boils down to: intelligent, but not actually much use for "our" business without spending two years (re-)training them.
Why is this? Why has this still not improved?
Because companies' IT departments (except for cookie-cutter companies of 3 people selling travel advice for example) cover very specific business areas, have created very specific, often undocumented and lore-rich environments that have grown over a long history of non-standard trial-and-error adventures, management changes and incompatible "solutions". Add to this the vagaries, frank retardation and change-for-change sake of low-brow "solutions" like Windows and its hanger-ons and add-ons and two years in training sounds actually pretty good.
The complaint seems to be mainly the usual manglement gripe of not getting something for nothing, again.